Citigroup Inc. $C Shares Sold by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management cut its Citigroup stake by 5.2% in the fourth quarter, though it still held 598,776 shares worth about $70.0 million.
• Wall Street sentiment on Citigroup remains broadly positive, with several firms raising price targets and the stock carrying a Moderate Buy consensus rating and average target of $137.62.
• Citigroup reported better-than-expected quarterly results, announced a $0.60 quarterly dividend, and authorized a $30 billion share repurchase program.

Resona Asset Management Co. Ltd. trimmed its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 5.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 598,776 shares of the company's stock after selling 32,878 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Citigroup were worth $70,012,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in C. Richards Merrill & Peterson Inc. acquired a new stake in shares of Citigroup during the 4th quarter worth approximately $28,000. Dunhill Financial LLC increased its position in Citigroup by 92.2% in the 3rd quarter. Dunhill Financial LLC now owns 319 shares of the company's stock valued at $32,000 after acquiring an additional 153 shares during the period. Luken Investment Analytics LLC acquired a new stake in Citigroup in the 4th quarter valued at approximately $32,000. High Note Wealth LLC increased its position in Citigroup by 107.7% in the 4th quarter. High Note Wealth LLC now owns 270 shares of the company's stock valued at $32,000 after acquiring an additional 140 shares during the period. Finally, Guerra Advisors Inc acquired a new stake in Citigroup in the 3rd quarter valued at approximately $33,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on C shares. Evercore set a $139.00 target price on Citigroup in a research report on Wednesday, April 15th. Truist Financial set a $147.00 target price on Citigroup in a research report on Friday, May 1st. JPMorgan Chase & Co. raised their target price on Citigroup from $131.00 to $135.50 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Wall Street Zen upgraded Citigroup from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Finally, Keefe, Bruyette & Woods raised their target price on Citigroup from $140.00 to $153.00 and gave the company an "outperform" rating in a research report on Friday, May 8th. 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. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $137.62.

Citigroup Stock Performance

Shares of NYSE C opened at $122.34 on Tuesday. The stock has a fifty day moving average price of $119.77 and a two-hundred day moving average price of $114.28. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $208.66 billion, a P/E ratio of 15.16, a PEG ratio of 0.55 and a beta of 1.14. Citigroup Inc. has a 1 year low of $71.65 and a 1 year high of $135.29.

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

Citigroup Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Monday, May 4th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, May 4th. This represents a $2.40 annualized dividend and a dividend yield of 2.0%. Citigroup's dividend payout ratio (DPR) is currently 29.74%.

Citigroup announced that its board has authorized a stock repurchase program on Thursday, May 7th that authorizes the company to buyback $30.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 13.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup and BlackRock’s HPS announced a €15 billion private capital program to expand direct lending in EMEA, giving Citi another way to grow fee income and deepen its lending franchise. Citigroup and HPS Investment Partners, a part of BlackRock, Announce €15 Billion Private Capital Program to Expand Direct Lending in EMEA
• Positive Sentiment: Citigroup neared final approval for a wholly owned securities firm in China, which would let it directly offer investment banking and brokerage services onshore instead of relying on joint ventures. Citigroup Nears Final Approval for Wholly-Owned China Securities Firm
• Positive Sentiment: Investor sentiment was also helped by a Goldman Sachs Buy rating and $149 price target, with analysts pointing to a cleaner path to improved profitability and higher returns. Citigroup (C) Among the Best Value Stocks to Buy for Long Term Investment
• Neutral Sentiment: Broader financial stocks were higher on Monday afternoon, with the NYSE Financial Index up 1%, providing a mild sector tailwind for Citi. Sector Update: Financial Stocks Higher Monday Afternoon

Insider Buying and Selling at Citigroup

In other news, Director John Cunningham Dugan sold 2,117 shares of the firm's 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 completion of the sale, the director directly owned 12,194 shares of the company's stock, valued at $1,527,908.20. This trade represents a 14.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Edward Skyler sold 25,000 shares of the firm's 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 sale, the insider directly owned 182,022 shares of the company's stock, valued at approximately $23,919,511.02. This represents a 12.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.11% of the company's stock.

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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