Elevation Point Wealth Partners LLC Purchases 44,110 Shares of Citigroup Inc. $C

Key Points

• Elevation Point Wealth Partners boosted its Citigroup stake by 579% in the first quarter, buying 44,110 additional shares and bringing its total holding to 51,728 shares worth about $5.87 million.
• Institutional ownership remains a major factor in Citigroup, with hedge funds and other investors holding 71.72% of the stock. Several other firms also increased or initiated positions during the period.
• Analysts are broadly positive on Citi, with an average rating of “Moderate Buy” and an average price target of $139.62. The company also posted strong quarterly results and recently authorized a $30 billion share buyback.

Elevation Point Wealth Partners LLC increased its holdings in Citigroup Inc. (NYSE:C - Free Report) by 579.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,728 shares of the company's stock after acquiring an additional 44,110 shares during the period. Elevation Point Wealth Partners LLC's holdings in Citigroup were worth $5,866,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Truist Financial Corp boosted its stake in shares of Citigroup by 4.7% in the 4th quarter. Truist Financial Corp now owns 375,977 shares of the company's stock valued at $43,873,000 after purchasing an additional 16,744 shares in the last quarter. Gunderson Capital Management Inc. bought a new position in shares of Citigroup during the fourth quarter valued at about $7,165,000. Brighton Jones LLC increased its holdings in shares of Citigroup by 166.9% in the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock worth $1,407,000 after buying an additional 12,499 shares during the period. UniSuper Management Pty Ltd lifted its stake in shares of Citigroup by 38.8% in the 4th quarter. UniSuper Management Pty Ltd now owns 1,306,851 shares of the company's stock valued at $152,496,000 after acquiring an additional 365,041 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in shares of Citigroup by 11.8% in the 4th quarter. Nordea Investment Management AB now owns 7,986,407 shares of the company's stock valued at $933,891,000 after acquiring an additional 844,056 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Evercore set a $139.00 price target on Citigroup in a research note on Wednesday, April 15th. Oppenheimer lowered shares of Citigroup from an "outperform" rating to a "market perform" rating in a report on Tuesday. Truist Financial boosted their price target on Citigroup from $147.00 to $158.00 and gave the company a "buy" rating in a report on Friday, June 26th. Jefferies Financial Group began coverage on Citigroup in a research report on Thursday, March 26th. They set a "buy" rating and a $135.00 price target for the company. Finally, Keefe, Bruyette & Woods lifted their price objective on Citigroup from $140.00 to $153.00 and gave the stock an "outperform" rating in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $139.62.

Insiders Place Their Bets

In other news, Director John Cunningham Dugan sold 2,117 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the transaction, the director directly owned 12,194 shares of the company's stock, valued at $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Edward Skyler sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the completion of the sale, the insider owned 182,022 shares in the company, valued at $23,919,511.02. This represents a 12.08% decrease in their position. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by company insiders.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup remains in focus heading into the next bank earnings cycle, with analysts noting that expectations for the financial sector have been steadily improving and that large banks like Citi will help kick off reporting later this month. This keeps attention on whether Citi can extend its recent earnings momentum. Article Title
• Positive Sentiment: Citigroup recently announced a leadership addition in wealth management, appointing Michael Yannell to lead hedge funds within its alternatives platform. The move suggests Citi is expanding higher-fee wealth offerings to meet client demand, which may support revenue growth. Article Title
• Neutral Sentiment: Citi also made news for trimming its bitcoin and ether price targets, reflecting a more cautious stance on crypto demand and delayed US regulation. This is more of a sentiment call on digital assets than a direct catalyst for Citigroup shares. Article Title
• Negative Sentiment: Citi warned that oil could slump to $60 a barrel as Middle East supply fears fade, which reinforces a more bearish macro view from the bank’s research team. While not directly tied to Citi’s core earnings, the call can weigh on market sentiment around its commodity and trading outlook. Article Title

Citigroup Price Performance

C stock opened at $139.93 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a 50 day moving average price of $132.49 and a 200-day moving average price of $121.88. Citigroup Inc. has a 52-week low of $85.48 and a 52-week high of $147.96. The firm has a market capitalization of $238.67 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 0.60 and a beta of 1.11.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, topping the consensus estimate of $2.63 by $0.43. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The business had revenue of $24.63 billion for the quarter, compared to the consensus estimate of $22.96 billion. During the same period in the previous year, the company posted $1.96 earnings per share. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities research analysts forecast that Citigroup Inc. will post 10.83 EPS for the current fiscal year.

Citigroup announced that its Board of Directors has approved a stock buyback plan on Thursday, May 7th that permits the company to buyback $30.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 13.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Citigroup Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.