Citigroup Inc. $C Stock Holdings Decreased by Delta Global Management LP

Key Points

• Delta Global Management LP cut its Citigroup stake by 13% in the first quarter, selling 76,554 shares and leaving it with 511,933 shares valued at about $58.1 million. Citigroup remains its second-largest holding.
• Analyst sentiment is broadly positive, with several firms raising targets or ratings; Citigroup’s consensus rating is Moderate Buy with an average target price of $145.67.
• Citigroup reported strong quarterly results, beating EPS and revenue estimates, and it also increased its quarterly dividend to $0.67 from $0.60 while maintaining a $30 billion share buyback authorization.

Delta Global Management LP reduced its stake in Citigroup Inc. (NYSE:C - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 511,933 shares of the company's stock after selling 76,554 shares during the period. Citigroup makes up about 4.8% of Delta Global Management LP's holdings, making the stock its 2nd largest holding. Delta Global Management LP's holdings in Citigroup were worth $58,058,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brighton Jones LLC increased its stake in shares of Citigroup by 166.9% during the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock worth $1,407,000 after buying an additional 12,499 shares during the period. Sivia Capital Partners LLC lifted its stake in Citigroup by 20.5% in the second quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company's stock worth $835,000 after acquiring an additional 1,669 shares during the last quarter. United Bank purchased a new position in Citigroup in the second quarter worth approximately $972,000. Osterweis Capital Management Inc. grew its holdings in Citigroup by 3,016.7% during the 2nd quarter. Osterweis Capital Management Inc. now owns 935 shares of the company's stock worth $80,000 after acquiring an additional 905 shares in the last quarter. Finally, HUB Investment Partners LLC increased its position in shares of Citigroup by 26.9% in the 2nd quarter. HUB Investment Partners LLC now owns 15,287 shares of the company's stock valued at $1,301,000 after purchasing an additional 3,238 shares during the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Citigroup in a report on Friday, July 17th. Bank of America boosted their target price on shares of Citigroup from $170.00 to $176.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Argus set a $150.00 target price on Citigroup in a report on Wednesday, July 15th. Barclays raised their price target on Citigroup from $146.00 to $154.00 and gave the company an "overweight" rating in a research note on Wednesday, April 15th. Finally, Zacks Research raised Citigroup from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $145.67.

Citigroup Stock Up 0.1%

C stock opened at $131.95 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. Citigroup Inc. has a twelve month low of $87.94 and a twelve month high of $147.96. The company's 50 day moving average is $135.01 and its two-hundred day moving average is $123.82. The stock has a market cap of $225.06 billion, a P/E ratio of 14.25, a PEG ratio of 0.60 and a beta of 1.11.

Citigroup (NYSE:C - Get Free Report) last issued its earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The business had revenue of $24.75 billion during the quarter, compared to analysts' expectations of $23.74 billion. During the same quarter in the prior year, the business posted $1.96 EPS. The company's revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts expect that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be given a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 2.0%. This is a boost from Citigroup's previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, August 3rd. Citigroup's dividend payout ratio is presently 25.92%.

Citigroup announced that its board has authorized a stock buyback plan on Thursday, May 7th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the company to repurchase up to 13.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the company's stock in a transaction 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 completion of the transaction, the director owned 12,194 shares in the company, valued at $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.11% of the stock is currently owned by company insiders.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi analysts said the recent pullback in semiconductor stocks looks like a buying opportunity, which may support broader risk appetite and help sentiment around markets that Citigroup covers through its trading and research franchises. Pullback in chip stocks is a buying opportunity, Citi says
• Positive Sentiment: Citigroup was highlighted in a new CMBS deal update, after pricing an $817 million multifamily conduit transaction, reinforcing Citi’s role as an active lender and securitization player in U.S. commercial real estate. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
• Neutral Sentiment: Citigroup reportedly closed a bullish South African rand trade after the currency looked “fragile” following South Africa’s surprise rate hold. This is more of a trading update than a major earnings driver, but it shows Citi is actively adjusting macro positions. Citi Drops Rand Bet After South Africa’s Surprise Rate Hold
• Neutral Sentiment: Separately, a headline noting Citi’s bearish view on the “Magnificent Seven” may reflect the bank’s broader market outlook, but it does not directly change Citigroup’s fundamentals. Wall Street Bank Just Declared the Magnificent 7 as “Dead” — What Happens Next?

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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