American Assets Investment Management LLC Acquires 20,000 Shares of Citigroup Inc. $C

Key Points

• American Assets Investment Management increased its Citigroup stake by 12.8% in the fourth quarter, buying 20,000 more shares and bringing its total holding to 176,400 shares worth about $18.85 million.
• Citigroup reported stronger-than-expected quarterly results, with EPS of $3.06 versus the $2.63 consensus and revenue of $24.63 billion, up 14.1% from a year earlier.
• The bank also announced a $30 billion share buyback and a quarterly dividend of $0.60 per share, while analysts remain broadly bullish with a consensus Moderate Buy rating and average price target of $137.62.

American Assets Investment Management LLC boosted its holdings in Citigroup Inc. (NYSE:C - Free Report) by 12.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 176,400 shares of the company's stock after acquiring an additional 20,000 shares during the quarter. Citigroup accounts for about 0.6% of American Assets Investment Management LLC's investment portfolio, making the stock its 16th biggest position. American Assets Investment Management LLC's holdings in Citigroup were worth $18,852,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in C. Vanguard Group Inc. increased its stake in Citigroup by 3.1% in 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 period. Bank of New York Mellon Corp boosted its position in Citigroup by 17.6% in 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 buying an additional 4,211,099 shares in the last quarter. Capital World Investors boosted its position in Citigroup by 6.5% in the third quarter. Capital World Investors now owns 47,262,626 shares of the company's stock valued at $4,797,292,000 after buying an additional 2,871,074 shares in the last quarter. Bessemer Group Inc. boosted its position in Citigroup by 6,172.0% in the third quarter. Bessemer Group Inc. now owns 2,904,795 shares of the company's stock valued at $294,838,000 after buying an additional 2,858,481 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in Citigroup by 291.4% in the fourth quarter. SG Americas Securities LLC now owns 1,319,549 shares of the company's stock valued at $153,978,000 after buying an additional 2,008,946 shares in the last quarter. Institutional investors own 71.72% of the company's stock.

Citigroup Price Performance

Shares of C stock opened at $125.52 on Friday. Citigroup Inc. has a 1 year low of $71.29 and a 1 year high of $135.29. The firm's 50 day moving average is $117.98 and its 200-day moving average is $113.01. The firm has a market capitalization of $215.26 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 0.58 and a beta of 1.14. The company has a current ratio of 0.99, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59.

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

Citigroup Dividend Announcement

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

Citigroup announced that its board has authorized a share buyback program on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to purchase up to 13.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on C shares. Barclays boosted their price target on shares of Citigroup from $146.00 to $154.00 and gave the company an "overweight" rating in a research report on Wednesday, April 15th. Keefe, Bruyette & Woods boosted their price target on shares of Citigroup from $140.00 to $153.00 and gave the company an "outperform" rating in a research report on Friday. Royal Bank Of Canada restated an "outperform" rating and issued a $139.00 price target on shares of Citigroup in a research report on Wednesday, April 15th. Morgan Stanley boosted 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. Finally, Wall Street Zen upgraded shares of Citigroup from a "hold" rating to a "buy" rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $137.62.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup unveiled a new $30 billion share buyback plan, a strong signal that management sees the stock as undervalued and has confidence in its capital position. RTT News
• Positive Sentiment: The company set a profitability target of 11% to 13% adjusted return on tangible common equity for 2027-2028, with further improvement expected by 2031, reinforcing the turnaround story. Reuters
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on Citigroup to $153 from $140 and kept an outperform rating, showing Wall Street still sees meaningful upside. Benzinga
• Neutral Sentiment: CEO Jane Fraser said the global economy remains resilient, but warned that the market may not yet fully understand the second- and third-order effects of the Iran war and ongoing inflation pressures. YouTube/CNBC
• Negative Sentiment: Some investors viewed the new profit targets as too modest, suggesting Citigroup may still trail peers longer than hoped despite the overhaul. Quartz

Insider Buying and Selling

In related news, insider Cantu Ernesto Torres sold 43,173 shares of the business's stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $111.09, for a total transaction of $4,796,088.57. Following the completion of the sale, the insider directly owned 45,835 shares of the company's stock, valued at $5,091,810.15. The trade was a 48.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Edward Skyler sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the sale, the insider directly owned 182,022 shares of the company's stock, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 92,318 shares of company stock valued at $10,764,814. 0.11% of the stock is currently owned by insiders.

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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