Bank of Nova Scotia Has $125.65 Million Stake in Citigroup Inc. (NYSE:C)

Key Points

• The Bank of Nova Scotia reduced its holdings in Citigroup Inc. by 33.6%, selling 897,351 shares during the first quarter and now owns approximately $125.6 million worth of stock.
• Citigroup reported a strong quarterly earnings of $1.96 per share, exceeding analysts' expectations by $0.35, with revenue reaching $21.67 billion.
• The company announced an increase in its quarterly dividend to $0.60 per share, which represents a 2.6% yield, up from the previous dividend of $0.56.

Bank of Nova Scotia reduced its position in Citigroup Inc. (NYSE:C - Free Report) by 33.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,769,672 shares of the company's stock after selling 897,351 shares during the quarter. Bank of Nova Scotia owned about 0.09% of Citigroup worth $125,647,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of C. Capital World Investors boosted its position 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 worth $2,206,908,000 after buying an additional 25,705,141 shares in the last quarter. FMR LLC boosted its position in shares of Citigroup by 29.7% in the 4th quarter. FMR LLC now owns 34,362,176 shares of the company's stock worth $2,418,754,000 after buying an additional 7,863,718 shares in the last quarter. Capital International Investors boosted its position 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 worth $318,507,000 after buying an additional 2,704,783 shares in the last quarter. Northern Trust Corp boosted its position 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 worth $1,424,169,000 after buying an additional 2,467,958 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Citigroup by 7,899.8% in the 1st quarter. GAMMA Investing LLC now owns 2,430,414 shares of the company's stock worth $172,535,000 after buying an additional 2,400,033 shares in the last quarter. 71.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Piper Sandler boosted their target price on shares of Citigroup from $84.00 to $104.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Cowen began coverage on shares of Citigroup in a research report on Wednesday, May 14th. They set a "hold" rating for the company. Wells Fargo & Company increased their target price on Citigroup from $110.00 to $115.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. UBS Group reissued a "neutral" rating and set a $89.00 price target on shares of Citigroup in a research report on Tuesday, July 15th. Finally, Truist Financial increased their target price on Citigroup from $93.00 to $99.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $96.54.

Citigroup Price Performance

NYSE:C traded up $0.20 during trading hours on Monday, reaching $92.03. 11,609,878 shares of the company were exchanged, compared to its average volume of 16,722,995. The business has a 50 day moving average of $84.36 and a 200 day moving average of $76.96. The company has a market capitalization of $171.89 billion, a P/E ratio of 13.59, a P/E/G ratio of 0.79 and a beta of 1.38. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $96.90. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98.

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, beating 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 company's revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.52 EPS. Research analysts forecast that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Monday, August 4th will be issued a dividend of $0.60 per share. This is a positive change from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, August 4th. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. Citigroup's dividend payout ratio (DPR) is 33.09%.

Insider Buying and Selling at Citigroup

In related news, Director Peter B. Henry sold 3,000 shares of the firm's stock in a transaction 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 sale, the director owned 2,140 shares of the company's stock, valued at $193,456. This trade represents a 58.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.08% of the stock is currently owned by company 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.