Beacon Harbor Wealth Advisors Inc. Invests $6.75 Million in Citigroup Inc. $C

Key Points

• Beacon Harbor Wealth Advisors opened a new position in Citigroup during the first quarter, buying 59,530 shares worth about $6.75 million.
• Citigroup’s latest fundamentals were solid, with quarterly EPS of $3.06 beating estimates and revenue of $24.63 billion also topping expectations. The stock is up about 0.8% and has outperformed its moving averages.
• Management also authorized a $30 billion share buyback, while analysts remain broadly constructive with a Moderate Buy rating and an average price target of $145.

Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Citigroup Inc. (NYSE:C - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 59,530 shares of the company's stock, valued at approximately $6,751,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Mcguire Capital Advisors Inc. bought a new stake in Citigroup in the fourth quarter worth approximately $25,000. Whipplewood Advisors LLC bought a new position in shares of Citigroup during the 1st quarter valued at $25,000. Richards Merrill & Peterson Inc. acquired a new stake in shares of Citigroup in the 4th quarter valued at $28,000. TD Capital Management LLC acquired a new stake in shares of Citigroup in the 4th quarter valued at $28,000. Finally, Luken Investment Analytics LLC bought a new stake in Citigroup in the fourth quarter worth $32,000. Institutional investors and hedge funds own 71.72% of the company's stock.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi is expected to collect about $70 million in fees from the SK Hynix listing, underscoring strength in its capital markets and advisory franchise. Article Title
• Positive Sentiment: Multiple pieces this week describe Citigroup (C) as one of the stronger large-bank names ahead of earnings, supported by resilient trading activity, investment banking momentum, and loan demand. Article Title
• Positive Sentiment: Analyst commentary and TV mentions have also kept Citi in the spotlight as a favored bank stock, suggesting continued institutional confidence in the name. Article Title
• Positive Sentiment: Earlier coverage said Citi’s Q1 results were the strongest among diversified banks, reinforcing the view that the company is executing well relative to peers. Article Title
• Neutral Sentiment: Citi also announced that SCB is now live with its 24/7 USD Clearing and Citi Token Services, a constructive step in digital payments infrastructure, but not a near-term earnings driver. Article Title

Citigroup Trading Up 0.8%

Shares of NYSE:C opened at $140.67 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. The stock's 50-day moving average is $133.71 and its 200-day moving average is $122.85. The company has a market cap of $239.92 billion, a P/E ratio of 17.43, a P/E/G ratio of 0.65 and a beta of 1.11. Citigroup Inc. has a 52-week low of $85.61 and a 52-week high of $147.96.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.43. The business had revenue of $24.63 billion during the quarter, compared to analysts' expectations of $22.96 billion. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The firm's revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.96 EPS. Equities research analysts predict that Citigroup Inc. will post 10.89 earnings per share for the current year.

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

Analyst Ratings Changes

C has been the topic of several analyst reports. UBS Group increased their target price on shares of Citigroup from $134.00 to $150.00 and gave the stock a "neutral" rating in a research report on Tuesday. Weiss Ratings reiterated a "buy (b)" rating on shares of Citigroup in a research note on Monday, April 20th. Jefferies Financial Group initiated coverage on Citigroup in a report on Thursday, March 26th. They set a "buy" rating and a $135.00 price objective on the stock. Morgan Stanley raised their price objective on Citigroup from $154.00 to $164.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Finally, Keefe, Bruyette & Woods boosted their target price on Citigroup from $140.00 to $153.00 and gave the stock an "outperform" rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $145.00.

Insider Activity at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of the business's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the transaction, the director owned 12,194 shares of the company's stock, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Edward Skyler sold 25,000 shares of the company's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the transaction, the insider owned 182,022 shares of the company's stock, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by corporate insiders.

Citigroup Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.