Scotia Capital Inc. Sells 7,915 Shares of Citigroup Inc. (NYSE:C)

Key Points

• Scotia Capital Inc. has reduced its holdings in Citigroup by 3.1%, now owning 245,635 shares valued at approximately $17.4 million.
• Citigroup's stock recently declined by 2.0%, with a current price of $91.84 and a market cap of $171.53 billion.
• The company announced an increase in its dividend to $0.60 per share, representing a 2.6% yield and an annualized dividend of $2.40.

Scotia Capital Inc. lessened its position in Citigroup Inc. (NYSE:C - Free Report) by 3.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 245,635 shares of the company's stock after selling 7,915 shares during the quarter. Scotia Capital Inc.'s holdings in Citigroup were worth $17,438,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Cheviot Value Management LLC acquired a new stake in Citigroup in the first quarter valued at $195,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in shares of Citigroup during the first quarter worth about $291,000. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of Citigroup by 10.1% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 656,745 shares of the company's stock worth $46,619,000 after purchasing an additional 60,491 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Citigroup by 4.4% during the first quarter. PNC Financial Services Group Inc. now owns 396,327 shares of the company's stock worth $28,135,000 after purchasing an additional 16,704 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Citigroup by 46.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,906,709 shares of the company's stock worth $135,357,000 after purchasing an additional 603,023 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company's stock.

Insider Buying and Selling at Citigroup

In other news, Director Peter B. Henry sold 3,000 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $90.40, for a total value of $271,200.00. Following the sale, the director owned 2,140 shares of the company's stock, valued at $193,456. The trade was a 58.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by company insiders.

Citigroup Price Performance

Shares of Citigroup stock traded down $0.57 during trading on Tuesday, hitting $91.52. 19,835,504 shares of the company's stock traded hands, compared to its average volume of 16,683,198. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The firm's fifty day moving average price is $84.73 and its 200 day moving average price is $77.05. Citigroup Inc. has a twelve month low of $55.51 and a twelve month high of $96.90. The company has a market cap of $170.93 billion, a PE ratio of 13.52, a PEG ratio of 0.79 and a beta of 1.38.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The company reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.61 by $0.35. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The firm had revenue of $21.67 billion for the quarter, compared to analyst estimates of $20.75 billion. During the same period in the previous year, the business earned $1.52 earnings per share. The company's revenue for the quarter was up 8.2% compared to the same quarter last year. Analysts forecast that Citigroup Inc. will post 7.53 earnings per share for the current 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 paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. This is a positive change from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, August 4th. Citigroup's payout ratio is presently 35.45%.

Analyst Ratings Changes

C has been the topic of a number of research reports. Wells Fargo & Company raised their price target on Citigroup from $110.00 to $115.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Truist Financial raised their price target on Citigroup from $93.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Morgan Stanley raised their price target on Citigroup from $103.00 to $107.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Piper Sandler raised their price target on Citigroup from $84.00 to $104.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Finally, Barclays raised their price target on Citigroup from $95.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.