CIBC Asset Management Inc Grows Stake in Citigroup Inc. $C

Key Points

• CIBC Asset Management more than doubled its stake in Citigroup during the fourth quarter, increasing holdings by 104.6% to 535,743 shares valued at about $62.5 million.
• Citigroup’s latest earnings topped expectations, with EPS of $3.06 versus the $2.63 estimate and revenue of $24.63 billion, up 14.1% year over year.
• The bank also boosted shareholder returns and capital actions by paying a $0.60 quarterly dividend and approving a $30 billion share repurchase program.

CIBC Asset Management Inc lifted its position in Citigroup Inc. (NYSE:C - Free Report) by 104.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 535,743 shares of the company's stock after buying an additional 273,924 shares during the period. CIBC Asset Management Inc's holdings in Citigroup were worth $62,516,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Richards Merrill & Peterson Inc. purchased a new position in Citigroup during the fourth quarter valued at $28,000. Luken Investment Analytics LLC purchased a new position in Citigroup during the fourth quarter valued at $32,000. High Note Wealth LLC lifted its position in Citigroup by 107.7% during the fourth quarter. High Note Wealth LLC now owns 270 shares of the company's stock valued at $32,000 after purchasing an additional 140 shares in the last quarter. Entrust Financial LLC purchased a new position in Citigroup during the fourth quarter valued at $34,000. Finally, Maseco LLP purchased a new position in Citigroup during the fourth quarter valued at $35,000. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Citigroup Price Performance

NYSE:C opened at $131.32 on Wednesday. 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 business's 50-day simple moving average is $123.27 and its two-hundred day simple moving average is $115.99. The stock has a market cap of $223.97 billion, a PE ratio of 16.27, a P/E/G ratio of 0.58 and a beta of 1.12. Citigroup Inc. has a 52 week low of $75.44 and a 52 week high of $135.29.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, beating analysts' consensus estimates of $2.63 by $0.43. The business had revenue of $24.63 billion for 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 business's quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the firm earned $1.96 earnings per share. As a group, analysts forecast that Citigroup Inc. will post 10.68 EPS for the current fiscal year.

Citigroup Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a yield of 1.8%. Citigroup's dividend payout ratio (DPR) is currently 29.74%.

Citigroup announced that its board has approved a share repurchase program on Thursday, May 7th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

C has been the topic of several analyst reports. Wall Street Zen upgraded Citigroup from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Wells Fargo & Company lifted their target price on Citigroup from $160.00 to $162.00 and gave the company an "overweight" rating in a research report on Wednesday, April 29th. Truist Financial set a $147.00 target price on Citigroup in a research report on Friday, May 1st. Piper Sandler reiterated an "overweight" rating and set a $145.00 target price (up from $125.00) on shares of Citigroup in a research report on Wednesday, April 15th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Citigroup in a research report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Citigroup currently has a consensus rating of "Moderate Buy" and an average target price of $137.62.

Insider Transactions at Citigroup

In other 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 directly 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 document filed with the SEC, which can be accessed through this hyperlink. Also, insider Edward Skyler sold 25,000 shares of the business'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 completion of the sale, the insider owned 182,022 shares in the company, valued at $23,919,511.02. This represents a 12.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.11% of the stock is owned by company insiders.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is getting a lift from a Zacks note that said the stock outperformed the broader market, reinforcing momentum after recent gains and keeping the market focused on the bank’s relatively strong share-price trend. Article Title
• Positive Sentiment: Investor sentiment also appears supported by Citigroup’s bullish long-term tokenization outlook, with the bank projecting the tokenized securities market could reach $5.5 trillion by 2030, highlighting a potential growth area for Citi’s markets and digital-asset-related franchises. Article Title
• Positive Sentiment: Separate commentary from Jim Cramer calling Citigroup “fantastic” may be adding to the bullish tone around the stock, especially as analysts have generally remained constructive on the name. Article Title
• Neutral Sentiment: Citi strategists warning that crowded positioning in U.S. tech stocks could spark a reversal is a broader market call and does not directly change Citigroup’s fundamentals, but it may influence overall risk appetite. Article Title

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.

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