Citigroup Inc. $C Stock Position Increased by Fisher Asset Management LLC

Key Points

• Fisher Asset Management increased its Citigroup stake by 2.0% in the third quarter, adding 716,551 shares to hold about 37.2 million shares, valued at $4.8 billion.
• Citigroup’s latest quarter beat analyst expectations, reporting earnings of $2.85 per share and revenue of $23.84 billion; revenue rose 7.9% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $150.87. Citi is also redesigning 100 processes as part of an AI-efficiency initiative.

Fisher Asset Management LLC raised its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 2.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,172,713 shares of the company's stock after acquiring an additional 716,551 shares during the period. Citigroup makes up approximately 1.4% of Fisher Asset Management LLC's holdings, making the stock its 20th biggest holding. Fisher Asset Management LLC owned approximately 2.18% of Citigroup worth $4,813,123,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Grove Bank & Trust boosted its stake in Citigroup by 1.8% during the third quarter. Grove Bank & Trust now owns 4,549 shares of the company's stock worth $589,000 after buying an additional 79 shares during the period. American Trust raised its holdings in shares of Citigroup by 3.6% in the second quarter. American Trust now owns 2,331 shares of the company's stock worth $326,000 after buying an additional 80 shares during the period. Invst LLC lifted its stake in shares of Citigroup by 0.8% during the 2nd quarter. Invst LLC now owns 9,601 shares of the company's stock worth $1,344,000 after acquiring an additional 80 shares during the last quarter. Tsfg LLC lifted its stake in shares of Citigroup by 4.9% during the 2nd quarter. Tsfg LLC now owns 1,701 shares of the company's stock worth $238,000 after acquiring an additional 80 shares during the last quarter. Finally, Somerset Trust Co lifted its stake in shares of Citigroup by 0.6% during the 2nd quarter. Somerset Trust Co now owns 14,955 shares of the company's stock worth $2,093,000 after acquiring an additional 82 shares during the last quarter. Institutional investors own 71.72% of the company's stock.

Citigroup News Summary

These are some of the C news items that stood out recently:

• Positive Sentiment: Citi is redesigning 100 processes as it adopts AI, a potentially meaningful efficiency initiative. The accompanying survey found only 13% of banking professionals say their institutions typically redesign workflows end to end when adopting AI, suggesting Citi’s effort could help distinguish its transformation if it delivers results. Exclusive research: Citi is redesigning 100 processes. What’s stopping others?
• Neutral Sentiment: Citi will redeem $1 billion of its 4.15% Series Y preferred stock, ending dividend accrual on November 15. The move simplifies its capital structure, but the report does not establish a material effect on common-share earnings or capital. Citigroup (C) Redeems Preferred Stock
• Neutral Sentiment: A post-earnings update says shares were up 1.6% since Citi’s latest report and points investors to earnings estimates for clues about future performance; it offers no fresh results or guidance. Citigroup (C) Up 1.6% Since Last Earnings Report: Can It Continue?

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on C. Wall Street Zen upgraded Citigroup from a "hold" rating to a "buy" rating in a report on Saturday, November 7th. Evercore set a $135.00 target price on Citigroup in a research report on Wednesday, October 14th. HSBC began coverage on shares of Citigroup in a research note on Monday, September 28th. They issued a "buy" rating and a $164.00 price target on the stock. Weiss Ratings downgraded shares of Citigroup from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, October 2nd. Finally, TD Cowen reduced their target price on shares of Citigroup from $150.00 to $148.00 and set a "buy" rating on the stock in a research report on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $150.87.

Citigroup Stock Performance

Shares of Citigroup stock opened at $124.09 on Friday. The firm has a market cap of $211.65 billion, a P/E ratio of 12.11, a P/E/G ratio of 0.55 and a beta of 1.18. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.78. Citigroup Inc. has a 12 month low of $95.83 and a 12 month high of $147.96. The stock's fifty day moving average price is $128.15 and its 200-day moving average price is $126.77.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings data on Tuesday, October 13th. The company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $2.66 by $0.19. Citigroup had a return on equity of 10.57% and a net margin of 10.97%. The firm had revenue of $23.84 billion during the quarter, compared to the consensus estimate of $23.74 billion. During the same period in the previous year, the company posted $1.86 earnings per share. The firm's quarterly revenue was up 7.9% on a year-over-year basis. On average, equities research analysts expect that Citigroup Inc. will post 11.44 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Monday, November 2nd will be given a dividend of $0.67 per share. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $2.68 dividend on an annualized basis and a yield of 2.2%. Citigroup's dividend payout ratio (DPR) is 26.15%.

Citigroup Company Profile

Citigroup Inc. is a global financial services company headquartered in New York City. Founded in 1812 as the City Bank of New York, it has grown into an international banking organization serving individuals, businesses, governments and institutions. The company provides consumer banking and wealth management services, including deposits, lending, credit cards and investment services. For corporate and institutional clients, Citi offers transaction banking, treasury and trade solutions, securities services, investment banking, and markets and financing services.

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