Allstate Corp Buys 73,758 Shares of Citigroup Inc. $C

Key Points

• Allstate Corp more than doubled its Citigroup stake in the fourth quarter, buying 73,758 additional shares and bringing its total holdings to 140,596 shares worth about $16.4 million.
• Several other institutional investors also increased their positions, and 71.72% of Citigroup’s stock is now owned by institutions, highlighting strong professional ownership interest.
• Citigroup continues to draw mixed signals: analysts currently have a Moderate Buy consensus with a $137.62 target, while the company also reported solid quarterly earnings and approved a $30 billion share buyback.

Allstate Corp increased its stake in Citigroup Inc. (NYSE:C - Free Report) by 110.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 140,596 shares of the company's stock after purchasing an additional 73,758 shares during the period. Allstate Corp's holdings in Citigroup were worth $16,406,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Citigroup by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock valued at $19,048,467,000 after acquiring an additional 4,938,923 shares during the last quarter. Bank of New York Mellon Corp grew its position in Citigroup by 17.6% during the third quarter. Bank of New York Mellon Corp now owns 28,125,995 shares of the company's stock valued at $2,854,788,000 after acquiring an additional 4,211,099 shares during the last quarter. Capital World Investors grew its position in Citigroup by 6.5% during the third quarter. Capital World Investors now owns 47,262,626 shares of the company's stock valued at $4,797,292,000 after acquiring an additional 2,871,074 shares during the last quarter. Bessemer Group Inc. grew its position in Citigroup by 6,172.0% during the third quarter. Bessemer Group Inc. now owns 2,904,795 shares of the company's stock valued at $294,838,000 after acquiring an additional 2,858,481 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Citigroup by 291.4% during the fourth quarter. SG Americas Securities LLC now owns 1,319,549 shares of the company's stock valued at $153,978,000 after acquiring an additional 2,008,946 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 2,117 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the sale, the director owned 12,194 shares of the company's stock, valued at $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Edward Skyler sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the completion of the transaction, the insider owned 182,022 shares of the company's stock, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.11% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Zacks Research cut shares of Citigroup from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 20th. Morgan Stanley increased their price target on shares of Citigroup from $140.00 to $144.00 and gave the company an "overweight" rating in a research report on Wednesday, April 15th. Royal Bank Of Canada reissued an "outperform" rating and set a $139.00 price objective on shares of Citigroup in a research note on Wednesday, April 15th. Jefferies Financial Group began coverage on Citigroup in a research note on Thursday, March 26th. They set a "buy" rating and a $135.00 price objective for the company. Finally, Evercore set a $139.00 price objective on Citigroup in a research note on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $137.62.

Citigroup Stock Performance

Shares of C stock opened at $125.10 on Tuesday. The stock has a fifty day moving average of $121.42 and a 200 day moving average of $115.10. Citigroup Inc. has a 52 week low of $71.65 and a 52 week high of $135.29. The firm has a market capitalization of $213.36 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 0.56 and a beta of 1.14. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, topping analysts' consensus estimates of $2.63 by $0.43. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The company had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. During the same quarter last year, the firm posted $1.96 earnings per share. The firm's revenue was up 14.1% on a year-over-year basis. As a group, research analysts expect that Citigroup Inc. will post 10.65 earnings per share for the current year.

Citigroup announced that its Board of Directors has approved a share buyback plan on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Citigroup Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a yield of 1.9%. Citigroup's dividend payout ratio (DPR) is presently 29.74%.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup plans to expand its Asia wealth business with a major hiring push, adding nearly 100 private bankers and 400 specialists to strengthen profitability. Citigroup to Accelerate Asia Wealth Expansion With Major Hiring Push
• Positive Sentiment: Citigroup was included among major U.S. banks that cleared key Fed and FDIC review of their 2025 living wills, easing regulatory concerns and supporting investor confidence in the sector. JPM, WFC & Others Clear Key Regulatory Hurdle on Living Wills
• Neutral Sentiment: Citi also continued to make analyst-related headlines elsewhere in the market, including a new Buy initiation on Alnylam Pharmaceuticals, but that does not directly affect Citigroup’s fundamentals. Citi Initiates Alnylam (ALNY) With Buy Rating

Citigroup Company Profile

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi's principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.

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