Comerica Bank Cuts Stock Holdings in Citigroup Inc. $C

Key Points

• Comerica Bank reduced its stake in Citigroup by 1.8% during the first quarter, selling 9,592 shares and holding a total of 516,349 shares worth approximately $36.66 million.
• Citigroup recently increased its quarterly dividend from $0.56 to $0.60, representing an annualized yield of 2.5% and a payout ratio of 35.45%.
• Analysts have a consensus rating of "Moderate Buy" for Citigroup, with target prices ranging from $96.00 to $124.00 based on recent reports from firms like Goldman Sachs and Oppenheimer.

Comerica Bank lowered its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 1.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 516,349 shares of the company's stock after selling 9,592 shares during the quarter. Comerica Bank's holdings in Citigroup were worth $36,656,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Private Advisory Group LLC increased its position in shares of Citigroup by 20.8% during the first quarter. Private Advisory Group LLC now owns 69,581 shares of the company's stock worth $4,940,000 after acquiring an additional 11,978 shares during the period. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in Citigroup by 109.0% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,246,061 shares of the company's stock valued at $88,458,000 after buying an additional 649,807 shares during the last quarter. Brighton Jones LLC increased its holdings in Citigroup by 166.9% in the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock valued at $1,407,000 after buying an additional 12,499 shares during the last quarter. Onyx Bridge Wealth Group LLC purchased a new position in Citigroup in the first quarter valued at $214,000. Finally, Pinnacle Financial Partners Inc increased its holdings in Citigroup by 495.1% in the first quarter. Pinnacle Financial Partners Inc now owns 18,554 shares of the company's stock valued at $1,317,000 after buying an additional 15,436 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company's stock.

Citigroup Price Performance

Shares of C opened at $95.2040 on Monday. Citigroup Inc. has a fifty-two week low of $55.51 and a fifty-two week high of $96.90. The company has a market capitalization of $175.26 billion, a price-to-earnings ratio of 14.06, a price-to-earnings-growth ratio of 0.82 and a beta of 1.38. The firm has a 50-day simple moving average of $89.42 and a 200-day simple moving average of $78.28. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.99 and a current ratio of 0.99.

Citigroup (NYSE:C - Get Free Report) last announced its earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.35. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The business had revenue of $21.67 billion during the quarter, compared to the consensus estimate of $20.75 billion. During the same quarter in the prior year, the firm earned $1.52 earnings per share. The business's quarterly revenue was up 8.2% compared to the same quarter last year. Citigroup has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Monday, August 4th were given a $0.60 dividend. The ex-dividend date was Monday, August 4th. This is an increase from Citigroup's previous quarterly dividend of $0.56. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. Citigroup's payout ratio is 35.45%.

Analysts Set New Price Targets

C has been the topic of several recent analyst reports. Cowen initiated coverage on Citigroup in a report on Wednesday, May 14th. They issued a "hold" rating on the stock. Keefe, Bruyette & Woods reissued a "buy" rating on shares of Citigroup in a report on Wednesday, July 16th. The Goldman Sachs Group increased their target price on Citigroup from $85.00 to $96.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Truist Financial upped their price objective on shares of Citigroup from $93.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Finally, Oppenheimer upped their price objective on shares of Citigroup from $123.00 to $124.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $96.54.

Insider Buying and Selling

In related news, Director Peter B. Henry sold 3,000 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $90.40, for a total value of $271,200.00. Following the completion of the sale, the director owned 2,140 shares in the company, valued at $193,456. This trade represents a 58.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is currently owned by insiders.

Citigroup Company Profile

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.

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