Dai ichi Life Insurance Company Ltd Has $16.49 Million Stock Holdings in Citigroup Inc. $C

Key Points

• Dai ichi Life Insurance cut its Citigroup stake by 27.5% in the first quarter, though it still held 145,407 shares valued at about $16.49 million at the end of the period.
• Citigroup’s latest quarterly results topped Wall Street expectations, with EPS of $3.15 versus $2.74 expected and revenue of $24.75 billion, up 14.5% from a year ago.
• The bank boosted its dividend to $0.67 per share and has a new $30 billion share repurchase program, while analysts remain broadly constructive with a consensus rating of Moderate Buy.

Dai ichi Life Insurance Company Ltd lessened its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 27.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 145,407 shares of the company's stock after selling 55,107 shares during the quarter. Dai ichi Life Insurance Company Ltd's holdings in Citigroup were worth $16,491,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Cora Capital Advisors LLC boosted its holdings in Citigroup by 3.1% in the first quarter. Cora Capital Advisors LLC now owns 2,609 shares of the company's stock worth $296,000 after acquiring an additional 78 shares in the last quarter. CFS Investment Advisory Services LLC increased its holdings in shares of Citigroup by 0.4% during the first quarter. CFS Investment Advisory Services LLC now owns 20,596 shares of the company's stock valued at $2,336,000 after acquiring an additional 79 shares in the last quarter. Verus Capital Partners LLC raised its position in shares of Citigroup by 3.1% during the fourth quarter. Verus Capital Partners LLC now owns 2,748 shares of the company's stock worth $321,000 after purchasing an additional 82 shares during the period. CFO Capital Management LLC raised its position in shares of Citigroup by 1.5% during the first quarter. CFO Capital Management LLC now owns 5,495 shares of the company's stock worth $590,000 after purchasing an additional 83 shares during the period. Finally, D.B. Root & Company LLC lifted its holdings in shares of Citigroup by 2.8% in the 4th quarter. D.B. Root & Company LLC now owns 3,191 shares of the company's stock worth $372,000 after purchasing an additional 87 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on C shares. Argus set a $150.00 price target on shares of Citigroup in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods raised their price objective on shares of Citigroup from $140.00 to $153.00 and gave the company an "outperform" rating in a research note on Friday, May 8th. Royal Bank Of Canada reiterated an "outperform" rating and set a $150.00 price objective on shares of Citigroup in a report on Wednesday, July 15th. The Goldman Sachs Group boosted their target price on shares of Citigroup from $137.00 to $151.00 and gave the stock a "buy" rating in a research report on Wednesday, April 15th. Finally, Wall Street Zen upgraded shares of Citigroup from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Citigroup currently has a consensus rating of "Moderate Buy" and an average price target of $145.67.

Citigroup Trading Up 0.1%

NYSE C opened at $131.95 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 business has a fifty day simple moving average of $135.01 and a 200 day simple moving average of $123.82. Citigroup Inc. has a 12 month low of $87.94 and a 12 month high of $147.96. The firm has a market capitalization of $225.06 billion, a P/E ratio of 14.25, a PEG ratio of 0.59 and a beta of 1.11.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm had revenue of $24.75 billion for the quarter, compared to the consensus estimate of $23.74 billion. During the same period in the previous year, the firm earned $1.96 EPS. The business's revenue for the quarter was up 14.5% compared to the same quarter last year. On average, analysts predict that Citigroup Inc. will post 11.2 EPS for the current fiscal year.

Citigroup Increases Dividend

The company 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. This represents a $2.68 annualized dividend and a yield of 2.0%. This is a boost from Citigroup's previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. Citigroup's dividend payout ratio is presently 25.92%.

Citigroup declared that its Board of Directors has authorized a share repurchase program 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 programs are generally a sign that the company's leadership believes its shares are undervalued.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi analysts said the recent pullback in semiconductor stocks looks like a buying opportunity, which may support broader risk appetite and help sentiment around markets that Citigroup covers through its trading and research franchises. Pullback in chip stocks is a buying opportunity, Citi says
• Positive Sentiment: Citigroup was highlighted in a new CMBS deal update, after pricing an $817 million multifamily conduit transaction, reinforcing Citi’s role as an active lender and securitization player in U.S. commercial real estate. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
• Neutral Sentiment: Citigroup reportedly closed a bullish South African rand trade after the currency looked “fragile” following South Africa’s surprise rate hold. This is more of a trading update than a major earnings driver, but it shows Citi is actively adjusting macro positions. Citi Drops Rand Bet After South Africa’s Surprise Rate Hold
• Neutral Sentiment: Separately, a headline noting Citi’s bearish view on the “Magnificent Seven” may reflect the bank’s broader market outlook, but it does not directly change Citigroup’s fundamentals. Wall Street Bank Just Declared the Magnificent 7 as “Dead” — What Happens Next?

Insider Transactions at Citigroup

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the company's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the sale, the director directly owned 12,194 shares of the company's stock, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.11% of the company's stock.

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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