OVERSEA CHINESE BANKING Corp Ltd Buys 60,491 Shares of Citigroup Inc. (NYSE:C)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Citigroup by 10.1%, now holding 656,745 shares worth approximately $46.6 million, making it the firm’s 14th largest investment.
• Citigroup reported earnings of $1.96 per share for the last quarter, exceeding estimates and showing an 8.2% year-over-year increase in revenue to $21.67 billion.
• The company declared a quarterly dividend of $0.60, up from the previous $0.56, with a dividend yield of 2.6% and a payout ratio of 33.09%.

OVERSEA CHINESE BANKING Corp Ltd grew its stake in Citigroup Inc. (NYSE:C - Free Report) by 10.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 656,745 shares of the company's stock after acquiring an additional 60,491 shares during the quarter. Citigroup accounts for 1.3% of OVERSEA CHINESE BANKING Corp Ltd's holdings, making the stock its 14th biggest position. OVERSEA CHINESE BANKING Corp Ltd's holdings in Citigroup were worth $46,619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of C. Private Advisory Group LLC boosted its holdings in shares of Citigroup by 20.8% in the 1st quarter. Private Advisory Group LLC now owns 69,581 shares of the company's stock valued at $4,940,000 after buying an additional 11,978 shares during the last quarter. Invesco Ltd. increased its position in Citigroup by 13.8% during the 4th quarter. Invesco Ltd. now owns 16,247,095 shares of the company's stock worth $1,143,633,000 after buying an additional 1,970,300 shares during the period. Brighton Jones LLC increased its position in Citigroup by 166.9% during the 4th 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. Onyx Bridge Wealth Group LLC bought a new position in Citigroup during the 1st quarter worth $214,000. Finally, Pinnacle Financial Partners Inc increased its position in Citigroup by 495.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 18,554 shares of the company's stock worth $1,317,000 after buying an additional 15,436 shares during the period. 71.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on C shares. Piper Sandler raised their price target on Citigroup from $84.00 to $104.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. UBS Group reaffirmed a "neutral" rating and issued a $89.00 price objective on shares of Citigroup in a research note on Tuesday, July 15th. Wall Street Zen raised Citigroup from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company raised their price objective on Citigroup from $110.00 to $115.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, Royal Bank Of Canada reduced their price objective on Citigroup from $85.00 to $78.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $96.54.

Insider Transactions at Citigroup

In other Citigroup news, Director Peter B. Henry sold 3,000 shares of Citigroup stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total transaction of $271,200.00. Following the completion of the transaction, the director owned 2,140 shares in the company, valued at approximately $193,456. The trade was a 58.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.08% of the company's stock.

Citigroup Trading Down 0.6%

C traded down $0.57 on Tuesday, hitting $91.52. 19,835,504 shares of the company were exchanged, compared to its average volume of 15,933,982. The firm has a fifty day simple moving average of $84.73 and a two-hundred day simple moving average of $77.05. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. Citigroup Inc. has a 12 month low of $55.51 and a 12 month high of $96.90. The stock has a market capitalization of $170.93 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 0.79 and a beta of 1.38.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The company reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.61 by $0.35. The firm had revenue of $21.67 billion for the quarter, compared to analyst estimates of $20.75 billion. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. The business's quarterly revenue was up 8.2% compared to the same quarter last year. During the same period last year, the company earned $1.52 EPS. Sell-side analysts expect that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 4th will be paid a dividend of $0.60 per share. The ex-dividend date is Monday, August 4th. This is a positive change from Citigroup's previous quarterly dividend of $0.56. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. Citigroup's dividend payout ratio (DPR) is presently 33.09%.

About Citigroup

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.