Commerzbank Aktiengesellschaft FI Invests $3.64 Million in Citigroup Inc. $C

Key Points

• Commerzbank Aktiengesellschaft FI acquired 25,976 Citigroup shares worth approximately $3.64 million in the second quarter. Institutional investors collectively own 71.72% of Citi’s outstanding stock.
• Citigroup’s latest quarterly results exceeded expectations, with EPS of $3.15 versus the $2.74 consensus and revenue of $24.77 billion. The company also raised its quarterly dividend to $0.67 per share and has authorization to repurchase up to $30 billion of stock.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $145.22. Citi shares opened at $138.50, compared with a 12-month high of $147.96.

Commerzbank Aktiengesellschaft FI acquired a new stake in shares of Citigroup Inc. (NYSE:C - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 25,976 shares of the company's stock, valued at approximately $3,636,000.

A number of other large investors also recently modified their holdings of the company. Whipplewood Advisors LLC purchased a new position in shares of Citigroup during the first quarter worth approximately $25,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Citigroup in the 4th quarter worth approximately $25,000. Richards Merrill & Peterson Inc. purchased a new stake in shares of Citigroup in the 4th quarter valued at $28,000. TD Capital Management LLC bought a new position in shares of Citigroup during the 4th quarter valued at $28,000. Finally, IMG Wealth Management Inc. raised its position in Citigroup by 197.6% in the 1st quarter. IMG Wealth Management Inc. now owns 244 shares of the company's stock worth $28,000 after purchasing an additional 162 shares during the period. 71.72% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup appointed Adam Clark as head of wealth planning. Clark is joining from JPMorgan, where he led global trusts and estates since 2016. The hire could support Citi’s strategy to expand wealth-management services and attract high-net-worth clients, although the announcement does not provide a near-term earnings forecast. Citigroup names Adam Clark wealth planning head
• Neutral Sentiment: JPMorgan CEO Jamie Dimon warned that higher bank taxes in the United Kingdom could drive financial-services jobs away, citing New York’s experience with tax increases. The comments are not specific to Citi, but they highlight regulatory and tax risks facing large global banks. Jamie Dimon warns UK bank tax hikes could trigger a New York-style finance exodus
• Negative Sentiment: No new earnings, guidance, capital-return announcement or regulatory update involving Citigroup appeared in the supplied reports. That leaves the stock without a fresh positive catalyst after its recent strong advance toward its 12-month high. Citi’s previous quarterly results were strong, with earnings and revenue exceeding expectations, but those results are not new information in this news cycle.

Citigroup Stock Performance

NYSE:C opened at $138.50 on Tuesday. The stock has a market cap of $236.22 billion, a P/E ratio of 14.96, a price-to-earnings-growth ratio of 0.63 and a beta of 1.12. The firm's fifty day simple moving average is $137.48 and its 200 day simple moving average is $125.86. Citigroup Inc. has a twelve month low of $90.68 and a twelve month high of $147.96. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71.

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

Citigroup Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 3rd will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, August 3rd. This is a positive change from Citigroup's previous quarterly dividend of $0.60. Citigroup's payout ratio is presently 28.94%.

Citigroup announced that its Board of Directors has authorized a stock buyback program on Thursday, May 7th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 13.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have weighed in on C. Evercore set a $143.00 price target on shares of Citigroup in a research note on Monday, July 6th. JPMorgan Chase & Co. raised their price objective on Citigroup from $135.50 to $149.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Weiss Ratings reiterated a "buy (b)" rating on shares of Citigroup in a report on Friday, July 17th. Bank of America boosted their target price on Citigroup from $170.00 to $176.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Finally, Zacks Research upgraded Citigroup from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $145.22.

Citigroup Profile

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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