Empirical Financial Services LLC d.b.a. Empirical Wealth Management Sells 2,871 Shares of Citigroup Inc. (NYSE:C)

Key Points

• Empirical Financial Services LLC has reduced its holdings in Citigroup Inc. by 13.1%, now owning 19,007 shares, valued at approximately $1.35 million.
• Citigroup has announced an increase in its quarterly dividend to $0.60 per share, with a payout ratio of 33.09% and an annualized dividend yield of 2.6%.
• Despite recent declines, analysts maintain a consensus rating of "Moderate Buy" for Citigroup, with target prices ranging from $78.00 to $104.00.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management cut its holdings in shares of Citigroup Inc. (NYSE:C - Free Report) by 13.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,007 shares of the company's stock after selling 2,871 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Citigroup were worth $1,349,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its position in shares of Citigroup by 2.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 38,561,690 shares of the company's stock worth $2,714,359,000 after purchasing an additional 815,003 shares during the last quarter. FMR LLC boosted its position in shares of Citigroup by 29.7% in the 4th quarter. FMR LLC now owns 34,362,176 shares of the company's stock worth $2,418,754,000 after purchasing an additional 7,863,718 shares during the last quarter. Capital World Investors boosted its position in shares of Citigroup by 455.2% in the 4th quarter. Capital World Investors now owns 31,352,582 shares of the company's stock worth $2,206,908,000 after purchasing an additional 25,705,141 shares during the last quarter. Northern Trust Corp boosted its position in shares of Citigroup by 13.9% in the 4th quarter. Northern Trust Corp now owns 20,232,550 shares of the company's stock worth $1,424,169,000 after purchasing an additional 2,467,958 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of Citigroup by 13.8% in the 4th quarter. Invesco Ltd. now owns 16,247,095 shares of the company's stock worth $1,143,633,000 after purchasing an additional 1,970,300 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Peter B. Henry sold 3,000 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total transaction of $271,200.00. Following the completion of the sale, the director owned 2,140 shares in the company, valued at $193,456. The trade was a 58.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.08% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

C has been the topic of several recent research reports. Wells Fargo & Company raised their price target on Citigroup from $110.00 to $115.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Bank of America lifted their target price on Citigroup from $89.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Barclays lifted their target price on Citigroup from $95.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Cowen assumed coverage on Citigroup in a report on Wednesday, May 14th. They set a "hold" rating on the stock. Finally, The Goldman Sachs Group lifted their target price on Citigroup from $85.00 to $96.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.54.

Citigroup Stock Up 0.2%

Shares of NYSE:C traded up $0.20 during midday trading on Monday, reaching $92.03. The company had a trading volume of 11,609,878 shares, compared to its average volume of 16,722,995. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The business's 50 day moving average price is $84.36 and its 200 day moving average price is $76.96. The stock has a market cap of $171.89 billion, a PE ratio of 13.56, a P/E/G ratio of 0.79 and a beta of 1.38. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $96.90.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.61 by $0.35. The business had revenue of $21.67 billion for the quarter, compared to the consensus estimate of $20.75 billion. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. Citigroup's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.52 earnings per share. Research analysts forecast that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 4th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. This is a boost from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, August 4th. Citigroup's dividend payout ratio (DPR) is presently 33.09%.

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.