Westpac Banking Corp Buys 10,879 Shares of Citigroup Inc. (NYSE:C)

Key Points

• Westpac Banking Corp increased its holdings in Citigroup Inc. by 5.5%, owning a total of 207,642 shares valued at approximately $14.74 million, making it Citigroup's 12th largest holding.
• Citigroup recently reported quarterly earnings of $1.96 per share, surpassing analyst expectations of $1.61, with revenue growth of 8.2% year-over-year.
• The company announced an increase in its quarterly dividend from $0.56 to $0.60, representing a yield of 2.6%, to be paid on August 22nd.

Westpac Banking Corp grew its position in Citigroup Inc. (NYSE:C - Free Report) by 5.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 207,642 shares of the company's stock after buying an additional 10,879 shares during the period. Citigroup accounts for approximately 1.1% of Westpac Banking Corp's investment portfolio, making the stock its 12th largest holding. Westpac Banking Corp's holdings in Citigroup were worth $14,741,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Advisory Group LLC boosted its position 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 worth $4,940,000 after purchasing an additional 11,978 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Citigroup by 109.0% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,246,061 shares of the company's stock worth $88,458,000 after acquiring an additional 649,807 shares in the last quarter. Brighton Jones LLC lifted its holdings in 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 acquiring an additional 12,499 shares in the last quarter. Onyx Bridge Wealth Group LLC bought a new position in Citigroup during the first quarter worth about $214,000. Finally, Pinnacle Financial Partners Inc lifted its holdings in Citigroup by 495.1% during the first quarter. Pinnacle Financial Partners Inc now owns 18,554 shares of the company's stock worth $1,317,000 after acquiring an additional 15,436 shares in the last quarter. 71.72% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Citigroup Price Performance

NYSE:C traded down $1.80 during trading hours on Friday, reaching $93.66. 11,286,845 shares of the company were exchanged, compared to its average volume of 15,843,360. The company has a market capitalization of $172.42 billion, a P/E ratio of 13.83, a P/E/G ratio of 0.81 and a beta of 1.38. Citigroup Inc. has a 1-year low of $55.51 and a 1-year high of $96.90. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.99. The business has a 50 day moving average of $87.52 and a 200 day moving average of $77.76.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.35. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. The company had revenue of $21.67 billion for the quarter, compared to the consensus estimate of $20.75 billion. During the same quarter last year, the business posted $1.52 EPS. Citigroup's revenue for the quarter was up 8.2% on a year-over-year basis. Research analysts forecast that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 4th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Monday, August 4th. This is a boost from Citigroup's previous quarterly dividend of $0.56. Citigroup's dividend payout ratio (DPR) is presently 35.45%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. The Goldman Sachs Group lifted their target price on Citigroup from $85.00 to $96.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Piper Sandler lifted their target price on Citigroup from $84.00 to $104.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Dbs Bank upgraded Citigroup from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Barclays boosted their price target on Citigroup from $95.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Finally, TD Cowen boosted their price target on Citigroup from $85.00 to $95.00 and gave the company a "hold" rating in a report on Wednesday, July 16th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Citigroup currently has an average rating of "Moderate Buy" and a consensus target price of $96.54.

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.