Citigroup Inc. $C Shares Acquired by Aviva PLC

Key Points

• Aviva PLC increased its stake in Citigroup by 5.3% in the fourth quarter, buying 79,753 additional shares. The firm now owns 1,590,361 shares, worth about $185.6 million.
• Wall Street sentiment remains constructive, with several analysts raising price targets and Citigroup carrying a consensus rating of “Moderate Buy.” The average price target is $137.62, above the stock’s recent trading level.
• Citigroup reported strong quarterly results, beating earnings and revenue estimates with EPS of $3.06 versus $2.63 expected and revenue up 14.1% year over year. The bank also paid a $0.60 quarterly dividend and authorized a $30 billion stock buyback program.

Aviva PLC lifted its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 5.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,590,361 shares of the company's stock after buying an additional 79,753 shares during the quarter. Aviva PLC owned approximately 0.09% of Citigroup worth $185,579,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Richards Merrill & Peterson Inc. acquired a new position in Citigroup in the fourth quarter valued at approximately $28,000. Dunhill Financial LLC boosted its holdings in Citigroup by 92.2% in the third quarter. Dunhill Financial LLC now owns 319 shares of the company's stock valued at $32,000 after purchasing an additional 153 shares in the last quarter. Luken Investment Analytics LLC acquired a new position in Citigroup in the fourth quarter valued at approximately $32,000. High Note Wealth LLC grew its position in shares of Citigroup by 107.7% in the 4th quarter. High Note Wealth LLC now owns 270 shares of the company's stock valued at $32,000 after buying an additional 140 shares during the last quarter. Finally, Entrust Financial LLC acquired a new stake in Citigroup during the 4th quarter worth $34,000. Hedge funds and other institutional investors own 71.72% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on C shares. JPMorgan Chase & Co. lifted their price target on shares of Citigroup from $131.00 to $135.50 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Oppenheimer reiterated an "outperform" rating and set a $145.00 price target on shares of Citigroup in a research note on Friday, May 8th. Morgan Stanley lifted their price target on shares of Citigroup from $140.00 to $144.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Jefferies Financial Group started coverage on shares of Citigroup in a research note on Thursday, March 26th. They set a "buy" rating and a $135.00 price target on the stock. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Citigroup from $140.00 to $153.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Citigroup has an average rating of "Moderate Buy" and an average price target of $137.62.

Citigroup Trading Up 3.4%

NYSE:C opened at $137.89 on Friday. The stock's 50 day simple moving average is $126.85 and its 200-day simple moving average is $117.91. Citigroup Inc. has a 12-month low of $76.11 and a 12-month high of $138.23. The firm has a market cap of $235.18 billion, a P/E ratio of 17.09, a PEG ratio of 0.60 and a beta of 1.12. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, topping analysts' consensus estimates of $2.63 by $0.43. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The firm had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. During the same quarter in the prior year, the company posted $1.96 earnings per share. Citigroup's quarterly revenue was up 14.1% on a year-over-year basis. Equities analysts anticipate that Citigroup Inc. will post 10.68 EPS for the current year.

Citigroup Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were issued a $0.60 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $2.40 annualized dividend and a yield of 1.7%. Citigroup's dividend payout ratio is 29.74%.

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

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is rolling out tokenized depositary receipts for private-company shares, a move that could broaden access to private markets and create a new growth avenue for the bank. Article title
• Positive Sentiment: Reuters reported that Citi hired Ryan Beaupré as a managing director in its consumer and retail investment banking group, signaling continued effort to expand the franchise and deepen client coverage. Article title
• Positive Sentiment: Citigroup’s recent earnings beat and revenue growth continue to support the stock, with Q1 EPS and revenue both topping expectations and underscoring improving operating momentum. Article title
• Neutral Sentiment: President Trump publicly praised Citigroup and CEO Jane Fraser for M&A advisory work, which helped sentiment, but some reports noted the ranking was overstated, limiting the fundamental impact. Article title
• Neutral Sentiment: Market commentary also pointed to Citigroup’s turnaround progress, solid trading conditions, and a constructive investment banking outlook, which supports the stock but is largely a continuation of existing optimism. Article title

Insider Buying and Selling at Citigroup

In other news, Director John Cunningham Dugan sold 2,117 shares of the company's stock in a transaction on 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 in the company, valued at $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Edward Skyler sold 25,000 shares of the company's stock in a transaction on Wednesday, April 15th. The shares were 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 corporate insiders.

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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