Citigroup Inc. $C is Thornburg Investment Management Inc.'s Largest Position

Key Points

• Thornburg Investment Management trimmed its Citigroup stake by 5.5% in the second quarter but still held 7.55 million shares worth approximately $1.06 billion, making Citi its largest position at 10.1% of assets.
• Citigroup reported stronger-than-expected quarterly results, with EPS of $3.15 and revenue of $24.77 billion, up 14.5% year over year. The bank also raised its quarterly dividend to $0.67 and authorized a $30 billion share-buyback program.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $145.22 versus the reported share price of $132.77.

Thornburg Investment Management Inc. trimmed its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 5.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,546,686 shares of the company's stock after selling 441,524 shares during the period. Citigroup comprises about 10.1% of Thornburg Investment Management Inc.'s holdings, making the stock its biggest position. Thornburg Investment Management Inc. owned about 0.44% of Citigroup worth $1,056,234,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of C. Marvin & Palmer Associates Inc. increased its stake in Citigroup by 136.7% in the 2nd quarter. Marvin & Palmer Associates Inc. now owns 78,786 shares of the company's stock valued at $11,027,000 after purchasing an additional 45,496 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Citigroup by 10.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,467,857 shares of the company's stock worth $1,745,001,000 after purchasing an additional 1,210,006 shares during the last quarter. New Mexico Educational Retirement Board boosted its position in Citigroup by 2.4% during the second quarter. New Mexico Educational Retirement Board now owns 86,826 shares of the company's stock worth $12,152,000 after purchasing an additional 2,000 shares in the last quarter. Toth Financial Advisory Corp boosted its position in Citigroup by 1,166.6% during the second quarter. Toth Financial Advisory Corp now owns 9,056 shares of the company's stock worth $1,267,000 after purchasing an additional 8,341 shares in the last quarter. Finally, Mufg Securities Americas Inc. grew its holdings in Citigroup by 7.3% in the second quarter. Mufg Securities Americas Inc. now owns 56,399 shares of the company's stock valued at $7,894,000 after purchasing an additional 3,824 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company's stock.

Citigroup Stock Performance

NYSE C opened at $132.77 on Friday. The business's 50-day moving average price is $136.20 and its 200 day moving average price is $126.81. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. Citigroup Inc. has a twelve month low of $92.96 and a twelve month high of $147.96. The company has a market capitalization of $226.45 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 0.60 and a beta of 1.12.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, beating the consensus estimate of $2.74 by $0.41. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The company had revenue of $24.77 billion during the quarter, compared to analysts' expectations of $23.74 billion. During the same quarter in the previous year, the business earned $1.96 EPS. The firm's revenue was up 14.5% on a year-over-year basis. On average, research analysts predict that Citigroup Inc. will post 11.21 earnings per share for the current year.

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Monday, August 3rd were given a $0.67 dividend. This is a boost from Citigroup's previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Monday, August 3rd. Citigroup's dividend payout ratio is 28.94%.

Citigroup declared that its board has authorized a share buyback program on Thursday, May 7th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 13.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

C has been the subject of a number of research analyst reports. Royal Bank Of Canada restated an "outperform" rating and issued a $150.00 price target on shares of Citigroup in a research report on Wednesday, July 15th. Oppenheimer lowered shares of Citigroup from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Wall Street Zen cut shares of Citigroup from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Evercore set a $143.00 target price on shares of Citigroup in a report on Monday, July 6th. Finally, Argus set a $150.00 target price on shares of Citigroup in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $145.22.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup’s recent quarterly results provide a fundamental cushion: earnings and revenue exceeded analyst expectations, with revenue up 14.5% year over year. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Neutral Sentiment: Citi analyst activity on Oracle, BMW and Forvia reflects the bank’s research and advisory business, but the recommendations are directed at those companies and have little direct impact on Citigroup’s equity value. Oracle Stock Gains Premarket
• Neutral Sentiment: Citigroup entities reported exiting substantial-holder status in Australia’s IDP Education and Healius. These appear to be portfolio or position disclosures rather than changes to Citi’s core business, making the immediate stock impact limited. Citi Group Entities Exit Substantial Holder Status in IDP Education
• Negative Sentiment: The SEC reportedly subpoenaed Citigroup, Goldman Sachs, JPMorgan and Bank of America over margin lending to hedge fund Situational Awareness, which suffered a 67% drawdown during an AI-stock sell-off. The probe puts leverage, collateral and counterparty-risk controls under scrutiny; potential fines, litigation costs or tighter lending requirements could weigh on Citi’s profitability, although the ultimate exposure remains unclear. SEC Probe Puts Wall Street Leverage Risk Back in Focus

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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