DAVENPORT & Co LLC Acquires 10,397 Shares of Citigroup Inc. (NYSE:C)

DAVENPORT & Co LLC increased its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 1.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,104,056 shares of the company's stock after buying an additional 10,397 shares during the quarter. DAVENPORT & Co LLC owned about 0.06% of Citigroup worth $78,196,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Orion Capital Management LLC bought a new position in Citigroup in the fourth quarter valued at approximately $28,000. MorganRosel Wealth Management LLC acquired a new stake in shares of Citigroup in the 1st quarter valued at $28,000. American National Bank & Trust bought a new position in shares of Citigroup in the 1st quarter valued at $29,000. Mascagni Wealth Management Inc. acquired a new position in shares of Citigroup during the 4th quarter worth $34,000. Finally, Runnymede Capital Advisors Inc. acquired a new position in shares of Citigroup during the 4th quarter worth $39,000. Institutional investors own 71.72% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Piper Sandler reissued an "overweight" rating and issued a $77.00 price objective (down previously from $83.00) on shares of Citigroup in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $92.00 price target (down from $96.00) on shares of Citigroup in a research report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price target on shares of Citigroup from $85.50 to $75.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Morgan Stanley increased their price objective on Citigroup from $90.00 to $94.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Finally, Truist Financial cut their target price on Citigroup from $84.00 to $79.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $84.83.

Insider Activity

In related news, Director John Cunningham Dugan sold 4,417 shares of the business's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $68.26, for a total value of $301,504.42. Following the completion of the sale, the director directly owned 13,048 shares of the company's stock, valued at $890,656.48. The trade was a 25.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.08% of the stock is owned by company insiders.

Citigroup Trading Up 0.5%

C stock traded up $0.42 during mid-day trading on Wednesday, reaching $86.69. The company's stock had a trading volume of 13,414,595 shares, compared to its average volume of 14,587,898. The company has a market cap of $161.91 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 0.66 and a beta of 1.34. Citigroup Inc. has a 12 month low of $53.51 and a 12 month high of $86.92. The business's 50 day moving average price is $75.41 and its 200 day moving average price is $73.83. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.52.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, April 15th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.12. The company had revenue of $21.60 billion for the quarter, compared to the consensus estimate of $21.34 billion. Citigroup had a net margin of 7.95% and a return on equity of 6.94%. On average, equities research analysts predict that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $2.24 annualized dividend and a dividend yield of 2.58%. Citigroup's dividend payout ratio is currently 35.39%.

Citigroup 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.