Empowered Funds LLC Has $16.95 Million Stock Position in Citigroup Inc. $C

Key Points

• Empowered Funds LLC reduced its Citigroup stake by 9.6% in the first quarter, selling 15,824 shares and retaining 149,430 shares valued at approximately $16.95 million. Institutional investors and hedge funds collectively own 71.72% of Citigroup.
• Analysts remain broadly positive, with Citigroup receiving a “Moderate Buy” consensus rating and an average price target of $145.67. Morgan Stanley and Wells Fargo recently raised their targets to $164 and $165, respectively.
• Citigroup’s second-quarter results exceeded expectations, with earnings of $3.15 per share and revenue of $24.75 billion, up 14.5% year over year. The bank also increased its quarterly dividend to $0.67 and authorized a $30 billion share-repurchase program.

Empowered Funds LLC lessened its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 9.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 149,430 shares of the company's stock after selling 15,824 shares during the period. Empowered Funds LLC's holdings in Citigroup were worth $16,947,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on C. Morgan Stanley upped their price target on shares of Citigroup from $154.00 to $164.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. Weiss Ratings restated a "buy (b)" rating on shares of Citigroup in a research note on Friday, July 17th. Evercore set a $143.00 target price on shares of Citigroup in a report on Monday, July 6th. Piper Sandler reiterated an "overweight" rating and issued a $145.00 target price (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. Finally, Wells Fargo & Company lifted their price target on Citigroup from $162.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, June 18th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Citigroup currently has an average rating of "Moderate Buy" and an average price target of $145.67.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup launched Citi Consolidate, an invoice-processing and payables solution integrated with Infor Nexus. The platform digitizes purchase orders, invoice approvals and payments for corporate clients, potentially strengthening Citi’s transaction-banking relationships and adding recurring fee revenue. Citi Is Now Live With a Trade Digitization Solution Integrating Supply Chain Solutions
• Positive Sentiment: Wall Street strategists identified large banks, including Citigroup, as overlooked beneficiaries of the AI investment cycle. Banks could gain from financing data-center construction, managing payments and providing capital-markets services, broadening Citi’s exposure beyond traditional lending. Wall Street Banks Eyed as Overlooked Beneficiaries of AI Trade
• Positive Sentiment: Analyst commentary remains supportive after Citi’s strong second-quarter performance. The bank’s record results, transformation plan and shareholder-return prospects are being cited as reasons the stock may still offer upside despite its recent rerating. Is Citigroup Stock Still a Buy After Its Blockbuster Q2 Performance?
• Neutral Sentiment: Citigroup expects the Federal Reserve to hold interest rates at its upcoming meeting, while assigning a 33% probability to a hike. A stable-rate outlook could support net interest income, but the possibility of tighter policy keeps investors focused on inflation and credit conditions. Citigroup Expects Fed to Maintain Rates Amid 33% Hike Probability
• Negative Sentiment: Broader concerns that massive AI spending may prove unsustainable represent a risk to banks positioned to finance the buildout. A pullback in AI investment could reduce loan demand, deal activity and market sentiment toward financial stocks. Singapore’s MAS Flags AI Pullback as Threat to Global Markets

Citigroup Trading Down 0.4%

C stock opened at $132.53 on Wednesday. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. The company has a fifty day moving average price of $135.48 and a two-hundred day moving average price of $123.98. Citigroup Inc. has a one year low of $87.94 and a one year high of $147.96. The stock has a market cap of $226.04 billion, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 0.60 and a beta of 1.11.

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

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be paid a $0.67 dividend. This is an increase from Citigroup's previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. This represents a $2.68 dividend on an annualized basis and a yield of 2.0%. Citigroup's dividend payout ratio (DPR) is currently 25.92%.

Citigroup declared that its Board of Directors has authorized a share buyback program on Thursday, May 7th that permits the company to buyback $30.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 13.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.11% of the stock is currently owned by corporate insiders.

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.

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