Citigroup Inc. $C Shares Purchased by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp significantly boosted its Citigroup stake in Q1, increasing holdings by 292.1% to 566,581 shares worth about $64.3 million.
• Citigroup reported strong Q1 earnings, with EPS of $3.06 versus the $2.63 estimate and revenue of $24.63 billion, both ahead of analyst expectations.
• The bank is also supporting shareholder returns and sentiment with a $30 billion share repurchase authorization, while analysts have generally turned more positive, with a consensus rating of Moderate Buy and target price of $145.

Fifth Third Bancorp increased its holdings in shares of Citigroup Inc. (NYSE:C - Free Report) by 292.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 566,581 shares of the company's stock after buying an additional 422,097 shares during the quarter. Fifth Third Bancorp's holdings in Citigroup were worth $64,256,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Whipplewood Advisors LLC acquired a new stake in shares of Citigroup in the first quarter worth approximately $25,000. Mcguire Capital Advisors Inc. acquired a new position in Citigroup during the fourth quarter worth approximately $25,000. Richards Merrill & Peterson Inc. purchased a new position in Citigroup during the fourth quarter worth approximately $28,000. TD Capital Management LLC purchased a new position in Citigroup during the fourth quarter worth approximately $28,000. Finally, Luken Investment Analytics LLC acquired a new position in shares of Citigroup in the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 71.72% of the company's stock.

Citigroup Trading Down 0.1%

C opened at $140.67 on Monday. The firm's 50 day moving average is $133.71 and its 200-day moving average is $122.88. Citigroup Inc. has a 52-week low of $85.61 and a 52-week high of $147.96. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59. The firm has a market capitalization 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.

Citigroup (NYSE:C - Get Free Report) last announced 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. The business had revenue of $24.63 billion during 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%. The business's quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.96 earnings per share. Analysts expect that Citigroup Inc. will post 10.89 EPS for the current fiscal year.

Citigroup announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

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

Citigroup News Summary

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

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Citigroup from $135.50 to $149.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. UBS Group increased their target price on Citigroup from $134.00 to $150.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods boosted their price target on Citigroup from $140.00 to $153.00 and gave the company an "outperform" rating in a research report on Friday, May 8th. Truist Financial raised their price objective on Citigroup from $147.00 to $158.00 and gave the stock a "buy" rating in a report on Friday, June 26th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $145.00 price objective (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $145.00.

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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