Citigroup Inc. $C Shares Sold by GMT Capital Corp

Key Points

• GMT Capital Corp cut its Citigroup stake by 73.1% in the fourth quarter, selling 176,400 shares and leaving it with 65,000 shares valued at about $7.6 million.
• Citigroup reported strong quarterly results, with EPS of $3.06 beating estimates and revenue rising 14.1% year over year to $24.63 billion. Analysts also remain constructive, with a consensus rating of Moderate Buy and an average target price of $137.62.
• The company approved a $30 billion share buyback program, and it also paid a quarterly dividend of $0.60 per share, implying an annualized yield of about 1.7%.

GMT Capital Corp trimmed its holdings in shares of Citigroup Inc. (NYSE:C - Free Report) by 73.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 65,000 shares of the company's stock after selling 176,400 shares during the period. Citigroup makes up approximately 0.4% of GMT Capital Corp's investment portfolio, making the stock its 25th largest holding. GMT Capital Corp's holdings in Citigroup were worth $7,585,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Richards Merrill & Peterson Inc. acquired a new position in Citigroup during the fourth quarter worth about $28,000. Dunhill Financial LLC grew its holdings in Citigroup by 92.2% during the third quarter. Dunhill Financial LLC now owns 319 shares of the company's stock worth $32,000 after acquiring an additional 153 shares during the period. Luken Investment Analytics LLC acquired a new position in Citigroup during the fourth quarter worth about $32,000. High Note Wealth LLC grew its holdings in Citigroup by 107.7% during the fourth quarter. High Note Wealth LLC now owns 270 shares of the company's stock worth $32,000 after acquiring an additional 140 shares during the period. Finally, Entrust Financial LLC acquired a new position in Citigroup during the fourth quarter worth about $34,000. 71.72% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 2,117 shares of the 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 completion of the transaction, the director owned 12,194 shares in the company, valued at $1,527,908.20. This trade represents a 14.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Edward Skyler sold 25,000 shares of the 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 transaction, the insider owned 182,022 shares of the company's stock, valued at $23,919,511.02. This trade represents a 12.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on C shares. Wells Fargo & Company lifted their target price on Citigroup from $160.00 to $162.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Jefferies Financial Group started coverage on Citigroup in a report on Thursday, March 26th. They set a "buy" rating and a $135.00 target price on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 target price (up from $125.00) on shares of Citigroup in a report on Wednesday, April 15th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Citigroup in a report on Monday, April 20th. Finally, Morgan Stanley lifted their target price on Citigroup from $140.00 to $144.00 and gave the stock an "overweight" rating in a report on Wednesday, April 15th. One investment 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's stock. According to MarketBeat, Citigroup has an average rating of "Moderate Buy" and a consensus target price of $137.62.

Citigroup Trading Up 1.2%

NYSE:C opened at $139.68 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59. Citigroup Inc. has a 1-year low of $76.11 and a 1-year high of $141.12. The firm has a market capitalization of $238.23 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 0.62 and a beta of 1.12. The stock has a fifty day simple moving average of $127.34 and a 200 day simple moving average of $118.06.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating 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 business had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. During the same quarter last year, the company posted $1.96 EPS. Citigroup's revenue for the quarter was up 14.1% on a year-over-year basis. Sell-side analysts forecast that Citigroup Inc. will post 10.68 earnings per share for the current year.

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

Citigroup Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were given a $0.60 dividend. The ex-dividend date was Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.7%. Citigroup's dividend payout ratio (DPR) is 29.74%.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup launched tokenized Digital Depositary Receipts, creating a new blockchain-based way for clients to gain exposure to private companies and for issuers to tap liquidity, reinforcing Citi’s push into next-generation capital markets. Citigroup Is Rolling Out Tokenized Shares of Private Companies
• Positive Sentiment: Related coverage said Citi is expanding access to private markets with tokenized private-share trading, which could open a new fee-generating business line and strengthen its innovation story with large clients. Citigroup Expands Access to Private Markets With Tokenized Depositary Receipts
• Positive Sentiment: Trump praised Citigroup and CEO Jane Fraser as a top M&A adviser, which helped fuel momentum and reinforced confidence in Citi’s investment banking comeback. Citigroup shares outperform down market after Trump endorsement
• Positive Sentiment: Citi also continued building out its consumer and retail investment banking franchise with a new managing director hire, suggesting management is still investing in growth areas. Citi hires Ryan Beaupré as MD in consumer and retail investment banking push
• Neutral Sentiment: Citi completed the sale of its Polish consumer banking business, continuing its multi-year retreat from underperforming overseas markets. This supports simplification, but it also shows ongoing shrinkage in some international operations. Citi's overseas retreat advances with sale of Polish business
• Neutral Sentiment: Reports that regulators are probing banks’ use of AI could raise compliance scrutiny for the sector, but there was no Citi-specific issue mentioned. Bank Regulators Probe Industry Use of AI

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.

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