Citigroup Inc. $C Shares Sold by New York Life Investment Management LLC

Key Points

• New York Life Investment Management LLC cut its Citigroup stake by 5.8% in the fourth quarter, selling 15,554 shares and ending with 252,626 shares valued at about $29.5 million.
• Citigroup reported strong quarterly results, posting $3.06 EPS versus $2.63 expected and revenue of $24.63 billion, both ahead of estimates and up 14.1% year over year.
• The bank announced a $30 billion share buyback and a quarterly dividend of $0.60 per share, signaling management confidence and continued capital returns to shareholders.

New York Life Investment Management LLC lowered its stake in Citigroup Inc. (NYSE:C - Free Report) by 5.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 252,626 shares of the company's stock after selling 15,554 shares during the period. New York Life Investment Management LLC's holdings in Citigroup were worth $29,479,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of C. Brighton Jones LLC boosted its holdings in Citigroup by 166.9% in the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock valued at $1,407,000 after purchasing an additional 12,499 shares in the last quarter. Sivia Capital Partners LLC raised its stake in shares of Citigroup by 20.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company's stock worth $835,000 after buying an additional 1,669 shares in the last quarter. United Bank acquired a new stake in shares of Citigroup in the 2nd quarter valued at approximately $972,000. Osterweis Capital Management Inc. boosted its stake in shares of Citigroup by 3,016.7% in the second quarter. Osterweis Capital Management Inc. now owns 935 shares of the company's stock valued at $80,000 after buying an additional 905 shares in the last quarter. Finally, HUB Investment Partners LLC raised its position in Citigroup by 26.9% in the second quarter. HUB Investment Partners LLC now owns 15,287 shares of the company's stock worth $1,301,000 after acquiring an additional 3,238 shares in the last quarter. Hedge funds and other institutional investors own 71.72% of the company's stock.

Citigroup Trading Up 0.5%

Shares of C stock opened at $124.77 on Friday. The stock has a market cap of $212.81 billion, a P/E ratio of 15.46, a P/E/G ratio of 0.56 and a beta of 1.14. 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 fifty-two week low of $71.65 and a fifty-two week high of $135.29. The business has a fifty day simple moving average of $119.26 and a 200-day simple moving average of $113.97.

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

Citigroup announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Citigroup Dividend Announcement

The firm also recently declared 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. This represents a $2.40 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, May 4th. Citigroup's dividend payout ratio is 29.74%.

Insider Activity

In related news, insider Edward Skyler sold 25,000 shares of Citigroup stock in a transaction that occurred on Wednesday, April 15th. The stock was 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 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 document filed with the SEC, which is available at this hyperlink. Also, Director John Cunningham Dugan sold 2,117 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the sale, the director directly owned 12,194 shares in the company, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their position. The SEC filing for this sale provides additional information. 0.11% of the stock is owned by corporate insiders.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is getting credit for its strong earnings beat, with the bank reporting better-than-expected profit and revenue last quarter, which supports the view that operating momentum remains solid.
• Positive Sentiment: The company recently unveiled a $30 billion share buyback authorization, signaling management confidence and a larger return of capital to shareholders, which investors typically view favorably.
• Positive Sentiment: News that Citi plans to increase headcount by about 10% in its Asia-Pacific prime brokerage unit suggests continued expansion in a high-value business line and reinforces the growth narrative. Citigroup to boost Asia prime brokerage staff by 10% this year
• Positive Sentiment: Reports that Citigroup is weighing a broader Asia expansion and a bigger role in U.S.-China business show management is still focused on long-term international growth opportunities. Citigroup Weighs Asia Expansion And US China Role For Future Growth
• Neutral Sentiment: Analyst commentary and follow-up articles are mostly reflecting on Citi’s strong post-earnings run and whether the stock can sustain it, but they do not appear to be new fundamental catalysts. Citigroup (C) Down 5.8% Since Last Earnings Report: Can It Rebound?
• Neutral Sentiment: A Citigroup director sold a modest number of shares, which may mildly pressure sentiment, but the transaction was relatively small and does not materially change the investment thesis. SEC Director Sale Filing

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Piper Sandler restated an "overweight" rating and set 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 report on Wednesday, April 15th. UBS Group reiterated a "neutral" rating and issued a $132.00 price objective on shares of Citigroup in a research note on Thursday, January 15th. Jefferies Financial Group initiated coverage on shares of Citigroup in a research report on Thursday, March 26th. They set a "buy" rating and a $135.00 target price on the stock. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Citigroup in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.62.

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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