Caisse DE Depot ET Placement DU Quebec Sells 1,050,392 Shares of Citigroup Inc. $C

Key Points

• Caisse de dépôt et placement du Québec reduced its stake in Citigroup by 24.3%, selling over 1 million shares, leaving it with approximately 3.27 million shares valued at about $232 million.
• Analysts have raised Citigroup's target prices, with Morgan Stanley setting a new target of $107 and Bank of America raising it to $100, indicating a general optimism about the company's prospects.
• Citigroup declared a quarterly dividend of $0.60 per share, reflecting an increase from its previous dividend, with a current yield of 2.5%.

Caisse DE Depot ET Placement DU Quebec reduced its stake in Citigroup Inc. (NYSE:C - Free Report) by 24.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,268,339 shares of the company's stock after selling 1,050,392 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned about 0.17% of Citigroup worth $232,019,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of C. Private Advisory Group LLC boosted its stake in Citigroup by 20.8% during the 1st quarter. Private Advisory Group LLC now owns 69,581 shares of the company's stock valued at $4,940,000 after purchasing an additional 11,978 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of Citigroup by 109.0% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,246,061 shares of the company's stock worth $88,458,000 after purchasing an additional 649,807 shares in the last quarter. Brighton Jones LLC increased its stake in shares of Citigroup by 166.9% in the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock worth $1,407,000 after purchasing an additional 12,499 shares in the last quarter. Onyx Bridge Wealth Group LLC purchased a new stake in shares of Citigroup in the first quarter worth $214,000. Finally, Pinnacle Financial Partners Inc increased its stake in shares of Citigroup by 495.1% in the first quarter. Pinnacle Financial Partners Inc now owns 18,554 shares of the company's stock worth $1,317,000 after purchasing an additional 15,436 shares in the last quarter. Institutional investors own 71.72% of the company's stock.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on C shares. Wall Street Zen raised shares of Citigroup from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company lifted their price objective on shares of Citigroup from $110.00 to $115.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. The Goldman Sachs Group lifted their price objective on shares of Citigroup from $85.00 to $96.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. TD Cowen lifted their price objective on shares of Citigroup from $85.00 to $95.00 and gave the stock a "hold" rating in a research note on Wednesday, July 16th. Finally, Piper Sandler lifted their price objective on shares of Citigroup from $84.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Ten investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $96.54.

Citigroup Trading Up 1.3%

Shares of Citigroup stock traded up $1.26 during trading on Wednesday, hitting $96.98. The stock had a trading volume of 11,241,921 shares, compared to its average volume of 14,047,286. The firm's fifty day simple moving average is $90.50 and its 200-day simple moving average is $78.62. The stock has a market cap of $178.52 billion, a PE ratio of 14.32, a PEG ratio of 0.83 and a beta of 1.38. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.99. Citigroup Inc. has a 12 month low of $55.51 and a 12 month high of $97.45.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.35. The firm had revenue of $21.67 billion during the quarter, compared to analyst estimates of $20.75 billion. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The business's revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the business earned $1.52 EPS. Citigroup has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Monday, August 4th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, August 4th. This is a positive change from Citigroup's previous quarterly dividend of $0.56. Citigroup's dividend payout ratio (DPR) is 35.45%.

Citigroup Profile

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.