Allstate Corp Has $24.13 Million Stock Holdings in Citigroup Inc. $C

Allstate Corp trimmed its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 9.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 172,383 shares of the company's stock after selling 18,128 shares during the quarter. Allstate Corp's holdings in Citigroup were worth $24,127,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cora Capital Advisors LLC grew its position in shares of Citigroup by 3.1% in the 1st quarter. Cora Capital Advisors LLC now owns 2,609 shares of the company's stock valued at $296,000 after purchasing an additional 78 shares during the period. CFS Investment Advisory Services LLC boosted its holdings in shares of Citigroup by 0.4% in the first quarter. CFS Investment Advisory Services LLC now owns 20,596 shares of the company's stock valued at $2,336,000 after buying an additional 79 shares during the period. Verus Capital Partners LLC boosted its holdings in shares of Citigroup by 3.1% in the fourth quarter. Verus Capital Partners LLC now owns 2,748 shares of the company's stock valued at $321,000 after buying an additional 82 shares during the period. Somerset Trust Co increased its position in shares of Citigroup by 0.6% during the second quarter. Somerset Trust Co now owns 14,955 shares of the company's stock worth $2,093,000 after acquiring an additional 82 shares in the last quarter. Finally, CFO Capital Management LLC raised its holdings in shares of Citigroup by 1.5% during the first quarter. CFO Capital Management LLC now owns 5,495 shares of the company's stock worth $590,000 after acquiring an additional 83 shares during the period. Institutional investors and hedge funds own 71.72% of the company's stock.

Wall Street Analyst Weigh In

C has been the topic of a number of research reports. Argus set a $150.00 price target on Citigroup in a report on Wednesday, July 15th. Bank of America increased their price objective on shares of Citigroup from $170.00 to $176.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. UBS Group reduced their price target on Citigroup from $150.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, August 3rd. Oppenheimer downgraded Citigroup from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Finally, Wells Fargo & Company boosted their price target on Citigroup from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 18th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $145.22.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
• Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
• Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
• Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C's July Card Delinquencies Tick Up

Citigroup Stock Performance

Shares of NYSE C opened at $131.46 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. Citigroup Inc. has a 12 month low of $92.84 and a 12 month high of $147.96. The stock has a 50 day moving average of $137.20 and a 200-day moving average of $126.36. The company has a market capitalization of $224.22 billion, a P/E ratio of 14.20, a P/E/G ratio of 0.59 and a beta of 1.12.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.41. The business had revenue of $24.77 billion during the quarter, compared to the consensus estimate of $23.74 billion. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The company's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.96 EPS. As a group, equities research analysts predict that Citigroup Inc. will post 11.2 EPS for the current year.

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, August 3rd. This is a positive change from Citigroup's previous quarterly dividend of $0.60. Citigroup's payout ratio is presently 28.94%.

Citigroup declared that its board has approved a stock repurchase plan on Thursday, May 7th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 13.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

About Citigroup

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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