Citigroup Inc. $C Shares Sold by World Investment Advisors

Key Points

• World Investment Advisors cut its Citigroup stake by 8.7% in the first quarter, selling 10,882 shares and leaving it with 114,649 shares valued at about $13.0 million.
• Citigroup reported better-than-expected Q1 earnings, posting $3.06 EPS versus $2.63 expected and revenue of $24.63 billion versus $22.96 billion projected, with revenue up 14.1% year over year.
• The bank’s board approved a $30 billion share repurchase program, authorizing buybacks of up to 13.7% of outstanding shares, while analysts currently rate the stock a consensus Moderate Buy with a $139.62 price target.

World Investment Advisors lowered its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 8.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 114,649 shares of the company's stock after selling 10,882 shares during the quarter. World Investment Advisors' holdings in Citigroup were worth $13,002,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Norges Bank purchased a new stake in shares of Citigroup in the fourth quarter valued at $2,800,944,000. Vanguard Group Inc. lifted its position in Citigroup by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock worth $19,048,467,000 after buying an additional 4,938,923 shares during the period. Capital World Investors boosted its stake in Citigroup by 6.5% in the 3rd quarter. Capital World Investors now owns 47,262,626 shares of the company's stock worth $4,797,292,000 after buying an additional 2,871,074 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in Citigroup in the 4th quarter worth about $298,082,000. Finally, SG Americas Securities LLC grew its holdings in Citigroup by 291.4% in the 4th quarter. SG Americas Securities LLC now owns 1,319,549 shares of the company's stock valued at $153,978,000 after buying an additional 2,008,946 shares during the period. Institutional investors and hedge funds own 71.72% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on C shares. Evercore set a $139.00 target price on shares of Citigroup in a report on Wednesday, April 15th. Jefferies Financial Group initiated coverage on Citigroup in a report on Thursday, March 26th. They set a "buy" rating and a $135.00 price objective for the company. Wall Street Zen upgraded Citigroup from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Royal Bank Of Canada reiterated an "outperform" rating and set a $139.00 target price on shares of Citigroup in a report on Wednesday, April 15th. Finally, Oppenheimer downgraded shares of Citigroup from an "outperform" rating to a "market perform" rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $139.62.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup remains in focus heading into the next bank earnings cycle, with analysts noting that expectations for the financial sector have been steadily improving and that large banks like Citi will help kick off reporting later this month. This keeps attention on whether Citi can extend its recent earnings momentum. Article Title
• Positive Sentiment: Citigroup recently announced a leadership addition in wealth management, appointing Michael Yannell to lead hedge funds within its alternatives platform. The move suggests Citi is expanding higher-fee wealth offerings to meet client demand, which may support revenue growth. Article Title
• Neutral Sentiment: Citi also made news for trimming its bitcoin and ether price targets, reflecting a more cautious stance on crypto demand and delayed US regulation. This is more of a sentiment call on digital assets than a direct catalyst for Citigroup shares. Article Title
• Negative Sentiment: Citi warned that oil could slump to $60 a barrel as Middle East supply fears fade, which reinforces a more bearish macro view from the bank’s research team. While not directly tied to Citi’s core earnings, the call can weigh on market sentiment around its commodity and trading outlook. Article Title

Citigroup Trading Down 0.0%

Shares of C opened at $139.93 on Friday. The stock's 50-day moving average is $132.49 and its two-hundred day moving average is $121.88. The stock has a market cap of $238.67 billion, a PE ratio of 17.34, a P/E/G ratio of 0.60 and a beta of 1.11. Citigroup Inc. has a 12 month low of $85.48 and a 12 month high of $147.96. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 0.99.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings data 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 company 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 quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.96 earnings per share. Equities analysts forecast that Citigroup Inc. will post 10.83 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other Citigroup news, insider Edward Skyler sold 25,000 shares of the company's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the completion of the transaction, the insider directly owned 182,022 shares of the company's stock, valued at $23,919,511.02. This represents a 12.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John Cunningham Dugan sold 2,117 shares of the firm's stock in a transaction dated 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 owned 12,194 shares of the company's stock, valued at $1,527,908.20. This represents a 14.79% 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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