Arrowpoint Investment Partners Singapore Pte. Ltd. Acquires Shares of 6,600 Citigroup Inc. (NYSE:C)

Key Points

• Arrowpoint Investment Partners Singapore has invested approximately $469,000 in Citigroup Inc. by acquiring 6,600 shares during the 1st quarter, according to a recent SEC filing.
• Citigroup has reported a strong quarterly performance, with earnings per share of $1.96, surpassing analysts' expectations of $1.61, and a revenue of $21.67 billion.
• The company plans to increase its quarterly dividend to $0.60, up from the previous $0.56, resulting in an annual dividend yield of 2.6%.

Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new position in shares of Citigroup Inc. (NYSE:C - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 6,600 shares of the company's stock, valued at approximately $469,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital World Investors raised its stake in shares of Citigroup by 455.2% in the 4th quarter. Capital World Investors now owns 31,352,582 shares of the company's stock valued at $2,206,908,000 after purchasing an additional 25,705,141 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Citigroup by 179.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,534,297 shares of the company's stock valued at $1,031,790,000 after purchasing an additional 9,334,038 shares during the period. Nuveen LLC acquired a new stake in shares of Citigroup in the 1st quarter valued at about $578,100,000. Capital International Investors raised its stake in shares of Citigroup by 148.6% in the 4th quarter. Capital International Investors now owns 4,524,890 shares of the company's stock valued at $318,507,000 after purchasing an additional 2,704,783 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Citigroup by 13.9% in the 4th quarter. Northern Trust Corp now owns 20,232,550 shares of the company's stock valued at $1,424,169,000 after purchasing an additional 2,467,958 shares during the period. 71.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on C shares. Keefe, Bruyette & Woods reissued a "buy" rating on shares of Citigroup in a research note on Wednesday, July 16th. Bank of America lifted their price target on Citigroup from $89.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. UBS Group reaffirmed a "neutral" rating and issued a $89.00 target price on shares of Citigroup in a research report on Tuesday, July 15th. Evercore ISI set a $77.00 target price on Citigroup in a research report on Monday, July 7th. Finally, The Goldman Sachs Group lifted their target price on Citigroup from $85.00 to $96.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $96.54.

Citigroup Stock Performance

NYSE C traded up $0.78 during trading on Thursday, reaching $95.43. 13,285,484 shares of the company's stock were exchanged, compared to its average volume of 15,872,954. The business has a 50 day moving average price of $87.15 and a 200-day moving average price of $77.67. The stock has a market capitalization of $175.68 billion, a P/E ratio of 14.10, a PEG ratio of 0.82 and a beta of 1.38. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.99. Citigroup Inc. has a fifty-two week low of $55.51 and a fifty-two week high of $96.90.

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

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 4th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. This is a boost from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, August 4th. Citigroup's dividend payout ratio (DPR) is presently 35.45%.

Insiders Place Their Bets

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

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.