Burney Co. Has $6.46 Million Stake in Citigroup Inc. $C

Key Points

• Burney Co. cut its Citigroup stake by 13.9% in the first quarter, selling 9,197 shares and leaving it with 56,982 shares valued at about $6.46 million.
• Citigroup saw notable insider selling, including director John Cunningham Dugan and insider Edward Skyler, while institutional investors still hold about 71.72% of the stock.
• Analysts remain generally bullish: the consensus rating is Moderate Buy with an average price target of $140.65, and Citigroup also authorized a $30 billion share buyback program after delivering stronger-than-expected quarterly earnings.

Burney Co. reduced its holdings in Citigroup Inc. (NYSE:C - Free Report) by 13.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,982 shares of the company's stock after selling 9,197 shares during the quarter. Burney Co.'s holdings in Citigroup were worth $6,462,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of C. Mcguire Capital Advisors Inc. bought a new stake in Citigroup during the 4th quarter worth approximately $25,000. Richards Merrill & Peterson Inc. bought a new position in Citigroup in the fourth quarter valued at approximately $28,000. TD Capital Management LLC acquired a new position in shares of Citigroup in the fourth quarter valued at approximately $28,000. Luken Investment Analytics LLC acquired a new position in shares of Citigroup in the fourth quarter valued at approximately $32,000. Finally, High Note Wealth LLC increased its position in shares of Citigroup by 107.7% during the fourth quarter. High Note Wealth LLC now owns 270 shares of the company's stock worth $32,000 after acquiring an additional 140 shares in the last quarter. Institutional investors and hedge funds own 71.72% of the company's stock.

Insider Transactions at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edward Skyler sold 25,000 shares of the company's stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value of $3,285,250.00. Following the sale, the insider owned 182,022 shares in the company, valued at $23,919,511.02. The trade was a 12.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.11% of the company's stock.

Analysts Set New Price Targets

C has been the topic of a number of research analyst reports. Royal Bank Of Canada restated an "outperform" rating and set a $139.00 price objective on shares of Citigroup in a report on Wednesday, April 15th. Evercore set a $143.00 target price on shares of Citigroup in a research note on Monday. Truist Financial increased their target price on Citigroup from $147.00 to $158.00 and gave the stock a "buy" rating in a report on Friday, June 26th. Jefferies Financial Group began coverage on Citigroup in a report on Thursday, March 26th. They issued a "buy" rating and a $135.00 price target on the stock. Finally, Oppenheimer cut Citigroup from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. One research 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $140.65.

Citigroup Stock Performance

Shares of C stock opened at $143.87 on Tuesday. The company's fifty day simple moving average is $132.80 and its 200-day simple moving average is $122.17. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59. The firm has a market cap of $245.38 billion, a PE ratio of 17.83, a P/E/G ratio of 0.60 and a beta of 1.11. Citigroup Inc. has a 12 month low of $85.48 and a 12 month high of $147.96.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating analysts' consensus estimates of $2.63 by $0.43. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business had revenue of $24.63 billion during the quarter, compared to the consensus estimate of $22.96 billion. During the same quarter last year, the firm earned $1.96 earnings per share. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities research analysts expect that Citigroup Inc. will post 10.83 EPS for the current fiscal year.

Citigroup announced that its Board of Directors has initiated a share repurchase program on Thursday, May 7th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: JPMorgan raised its price target on Citigroup to $149 and kept an overweight rating, reinforcing a bullish view ahead of earnings. Benzinga article
• Positive Sentiment: JPMorgan said big banks may beat prior guidance on investment-banking and trading revenue, and it lifted targets across the sector, supporting Citigroup alongside peers. Yahoo Finance article
• Positive Sentiment: Citigroup is also benefiting from a new commodities win: it became a clearing member of London Precious Metals Clearing Limited, expanding its role in gold, silver, platinum and palladium settlement. Business Wire article
• Neutral Sentiment: Citigroup was also highlighted in market wrap articles as outperforming the broader market, but those pieces mainly reflected the stock’s recent momentum rather than a new fundamental catalyst. Yahoo Finance article
• Neutral Sentiment: The upcoming July 14 earnings report is keeping investors focused on whether Citigroup can validate expectations for higher earnings and revenue growth. Benzinga article
• Negative Sentiment: The collapsed sale of Citigroup’s San Antonio campus is a small operational setback, though it appears less material than the bank’s earnings and business-growth headlines. The Real Deal article

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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