Citigroup Inc. $C Shares Sold by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada reduced its Citigroup stake by 6% in the third quarter, selling 73,515 shares and retaining 1.15 million shares worth approximately $146.1 million. Institutional investors collectively own 71.72% of Citi.
• Citigroup reported quarterly earnings of $2.85 per share, beating estimates of $2.66, while revenue increased 7.9% year over year to about $23.84 billion. The company also raised its quarterly dividend to $0.67 per share, equivalent to a 2.2% yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $150.79, although shares recently traded at $124.36, below their 50-day and 200-day moving averages.

TD Waterhouse Canada Inc. lowered its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 6.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,149,740 shares of the company's stock after selling 73,515 shares during the period. TD Waterhouse Canada Inc. owned 0.07% of Citigroup worth $146,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Whipplewood Advisors LLC bought a new position in shares of Citigroup during the first quarter worth $25,000. Paladin Partners LLC bought a new stake in Citigroup in the 2nd quarter valued at $27,000. TD Capital Management LLC bought a new stake in Citigroup in the 4th quarter valued at $28,000. IMG Wealth Management Inc. lifted its stake in Citigroup by 197.6% in the 1st quarter. IMG Wealth Management Inc. now owns 244 shares of the company's stock worth $28,000 after purchasing an additional 162 shares in the last quarter. Finally, Scarborough Advisors LLC purchased a new stake in Citigroup in the 1st quarter worth $29,000. Hedge funds and other institutional investors own 71.72% of the company's stock.

Analysts Set New Price Targets

C has been the subject of several research reports. Keefe, Bruyette & Woods reissued an "outperform" rating on shares of Citigroup in a report on Wednesday. Argus set a $150.00 target price on Citigroup in a report on Wednesday, July 15th. Bank of America lifted their target price on Citigroup from $170.00 to $176.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Morgan Stanley boosted their target price on Citigroup from $154.00 to $164.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. Finally, HSBC started coverage on Citigroup in a research note on Monday, September 28th. They set a "buy" rating and a $164.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Citigroup has a consensus rating of "Moderate Buy" and an average target price of $150.79.

Citigroup Price Performance

C traded up $1.15 during trading hours on Friday, hitting $124.36. The company's stock had a trading volume of 10,382,170 shares, compared to its average volume of 10,436,417. The stock has a market cap of $212.11 billion, a price-to-earnings ratio of 12.13, a P/E/G ratio of 0.54 and a beta of 1.13. The business's 50-day moving average price is $132.74 and its 200-day moving average price is $131.77. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 1.78. Citigroup Inc. has a 12 month low of $95.00 and a 12 month high of $147.96.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings data on Tuesday, October 13th. The company reported $2.85 EPS for the quarter, beating the consensus estimate of $2.66 by $0.19. Citigroup had a net margin of 10.97% and a return on equity of 10.57%. The business had revenue of $23.84 billion during the quarter, compared to analyst estimates of $23.74 billion. During the same quarter last year, the business earned $1.86 earnings per share. Citigroup's quarterly revenue was up 7.9% compared to the same quarter last year. Sell-side analysts expect that Citigroup Inc. will post 11.34 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Monday, August 3rd were given a dividend of $0.67 per share. The ex-dividend date was Monday, August 3rd. This represents a $2.68 annualized dividend and a dividend yield of 2.2%. This is a positive change from Citigroup's previous quarterly dividend of $0.60. Citigroup's dividend payout ratio is currently 26.15%.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: U.S. officials raised Citigroup’s market-access issues in China during bilateral talks in Bangkok. The discussions followed an agreement tied to regulatory approval, potentially improving Citi’s growth prospects in the Chinese market. U.S. raises Mastercard, Citigroup China market access in bilateral Bangkok talks
• Positive Sentiment: Recent third-quarter results continued to support Citi’s turnaround narrative. The bank reported earnings of $2.85 per share, above the $2.66 consensus estimate, while revenue rose 7.9% year over year to $23.85 billion. Net income reportedly increased 17%, and quarterly revenue reached its highest level in a decade. Citigroup CEO Jane Fraser Says the Bank Is on Front Foot
• Positive Sentiment: Citigroup is reportedly preparing an initial public offering for Banamex, its former Mexican consumer-banking business. A successful separation and IPO could simplify Citi’s operations, unlock value, and allow management to focus on its core businesses. Banamex leadership pitches turnaround ahead of targeted Citi IPO
• Neutral Sentiment: Citi expects the Federal Reserve to raise interest rates by 25 basis points in December after hotter-than-expected inflation. Higher rates may support lending margins, but they could also pressure economic activity, credit quality, and dealmaking. Citi expects Fed to raise rates by 25 basis points
• Negative Sentiment: Royal Bank of Canada cut its price target for Citigroup, adding pressure after the stock’s post-earnings performance. Broader bank shares have also struggled despite earnings beats because investors remain concerned about interest-rate volatility and potentially slowing trading and investment-banking revenue. Citigroup Stock Price Target Cut by Royal Bank of Canada
• Negative Sentiment: Citi allowed employees in Saudi Arabia to work remotely as regional conflict intensified. The move demonstrates business-continuity planning but highlights geopolitical risks that could disrupt local operations and client activity. Why Is Citigroup Letting Saudi Staff Work Remotely?

Citigroup Profile

Citigroup Inc is a global financial services company headquartered in New York City and listed on the New York Stock Exchange under the symbol C. Through its subsidiaries and businesses, Citi provides banking, lending, investment, payments, wealth management and other financial services to consumers, businesses, governments and institutional clients.

Citi's principal businesses include Services, which supports institutional clients with treasury, trade, securities services and related solutions; Markets, which provides sales, trading, research and financing services; Banking, which offers investment banking and corporate banking; and Wealth, which provides private banking and wealth management.

Want to see what other hedge funds are holding C? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Citigroup Inc. (NYSE:C - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.