Citigroup Inc. $C Shares Purchased by Diversify Wealth Management LLC

Key Points

• Diversify Wealth Management LLC increased its Citigroup stake by 270% in the first quarter, buying 27,409 additional shares and bringing its total to 37,560 shares worth about $4.26 million.
• Institutional ownership remains heavy, with hedge funds and other large investors holding about 71.72% of Citigroup shares. Several big firms, including Vanguard and Geode, also expanded positions recently.
• Analysts have been raising targets on Citigroup, and the stock’s average rating is now Moderate Buy with a $145 price target. The company also reported strong Q1 earnings and authorized a $30 billion share buyback.

Diversify Wealth Management LLC boosted its holdings in Citigroup Inc. (NYSE:C - Free Report) by 270.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,560 shares of the company's stock after buying an additional 27,409 shares during the quarter. Diversify Wealth Management LLC's holdings in Citigroup were worth $4,260,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of 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. Geode Capital Management LLC raised its position in shares of Citigroup by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company's stock worth $5,036,712,000 after acquiring an additional 189,548 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Citigroup by 4.0% during the 4th quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company's stock worth $3,990,422,000 after acquiring an additional 1,326,224 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Citigroup by 2.6% during the fourth quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company's stock worth $3,954,307,000 after purchasing an additional 846,772 shares during the last quarter. Finally, Norges Bank purchased a new stake in Citigroup during the fourth quarter worth approximately $2,800,944,000. 71.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

C has been the topic of several recent analyst reports. Truist Financial increased their price target on shares of Citigroup from $147.00 to $158.00 and gave the company a "buy" rating in a research note on Friday, June 26th. UBS Group upped their target price on shares of Citigroup from $134.00 to $150.00 and gave the company a "neutral" rating in a report on Tuesday, July 7th. Evercore set a $143.00 target price on shares of Citigroup in a research report on Monday, July 6th. Royal Bank Of Canada reiterated an "outperform" rating and set a $139.00 price target on shares of Citigroup in a research note on Wednesday, April 15th. Finally, Oppenheimer downgraded shares of Citigroup from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $145.00.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi is expected to collect about $70 million in fees from the SK Hynix listing, underscoring strength in its capital markets and advisory franchise. Article Title
• Positive Sentiment: Multiple pieces this week describe Citigroup (C) as one of the stronger large-bank names ahead of earnings, supported by resilient trading activity, investment banking momentum, and loan demand. Article Title
• Positive Sentiment: Analyst commentary and TV mentions have also kept Citi in the spotlight as a favored bank stock, suggesting continued institutional confidence in the name. Article Title
• Positive Sentiment: Earlier coverage said Citi’s Q1 results were the strongest among diversified banks, reinforcing the view that the company is executing well relative to peers. Article Title
• Neutral Sentiment: Citi also announced that SCB is now live with its 24/7 USD Clearing and Citi Token Services, a constructive step in digital payments infrastructure, but not a near-term earnings driver. Article Title

Citigroup Stock Down 0.1%

Shares of NYSE:C opened at $140.67 on Monday. The stock has a market cap of $239.92 billion, a P/E ratio of 17.43, a P/E/G ratio of 0.66 and a beta of 1.11. The firm has a fifty day moving average price of $133.71 and a 200 day moving average price of $122.88. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 0.99. Citigroup Inc. has a 1-year low of $85.61 and a 1-year high of $147.96.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.63 by $0.43. The company had revenue of $24.63 billion for the quarter, compared to the consensus estimate of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. Citigroup's revenue for the quarter was up 14.1% on a year-over-year basis. During the same period last year, the firm posted $1.96 EPS. Sell-side analysts predict that Citigroup Inc. will post 10.89 EPS for the current year.

Citigroup announced that its Board of Directors has authorized a stock 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 buy up to 13.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, Director John Cunningham Dugan sold 2,117 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the transaction, the director owned 12,194 shares of the company's stock, valued at $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Edward Skyler sold 25,000 shares of the business's stock in a transaction dated 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 transaction, the insider owned 182,022 shares in the company, valued at $23,919,511.02. This trade represents a 12.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.11% of the stock is currently owned by corporate insiders.

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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