Commerce Bank Purchases 55,731 Shares of Citigroup Inc. $C

Commerce Bank grew its position in Citigroup Inc. (NYSE:C - Free Report) by 25.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 272,289 shares of the company's stock after buying an additional 55,731 shares during the period. Commerce Bank's holdings in Citigroup were worth $38,110,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Citigroup by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock worth $19,048,467,000 after buying an additional 4,938,923 shares during the period. Geode Capital Management LLC grew its stake in Citigroup by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company's stock valued at $5,036,712,000 after acquiring an additional 189,548 shares during the period. Franklin Resources Inc. grew its stake in Citigroup by 4.0% in the fourth quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company's stock valued at $3,990,422,000 after acquiring an additional 1,326,224 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Citigroup by 2.6% in the fourth quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company's stock worth $3,954,307,000 after acquiring an additional 846,772 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Citigroup by 2.8% in the first quarter. Bank of America Corp DE now owns 26,869,012 shares of the company's stock worth $3,047,215,000 after acquiring an additional 728,043 shares in the last quarter. Institutional investors own 71.72% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Morgan Stanley lifted their price objective on Citigroup from $154.00 to $164.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Royal Bank Of Canada reissued an "outperform" rating and set a $150.00 target price on shares of Citigroup in a research note on Wednesday, July 15th. Wells Fargo & Company raised their target price on shares of Citigroup from $162.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, June 18th. Evercore set a $143.00 price target on shares of Citigroup in a research note on Monday, July 6th. Finally, Bank of America upped their price target on shares of Citigroup from $170.00 to $176.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Citigroup presently has a consensus rating of "Moderate Buy" and a consensus target price of $145.22.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
• Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
• Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
• Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C's July Card Delinquencies Tick Up

Citigroup Stock Performance

NYSE C opened at $131.46 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. The firm's fifty day moving average price is $137.20 and its two-hundred day moving average price is $126.29. Citigroup Inc. has a 1 year low of $92.84 and a 1 year high of $147.96. The firm has a market capitalization of $224.22 billion, a P/E ratio of 14.20, a price-to-earnings-growth ratio of 0.59 and a beta of 1.12.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, beating analysts' consensus estimates of $2.74 by $0.41. The firm had revenue of $24.77 billion during the quarter, compared to analysts' expectations of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The company's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.96 earnings per share. As a group, research analysts anticipate that Citigroup Inc. will post 11.2 EPS for the current year.

Citigroup announced that its board has initiated a stock repurchase plan on Thursday, May 7th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 13.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be issued a dividend of $0.67 per share. The ex-dividend date is Monday, August 3rd. This is an increase from Citigroup's previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a yield of 2.0%. Citigroup's dividend payout ratio is 28.94%.

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi's principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.

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