Citigroup Inc. $C Shares Sold by Phoenix Financial Ltd.

Key Points

• Phoenix Financial Ltd. cut its Citigroup stake by 31.2% in the fourth quarter, selling 33,166 shares and ending with 73,293 shares worth about $8.6 million.
• Citigroup posted better-than-expected first-quarter results, beating estimates on both earnings and revenue, which helped reinforce its recent strong operating momentum.
• The bank’s board authorized a $30 billion share buyback and it also announced a quarterly dividend of $0.60 per share, signaling confidence in capital returns to shareholders.

Phoenix Financial Ltd. decreased its holdings in shares of Citigroup Inc. (NYSE:C - Free Report) by 31.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,293 shares of the company's stock after selling 33,166 shares during the period. Phoenix Financial Ltd.'s holdings in Citigroup were worth $8,593,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Elmwood Wealth Management Inc. grew its holdings in shares of Citigroup by 1.3% in the 4th quarter. Elmwood Wealth Management Inc. now owns 6,845 shares of the company's stock worth $799,000 after acquiring an additional 85 shares during the period. Park Place Capital Corp grew its holdings in shares of Citigroup by 16.7% in the 4th quarter. Park Place Capital Corp now owns 595 shares of the company's stock worth $69,000 after acquiring an additional 85 shares during the period. D.B. Root & Company LLC grew its holdings in shares of Citigroup by 2.8% in the 4th quarter. D.B. Root & Company LLC now owns 3,191 shares of the company's stock worth $372,000 after acquiring an additional 87 shares during the period. Cornerstone Wealth Management LLC grew its holdings in shares of Citigroup by 0.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 10,393 shares of the company's stock worth $1,213,000 after acquiring an additional 87 shares during the period. Finally, N.E.W. Advisory Services LLC grew its holdings in shares of Citigroup by 14.9% in the 4th quarter. N.E.W. Advisory Services LLC now owns 703 shares of the company's stock worth $82,000 after acquiring an additional 91 shares during the period. Institutional investors and hedge funds own 71.72% of the company's stock.

Insiders Place Their Bets

In other Citigroup 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 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 represents a 14.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value of $3,285,250.00. Following the transaction, the insider directly owned 182,022 shares in the company, valued at approximately $23,919,511.02. This represents a 12.08% decrease in their position. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group assumed coverage on Citigroup in a report on Thursday, March 26th. They issued a "buy" rating and a $135.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Citigroup from $131.00 to $135.50 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Barclays upped their price target on Citigroup from $146.00 to $154.00 and gave the stock an "overweight" rating in a report on Wednesday, April 15th. Evercore set a $139.00 price target on Citigroup in a report on Wednesday, April 15th. Finally, Zacks Research cut Citigroup from a "strong-buy" rating to a "hold" rating in a report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $137.62.

Citigroup News Summary

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

Citigroup Price Performance

Shares of NYSE:C opened at $124.77 on Friday. The business's fifty day moving average price is $119.26 and its two-hundred day moving average price is $113.97. The stock has a market cap of $212.81 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 0.56 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 one year low of $71.65 and a one year high of $135.29.

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

Citigroup declared that its Board of Directors has authorized a share repurchase program on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 13.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Citigroup Announces Dividend

The business 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 dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Monday, May 4th. Citigroup's dividend payout ratio is 29.74%.

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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