Algebris UK Ltd Boosts Position in Citigroup Inc. (NYSE:C)

Key Points

• Algebris UK Ltd increased its stake in Citigroup by 45.3% in the first quarter, bringing its total holdings to $36.72 million, making it the firm's third biggest position.
• Citigroup declared a quarterly dividend of $0.60 per share, a rise from the previous dividend, with a current annualized yield of 2.51%.
• Citigroup reported quarterly earnings of $1.96 per share, exceeding analysts' estimates significantly, while also achieving an 8.2% year-over-year revenue growth.

Algebris UK Ltd grew its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 45.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 558,806 shares of the company's stock after purchasing an additional 174,247 shares during the quarter. Citigroup comprises about 6.7% of Algebris UK Ltd's portfolio, making the stock its 3rd biggest holding. Algebris UK Ltd's holdings in Citigroup were worth $36,724,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in C. Geode Capital Management LLC raised its stake in Citigroup by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 40,587,155 shares of the company's stock valued at $2,853,484,000 after buying an additional 667,357 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Citigroup by 2.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 38,561,690 shares of the company's stock worth $2,714,359,000 after acquiring an additional 815,003 shares during the last quarter. FMR LLC lifted its position in Citigroup by 29.7% during the fourth quarter. FMR LLC now owns 34,362,176 shares of the company's stock worth $2,418,754,000 after acquiring an additional 7,863,718 shares during the last quarter. Franklin Resources Inc. lifted its position in Citigroup by 9.3% during the fourth quarter. Franklin Resources Inc. now owns 32,832,063 shares of the company's stock worth $2,311,048,000 after acquiring an additional 2,804,850 shares during the last quarter. Finally, Capital World Investors lifted its position in Citigroup by 455.2% during the fourth quarter. Capital World Investors now owns 31,352,582 shares of the company's stock worth $2,206,908,000 after acquiring an additional 25,705,141 shares during the last quarter. Institutional investors and hedge funds own 71.72% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on C shares. Cowen started coverage on Citigroup in a report on Wednesday, May 14th. They set a "hold" rating for the company. Dbs Bank raised Citigroup from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. TD Cowen boosted their price objective on shares of Citigroup from $85.00 to $95.00 and gave the company a "hold" rating in a report on Wednesday, July 16th. Barclays boosted their price objective on shares of Citigroup from $95.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Citigroup from $85.50 to $75.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Citigroup has an average rating of "Moderate Buy" and a consensus price target of $96.54.

Insider Transactions at Citigroup

In related news, Director Peter B. Henry sold 3,000 shares of Citigroup stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $90.40, for a total transaction of $271,200.00. Following the sale, the director directly owned 2,140 shares in the company, valued at $193,456. This trade represents a 58.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.08% of the stock is currently owned by insiders.

Citigroup Price Performance

Citigroup stock traded down $1.97 during midday trading on Friday, reaching $91.73. The company's stock had a trading volume of 13,982,790 shares, compared to its average volume of 15,919,426. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The stock has a market cap of $171.33 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 0.82 and a beta of 1.34. Citigroup Inc. has a 52 week low of $53.51 and a 52 week high of $96.90. The business has a 50-day moving average price of $83.98 and a 200-day moving average price of $76.86.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.61 by $0.35. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The company had revenue of $21.67 billion for the quarter, compared to the consensus estimate of $20.75 billion. During the same period last year, the company posted $1.52 EPS. The firm's quarterly revenue was up 8.2% compared to the same quarter last year. On average, sell-side analysts predict that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 4th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Monday, August 4th. This is a boost from Citigroup's previous quarterly dividend of $0.56. Citigroup's payout ratio is currently 35.45%.

Citigroup Company Profile

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.