Encore Global Management LP Takes Position in Citigroup Inc. $C

Key Points

• Encore Global Management LP acquired 13,750 Citigroup shares in the first quarter, valued at approximately $1.56 million. Institutional investors collectively own 71.72% of Citigroup’s stock.
• Citigroup reported strong quarterly results, with EPS of $3.15 exceeding estimates of $2.74 and revenue rising 14.5% year over year to $24.75 billion. Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $145.67.
• Citigroup raised its quarterly dividend to $0.67 per share and authorized a $30 billion share-repurchase program, allowing buybacks of up to 13.7% of outstanding shares.

Encore Global Management LP acquired a new position in shares of Citigroup Inc. (NYSE:C - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,750 shares of the company's stock, valued at approximately $1,559,000.

Several other institutional investors have also added to or reduced their stakes in C. Mcguire Capital Advisors Inc. acquired a new position in Citigroup in the 4th quarter worth $25,000. Whipplewood Advisors LLC acquired a new stake in shares of Citigroup in the 1st quarter valued at about $25,000. Richards Merrill & Peterson Inc. acquired a new stake in shares of Citigroup in the 4th quarter valued at about $28,000. TD Capital Management LLC bought a new stake in shares of Citigroup in the fourth quarter valued at about $28,000. Finally, IMG Wealth Management Inc. lifted its holdings in shares of Citigroup by 197.6% in the first quarter. IMG Wealth Management Inc. now owns 244 shares of the company's stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. 71.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

C has been the subject of a number of research reports. Morgan Stanley increased their price objective on Citigroup from $154.00 to $164.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 price target (up from $125.00) on shares of Citigroup in a research report on Wednesday, April 15th. Zacks Research raised shares of Citigroup from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 16th. Truist Financial decreased their price target on shares of Citigroup from $158.00 to $154.00 and set a "buy" rating for the company in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Citigroup from $135.50 to $149.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Citigroup currently has an average rating of "Moderate Buy" and an average price target of $145.67.

Insider Buying and Selling at Citigroup

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the business's stock in a transaction that occurred 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 owned 12,194 shares of the company's stock, valued at $1,527,908.20. The trade was a 14.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.11% of the stock is owned by company insiders.

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 Price Performance

Shares of NYSE C opened at $132.53 on Wednesday. The stock has a market capitalization of $226.04 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 0.60 and a beta of 1.11. The business has a 50-day moving average of $135.48 and a 200-day moving average of $123.98. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. Citigroup Inc. has a fifty-two week low of $87.94 and a fifty-two week high of $147.96.

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

Citigroup Increases Dividend

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

About Citigroup

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.

Want to see what other hedge funds are holding C? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Citigroup Inc. (NYSE:C - Free Report).

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.