AMF Tjanstepension AB Buys 229,654 Shares of Citigroup Inc. $C

Key Points

• AMF Tjanstepension AB increased its Citigroup stake by 26.9% in the fourth quarter, adding 229,654 shares to bring its total holdings to 1,084,959 shares valued at about $126.6 million.
• Citigroup reported stronger-than-expected quarterly results, with EPS of $3.06 on revenue of $24.63 billion, both beating analyst estimates and showing 14.1% revenue growth year over year.
• The company continues to return capital and attract bullish analyst views, announcing a $30 billion share buyback and a quarterly dividend of $0.60 per share, while several firms raised price targets and maintained Buy/Overweight ratings.

AMF Tjanstepension AB grew its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 26.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,084,959 shares of the company's stock after buying an additional 229,654 shares during the period. Citigroup makes up 0.8% of AMF Tjanstepension AB's portfolio, making the stock its 28th biggest position. AMF Tjanstepension AB owned approximately 0.06% of Citigroup worth $126,604,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Citigroup by 166.9% during the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock valued at $1,407,000 after purchasing an additional 12,499 shares in the last quarter. Sivia Capital Partners LLC lifted its stake in Citigroup by 20.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company's stock valued at $835,000 after acquiring an additional 1,669 shares in the last quarter. United Bank bought a new stake in Citigroup in the 2nd quarter valued at approximately $972,000. Osterweis Capital Management Inc. lifted its stake in Citigroup by 3,016.7% in the 2nd quarter. Osterweis Capital Management Inc. now owns 935 shares of the company's stock valued at $80,000 after acquiring an additional 905 shares in the last quarter. Finally, HUB Investment Partners LLC lifted its stake in Citigroup by 26.9% in the 2nd quarter. HUB Investment Partners LLC now owns 15,287 shares of the company's stock valued at $1,301,000 after acquiring an additional 3,238 shares in the last quarter. Institutional investors own 71.72% of the company's stock.

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 2,117 shares of the 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 sale, the director owned 12,194 shares in the company, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction 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 sale, the insider owned 182,022 shares in the company, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.11% of the stock is currently owned by corporate insiders.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup and BlackRock’s HPS announced a €15 billion private capital program to expand direct lending in EMEA, giving Citi another way to grow fee income and deepen its lending franchise. Citigroup and HPS Investment Partners, a part of BlackRock, Announce €15 Billion Private Capital Program to Expand Direct Lending in EMEA
• Positive Sentiment: Citigroup neared final approval for a wholly owned securities firm in China, which would let it directly offer investment banking and brokerage services onshore instead of relying on joint ventures. Citigroup Nears Final Approval for Wholly-Owned China Securities Firm
• Positive Sentiment: Investor sentiment was also helped by a Goldman Sachs Buy rating and $149 price target, with analysts pointing to a cleaner path to improved profitability and higher returns. Citigroup (C) Among the Best Value Stocks to Buy for Long Term Investment
• Neutral Sentiment: Broader financial stocks were higher on Monday afternoon, with the NYSE Financial Index up 1%, providing a mild sector tailwind for Citi. Sector Update: Financial Stocks Higher Monday Afternoon

Citigroup Trading Down 0.9%

Shares of Citigroup stock opened at $122.34 on Tuesday. Citigroup Inc. has a 12-month low of $71.65 and a 12-month high of $135.29. The stock has a market cap of $208.66 billion, a P/E ratio of 15.16, a P/E/G ratio of 0.55 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. The business's 50 day moving average is $119.77 and its 200-day moving average is $114.28.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings data 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 return on equity of 9.19% and a net margin of 9.35%.The company had revenue of $24.63 billion for the quarter, compared to analysts' expectations of $22.96 billion. During the same quarter in the prior year, the business posted $1.96 EPS. The business's revenue was up 14.1% compared to the same quarter last year. Equities research analysts predict that Citigroup Inc. will post 10.65 earnings per share for the current fiscal year.

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

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 $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Monday, May 4th. Citigroup's dividend payout ratio is 29.74%.

Analyst Upgrades and Downgrades

C has been the topic of several recent research reports. Wells Fargo & Company lifted their price target on shares of Citigroup from $160.00 to $162.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods increased their price objective on shares of Citigroup from $140.00 to $153.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. Piper Sandler restated an "overweight" rating and set a $145.00 price objective (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. Wall Street Zen upgraded shares of Citigroup from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Finally, Truist Financial set a $147.00 price objective on shares of Citigroup in a research note on Friday, May 1st. One research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $137.62.

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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