Convergence Investment Partners LLC Decreases Stock Position in Citigroup Inc. (NYSE:C)

Convergence Investment Partners LLC cut its position in Citigroup Inc. (NYSE:C - Free Report) by 27.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,523 shares of the company's stock after selling 6,396 shares during the quarter. Convergence Investment Partners LLC's holdings in Citigroup were worth $1,173,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in C. Orion Capital Management LLC acquired a new position in Citigroup in the 4th quarter valued at $28,000. MorganRosel Wealth Management LLC acquired a new position in Citigroup in the 1st quarter valued at $28,000. American National Bank & Trust acquired a new position in Citigroup in the 1st quarter valued at $29,000. Mascagni Wealth Management Inc. acquired a new position in Citigroup in the 4th quarter valued at $34,000. Finally, Whipplewood Advisors LLC lifted its position in shares of Citigroup by 79.2% during the 1st quarter. Whipplewood Advisors LLC now owns 570 shares of the company's stock worth $40,000 after buying an additional 252 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors.

Citigroup Stock Up 0.7%

NYSE:C traded up $0.65 on Friday, hitting $96.04. The stock had a trading volume of 13,537,763 shares, compared to its average volume of 16,283,003. The business's fifty day moving average is $82.36 and its 200 day moving average is $76.25. The company has a market cap of $179.37 billion, a PE ratio of 14.19, a P/E/G ratio of 0.82 and a beta of 1.34. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. Citigroup Inc. has a 52 week low of $53.51 and a 52 week high of $96.90.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.35. The business 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 company's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.52 earnings per share. On average, equities research analysts expect that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Monday, August 4th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.50%. This is an increase from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, August 4th. Citigroup's dividend payout ratio (DPR) is presently 35.45%.

Insider Buying and Selling

In related news, Director Peter B. Henry sold 3,000 shares of the stock in a transaction that occurred 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 sale, the director directly owned 2,140 shares of the company's stock, valued at approximately $193,456. This trade represents a 58.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Cunningham Dugan sold 4,417 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $68.26, for a total value of $301,504.42. Following the sale, the director directly owned 13,048 shares of the company's stock, valued at $890,656.48. The trade was a 25.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on C shares. Wells Fargo & Company upped their price objective on Citigroup from $110.00 to $115.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Piper Sandler restated an "overweight" rating and set a $104.00 price objective (up from $84.00) on shares of Citigroup in a research report on Wednesday, July 16th. JPMorgan Chase & Co. lowered their target price on Citigroup from $85.50 to $75.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Evercore ISI set a $77.00 target price on Citigroup in a report on Monday, July 7th. Finally, Truist Financial upped their target price on Citigroup from $93.00 to $99.00 and gave the stock a "buy" 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, Citigroup presently has an average rating of "Moderate Buy" and a consensus target price of $96.46.

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.