Citigroup Inc. $C Stake Trimmed by Sound Shore Management Inc. CT

Key Points

• Sound Shore Management trimmed its Citigroup stake by 1.9% in the first quarter, but the bank still remains a major holding for the fund at 2.9% of its portfolio.
• Citigroup continues to attract bullish analyst attention, with several firms raising price targets and the stock carrying a consensus Moderate Buy rating and a $145.67 target price.
• The bank reported strong Q2 results, beating estimates on both EPS and revenue, and its board also approved a $30 billion share buyback program.

Sound Shore Management Inc. CT lowered its position in Citigroup Inc. (NYSE:C - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 773,599 shares of the company's stock after selling 15,370 shares during the period. Citigroup makes up approximately 2.9% of Sound Shore Management Inc. CT's investment portfolio, making the stock its 8th biggest holding. Sound Shore Management Inc. CT's holdings in Citigroup were worth $87,734,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Citigroup during the 4th quarter worth approximately $2,800,944,000. Vanguard Group Inc. grew its position in Citigroup by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock valued at $19,048,467,000 after acquiring an additional 4,938,923 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new position in Citigroup in the 4th quarter valued at $298,082,000. SEB Asset Management AB purchased a new stake in Citigroup in the first quarter worth $252,972,000. Finally, SG Americas Securities LLC lifted its position in shares of Citigroup by 291.4% during the fourth quarter. SG Americas Securities LLC now owns 1,319,549 shares of the company's stock worth $153,978,000 after purchasing an additional 2,008,946 shares during the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on C. Argus set a $150.00 target price on shares of Citigroup in a research note on Wednesday. Piper Sandler reaffirmed an "overweight" rating and issued a $145.00 price target (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. Zacks Research upgraded shares of Citigroup from a "hold" rating to a "strong-buy" rating in a report on Thursday. Jefferies Financial Group initiated coverage on shares of Citigroup in a research note on Thursday, March 26th. They issued a "buy" rating and a $135.00 target price on the stock. Finally, The Goldman Sachs Group raised their target price on shares of Citigroup from $137.00 to $151.00 and gave the stock a "buy" rating in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $145.67.

Insider Transactions at Citigroup

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction that occurred on Friday, May 8th. The shares were 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 in the company, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.11% of the company's stock.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup was added to Zacks’ Rank #1 (Strong Buy) list, signaling improving earnings momentum and potentially attracting more near-term buying. New Strong Buy Stocks for July 17th
• Positive Sentiment: Erste Group Bank raised its FY2026 and FY2027 earnings estimates for Citigroup, reinforcing the view that profits may continue trending higher. Citigroup stock page / analyst estimate update
• Positive Sentiment: Market commentary highlighted Citigroup as one of the standouts in early Q2 bank earnings, alongside peers that beat expectations, which supports the broader bullish case for the shares. Q2 Earnings: 2 Winners and 1 Loser So Far
• Positive Sentiment: Citigroup’s Q2 results beat estimates, with revenue and EPS both coming in above Wall Street forecasts, keeping investor sentiment constructive after the earnings release. Citigroup earnings data
• Neutral Sentiment: Citigroup announced a full redemption of its Series T preferred stock, which is a capital-structure change but not a major operating catalyst by itself. Citigroup Announces Full Redemption of Series T Preferred Stock
• Neutral Sentiment: Several brokerage and market items reiterated or discussed Citigroup’s valuation and relative attractiveness versus peers, adding context but not introducing a major new surprise. Citigroup vs. Wells Fargo: Which Bank Stock Looks Attractive Post Q2 Results?

Citigroup Price Performance

Shares of NYSE C opened at $129.46 on Monday. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99. Citigroup Inc. has a fifty-two week low of $87.94 and a fifty-two week high of $147.96. The company has a market cap of $220.81 billion, a PE ratio of 13.98, a P/E/G ratio of 0.59 and a beta of 1.11. The business has a 50-day simple moving average of $134.34 and a two-hundred day simple moving average of $123.36.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.74 by $0.41. The business had revenue of $24.75 billion during the quarter, compared to analysts' expectations of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The business's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company posted $1.96 earnings per share. As a group, equities analysts expect that Citigroup Inc. will post 11.15 EPS for the current fiscal year.

Citigroup announced that its board has approved a stock 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 reacquire up to 13.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.

Citigroup 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source