Bank of New York Mellon Corp Invests $3.24 Billion in Citigroup Inc. $C

Bank of New York Mellon Corp bought a new stake in Citigroup Inc. (NYSE:C - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 23,182,352 shares of the company's stock, valued at approximately $3,244,602,000. Citigroup accounts for approximately 0.5% of Bank of New York Mellon Corp's portfolio, making the stock its 29th biggest holding. Bank of New York Mellon Corp owned 1.36% of Citigroup as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. S&CO Inc. acquired a new position in Citigroup during the second quarter worth $5,569,000. Orca Investment Management LLC acquired a new stake in shares of Citigroup during the 2nd quarter worth about $478,000. Ballast Inc. acquired a new stake in Citigroup during the second quarter worth approximately $675,000. Regent Peak Wealth Advisors LLC boosted its holdings in shares of Citigroup by 8.2% during the second quarter. Regent Peak Wealth Advisors LLC now owns 4,567 shares of the company's stock worth $639,000 after purchasing an additional 346 shares during the last quarter. Finally, Hudson Value Partners LLC purchased a new stake in Citigroup in the 2nd quarter valued at about $600,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Citigroup Stock Down 3.5%

Shares of Citigroup stock opened at $132.90 on Thursday. The company has a market capitalization of $226.67 billion, a P/E ratio of 14.35, a PEG ratio of 0.62 and a beta of 1.12. The business's fifty day moving average price is $137.53 and its two-hundred day moving average price is $126.15. Citigroup Inc. has a 1-year low of $90.68 and a 1-year high of $147.96. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99.

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

Citigroup declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 13.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

Citigroup Increases Dividend

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

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup launched its Custody+ platform, designed to provide continuous settlement, tokenized-asset capabilities and institutional custody services. Bitcoin custody for institutional clients is expected later this year, potentially creating new fee revenue and strengthening Citi’s position in the growing digital-asset infrastructure market. Citigroup Rolls Out Custody+ Platform With Bitcoin Services and Continuous Settlement
• Neutral Sentiment: The stock’s decline came after a strong recent advance, which may have encouraged short-term investors to lock in gains. Analysts continue to monitor whether Citi can sustain its earnings momentum after its latest quarterly results exceeded expectations. Citigroup Shares Slipped After Six-Session Winning Streak
• Negative Sentiment: July card delinquencies edged higher, renewing concerns about consumer credit quality and potential future losses. Lower charge-offs provided some offset, but investors may remain cautious while economic conditions and borrower performance are uncertain. C's July Card Delinquencies Tick Up: Will This Impact Asset Quality?
• Negative Sentiment: Citigroup and five other banks agreed to an $86.4 million settlement related to alleged manipulation of Mexico’s bond market. Although the cost is modest relative to Citi’s size, the settlement adds to regulatory and litigation overhang. Major US Banks Agree to $86.4M Settlement in Mexican Bond-Rigging Case

Analyst Ratings Changes

C has been the topic of a number of research analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Citigroup in a report on Friday, July 17th. UBS Group lowered their price target on shares of Citigroup from $150.00 to $142.00 and set a "neutral" rating for the company in a report on Monday, August 3rd. Wall Street Zen lowered Citigroup from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Oppenheimer downgraded shares of Citigroup from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Finally, Morgan Stanley upped their price target on Citigroup from $154.00 to $164.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $145.22.

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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