Cibc World Market Inc. cut its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 28.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 845,493 shares of the company's stock after selling 339,601 shares during the period. Cibc World Market Inc.'s holdings in Citigroup were worth $118,335,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Whipplewood Advisors LLC purchased a new position in shares of Citigroup during the 1st quarter worth approximately $25,000. Mcguire Capital Advisors Inc. purchased a new stake in Citigroup in the fourth quarter valued at approximately $25,000. Paladin Partners LLC acquired a new position in Citigroup during the second quarter worth $27,000. TD Capital Management LLC acquired a new position in Citigroup during the fourth quarter worth $28,000. Finally, IMG Wealth Management Inc. boosted its position in shares of Citigroup by 197.6% during the first quarter. IMG Wealth Management Inc. now owns 244 shares of the company's stock worth $28,000 after buying an additional 162 shares during the period. 71.72% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of brokerages have recently weighed in on C. Evercore set a $143.00 price objective on Citigroup in a research note on Monday, July 6th. Zacks Research upgraded Citigroup from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. JPMorgan Chase & Co. lifted their target price on Citigroup from $135.50 to $149.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Weiss Ratings reiterated a "buy (b)" rating on shares of Citigroup in a research note on Friday, July 17th. Finally, Truist Financial reduced their price target on shares of Citigroup from $158.00 to $154.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $145.22.
View Our Latest Stock Analysis on Citigroup
Key Citigroup News
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
- Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
- Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
- Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C's July Card Delinquencies Tick Up
Citigroup Price Performance
C stock opened at $131.46 on Monday. The business's 50-day moving average is $137.20 and its two-hundred day moving average is $126.36. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $224.22 billion, a P/E ratio of 14.20, a P/E/G ratio of 0.59 and a beta of 1.12. Citigroup Inc. has a 1 year low of $92.84 and a 1 year high of $147.96.
Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, topping analysts' consensus estimates of $2.74 by $0.41. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The business had revenue of $24.77 billion during the quarter, compared to the consensus estimate of $23.74 billion. During the same period in the previous year, the company posted $1.96 earnings per share. The business's revenue for the quarter was up 14.5% on a year-over-year basis. Analysts anticipate that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.
Citigroup Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be paid a $0.67 dividend. This is an increase from Citigroup's previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Monday, August 3rd. Citigroup's payout ratio is presently 28.94%.
Citigroup announced that its Board of Directors has authorized a share buyback plan 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 plans are often a sign that the company's management believes its shares are undervalued.
About Citigroup
(
Free Report)
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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