Citigroup Inc. $C Shares Sold by Shikiar Asset Management Inc.

Key Points

• Shikiar Asset Management reduced its Citigroup stake by 8.3% in the first quarter, selling 7,620 shares and leaving it with 83,865 shares valued at about $9.5 million.
• Citigroup reported strong first-quarter earnings, posting $3.06 EPS versus expectations of $2.63 and revenue of $24.63 billion, both above analyst estimates. Revenue also rose 14.1% from a year earlier.
• The bank is returning more capital to shareholders with a $0.60 quarterly dividend and a new $30 billion share buyback authorization, while Wall Street currently rates the stock a “Moderate Buy” on average.

Shikiar Asset Management Inc. trimmed its holdings in Citigroup Inc. (NYSE:C - Free Report) by 8.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,865 shares of the company's stock after selling 7,620 shares during the quarter. Citigroup comprises 2.7% of Shikiar Asset Management Inc.'s portfolio, making the stock its 5th largest holding. Shikiar Asset Management Inc.'s holdings in Citigroup were worth $9,511,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in C. Cora Capital Advisors LLC boosted its position in Citigroup by 3.1% during the 1st quarter. Cora Capital Advisors LLC now owns 2,609 shares of the company's stock worth $296,000 after acquiring an additional 78 shares during the period. Verus Capital Partners LLC increased its holdings in shares of Citigroup by 3.1% during the fourth quarter. Verus Capital Partners LLC now owns 2,748 shares of the company's stock valued at $321,000 after purchasing an additional 82 shares during the period. Elmwood Wealth Management Inc. increased its holdings in shares of Citigroup by 1.3% during the fourth quarter. Elmwood Wealth Management Inc. now owns 6,845 shares of the company's stock valued at $799,000 after purchasing an additional 85 shares during the period. Park Place Capital Corp raised its stake in shares of Citigroup by 16.7% during the fourth quarter. Park Place Capital Corp now owns 595 shares of the company's stock valued at $69,000 after purchasing an additional 85 shares in the last quarter. Finally, D.B. Root & Company LLC raised its stake in shares of Citigroup by 2.8% during the fourth quarter. D.B. Root & Company LLC now owns 3,191 shares of the company's stock valued at $372,000 after purchasing an additional 87 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Citigroup Trading Down 1.8%

Shares of C stock opened at $139.97 on Wednesday. The stock has a 50-day simple moving average of $131.97 and a 200 day simple moving average of $121.35. Citigroup Inc. has a fifty-two week low of $84.77 and a fifty-two week high of $147.96. The stock has a market capitalization of $238.73 billion, a P/E ratio of 17.34, a P/E/G ratio of 0.61 and a beta of 1.12. 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 (NYSE:C - Get Free Report) last released its earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. During the same period in the previous year, the company earned $1.96 earnings per share. Citigroup's revenue was up 14.1% compared to the same quarter last year. On average, sell-side analysts expect that Citigroup Inc. will post 10.83 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $2.40 annualized dividend and a dividend yield of 1.7%. Citigroup's payout ratio is currently 29.74%.

Citigroup declared that its Board of Directors has initiated a share buyback program 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 programs are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

C has been the subject of a number of recent analyst reports. Royal Bank Of Canada reiterated an "outperform" rating and issued a $139.00 target price on shares of Citigroup in a research report on Wednesday, April 15th. JPMorgan Chase & Co. boosted their price target on shares of Citigroup from $131.00 to $135.50 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Oppenheimer lowered shares of Citigroup from an "outperform" rating to a "market perform" rating in a research note on Tuesday. Weiss Ratings reiterated a "buy (b)" rating on shares of Citigroup in a report on Monday, April 20th. Finally, Wall Street Zen upgraded shares of Citigroup from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $139.62.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup has been highlighted for its growing use of AI to improve efficiency, lower costs, and enhance customer experience, which could support longer-term margin expansion. Citigroup Bets Big on AI to Drive Efficiency & Long-Term Growth
• Positive Sentiment: The bank also recently completed the Federal Reserve stress test and announced a $30 billion share repurchase program along with a higher dividend, signaling confidence in capital strength and shareholder returns. Should Citi’s (C) US$30 Billion Buyback and Dividend Hike Require Action From Investors?
• Neutral Sentiment: Citi’s own market commentary noted bearish flows are building in the Nasdaq and S&P 500, suggesting a more risk-off backdrop that could pressure financial stocks broadly rather than just Citigroup specifically. Citi says bearish flows are building in Nasdaq and S&P 500
• Negative Sentiment: A separate note warned that major bank stocks are already trading near highs and may be due for a pullback, which can weigh on sentiment around Citigroup even if its fundamentals remain solid. Bank Stocks Are Doing Great, but It’s Time to ‘Take the Money and Run’

Insider Activity at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of the business'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 sale, the director directly owned 12,194 shares in the company, valued at $1,527,908.20. The trade was a 14.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction 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 disclosure for this sale is available in the SEC filing. Insiders own 0.11% of the company's stock.

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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