Citigroup Inc. $C Shares Purchased by Adell Harriman & Carpenter Inc.

Key Points

• Adell Harriman & Carpenter Inc. increased its Citigroup stake by 12.4% in the fourth quarter, ending with 114,925 shares valued at about $13.4 million.
• Citigroup reported better-than-expected first-quarter results, with earnings of $3.06 per share and revenue of $24.63 billion, both above estimates and up sharply from a year earlier.
• The bank announced a $30 billion share buyback and a quarterly dividend of $0.60 per share, signaling continued capital returns to shareholders.

Adell Harriman & Carpenter Inc. boosted its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 12.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,925 shares of the company's stock after purchasing an additional 12,670 shares during the quarter. Adell Harriman & Carpenter Inc.'s holdings in Citigroup were worth $13,411,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Citigroup by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock worth $19,048,467,000 after acquiring an additional 4,938,923 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Citigroup by 17.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 28,125,995 shares of the company's stock worth $2,854,788,000 after acquiring an additional 4,211,099 shares in the last quarter. Capital World Investors lifted its stake in Citigroup by 6.5% during the third quarter. Capital World Investors now owns 47,262,626 shares of the company's stock worth $4,797,292,000 after purchasing an additional 2,871,074 shares during the last quarter. Bessemer Group Inc. lifted its stake in Citigroup by 6,172.0% during the third quarter. Bessemer Group Inc. now owns 2,904,795 shares of the company's stock worth $294,838,000 after purchasing an additional 2,858,481 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Citigroup by 291.4% in the fourth quarter. SG Americas Securities LLC now owns 1,319,549 shares of the company's stock valued at $153,978,000 after purchasing an additional 2,008,946 shares in the last quarter. Institutional investors and hedge funds own 71.72% of the company's stock.

Citigroup Stock Performance

Shares of C opened at $119.96 on Wednesday. The stock has a market capitalization of $204.60 billion, a P/E ratio of 14.87, a P/E/G ratio of 0.55 and a beta of 1.14. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. Citigroup Inc. has a 1 year low of $71.65 and a 1 year high of $135.29. The company's fifty day moving average is $120.03 and its two-hundred day moving average is $114.43.

Citigroup (NYSE:C - Get Free Report) last issued its earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.43. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business had revenue of $24.63 billion for the quarter, compared to the consensus estimate of $22.96 billion. During the same quarter in the previous year, the firm earned $1.96 earnings per share. The business's quarterly revenue was up 14.1% compared to the same quarter last year. On average, sell-side analysts predict that Citigroup Inc. will post 10.65 earnings per share for the current year.

Citigroup Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Monday, May 4th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a yield of 2.0%. Citigroup's dividend payout ratio (DPR) is 29.74%.

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

Analysts Set New Price Targets

C has been the topic of several recent analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Citigroup in a research note on Monday, April 20th. Piper Sandler reaffirmed an "overweight" rating and issued a $145.00 target price (up from $125.00) on shares of Citigroup in a research report on Wednesday, April 15th. Evercore set a $139.00 price target on shares of Citigroup in a research note on Wednesday, April 15th. Barclays lifted their price target on shares of Citigroup from $146.00 to $154.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Finally, Truist Financial set a $147.00 target price on Citigroup in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $137.62.

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 shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the transaction, the director directly owned 12,194 shares of the company's stock, valued at $1,527,908.20. This represents a 14.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the completion of the transaction, the insider directly owned 182,022 shares of the company's stock, valued at approximately $23,919,511.02. This trade 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 currently owned by insiders.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup launched a €15 billion private capital program with BlackRock’s HPS to expand direct lending across EMEA, a move that could strengthen fee-based revenue and deepen its presence in private credit. Article Title
• Positive Sentiment: Citi reported better April card delinquency and charge-off trends year over year, suggesting some improvement in consumer credit quality. Article Title
• Positive Sentiment: Citi received final approval to launch a wholly foreign-owned securities firm in mainland China, expanding its ability to offer investment banking and brokerage services directly in a major market. Article Title
• Positive Sentiment: Citigroup hired former UK lawmaker Chuka Umunna as managing director in its UK investment banking division, a small but notable talent win that may support its EMEA franchise. Article Title
• Neutral Sentiment: Citi’s call that 30-year Treasury yields may next focus on 5.5% reflects its macro view, but it is not a direct operating driver for the bank. Article Title
• Negative Sentiment: CFRA reportedly downgraded Citigroup to Hold, which may be tempering enthusiasm after a strong run in the shares. Article Title

Citigroup Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.