Assetmark Inc. Purchases 23,296 Shares of Citigroup Inc. (NYSE:C)

Key Points

• Assetmark Inc. increased its stake in Citigroup Inc. by 19.3% during the first quarter, acquiring an additional 23,296 shares, bringing its total holdings to 144,274 shares valued at approximately $10.2 million.
• Citigroup recently announced a dividend increase, raising its quarterly payout from $0.56 to $0.60 per share, with a yield of 2.50%.
• Several research firms have updated their ratings on Citigroup, with estimates including a target price increase from $85.00 to as high as $107.00, leading to an average rating of "Moderate Buy."

Assetmark Inc. raised its holdings in Citigroup Inc. (NYSE:C - Free Report) by 19.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 144,274 shares of the company's stock after buying an additional 23,296 shares during the quarter. Assetmark Inc.'s holdings in Citigroup were worth $10,242,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cetera Investment Advisers grew its holdings in Citigroup by 14.1% during the 1st quarter. Cetera Investment Advisers now owns 430,965 shares of the company's stock worth $30,594,000 after acquiring an additional 53,321 shares during the last quarter. Avantax Advisory Services Inc. grew its holdings in Citigroup by 8.6% during the 1st quarter. Avantax Advisory Services Inc. now owns 76,219 shares of the company's stock worth $5,411,000 after acquiring an additional 6,061 shares during the last quarter. Brookwood Investment Group LLC bought a new stake in Citigroup during the 1st quarter worth about $228,000. Arlington Capital Management Inc. bought a new stake in Citigroup during the 1st quarter worth about $1,150,000. Finally, Sound Shore Management Inc. CT grew its holdings in Citigroup by 10.7% during the 1st quarter. Sound Shore Management Inc. CT now owns 1,357,898 shares of the company's stock worth $96,397,000 after acquiring an additional 131,386 shares during the last quarter. Institutional investors own 71.72% of the company's stock.

Citigroup Trading Down 0.9%

C traded down $0.91 during trading on Thursday, hitting $94.90. The company's stock had a trading volume of 4,024,110 shares, compared to its average volume of 15,862,254. Citigroup Inc. has a twelve month low of $53.51 and a twelve month high of $96.90. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The stock's fifty day moving average price is $83.58 and its 200-day moving average price is $76.72. The firm has a market capitalization of $177.25 billion, a P/E ratio of 14.02, a PEG ratio of 0.81 and a beta of 1.34.

Citigroup (NYSE:C - Get Free Report) last issued its 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. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. The company had revenue of $21.67 billion for the quarter, compared to analyst estimates of $20.75 billion. During the same period in the prior year, the firm earned $1.52 earnings per share. Citigroup's revenue for the quarter was up 8.2% on a year-over-year basis. Analysts anticipate that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Monday, August 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 2.53%. This is a boost from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date is Monday, August 4th. Citigroup's payout ratio is presently 33.09%.

Analysts Set New Price Targets

A number of research analysts have issued reports on C shares. Morgan Stanley upped their target price on shares of Citigroup from $103.00 to $107.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Truist Financial upped their target price on shares of Citigroup from $93.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Oppenheimer upped their target price on shares of Citigroup from $123.00 to $124.00 and gave the company an "outperform" rating in a research report on Wednesday. Evercore ISI set a $77.00 price target on shares of Citigroup in a research note on Monday, July 7th. Finally, Cowen began coverage on shares of Citigroup in a research note on Wednesday, May 14th. They set a "hold" rating for the company. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $96.54.

Insider Activity at Citigroup

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

About Citigroup

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.