Fideuram Intesa Sanpaolo Private Banking S.P.A. Buys Shares of 237,057 Citigroup Inc. $C

Key Points

• Fideuram Intesa Sanpaolo Private Banking disclosed a new stake in Citigroup, buying 237,057 shares worth about $27.7 million in the fourth quarter. The position makes Citigroup its 19th-largest holding and about 1.0% of its portfolio.
• Analysts remain broadly positive on Citigroup, with several firms raising price targets and the stock carrying a consensus “Moderate Buy” rating. The average price target is currently $137.62.
• Citigroup continues to show strong shareholder returns and operating momentum, including a quarterly dividend of $0.60 and a newly announced $30 billion share buyback. The bank also recently beat quarterly earnings and revenue estimates.

Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Citigroup Inc. (NYSE:C - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 237,057 shares of the company's stock, valued at approximately $27,662,000. Citigroup accounts for 1.0% of Fideuram Intesa Sanpaolo Private Banking S.P.A.'s investment portfolio, making the stock its 19th biggest position.

Several other large investors also recently added to or reduced their stakes in the company. Elmwood Wealth Management Inc. raised its stake in Citigroup by 1.3% during the 4th quarter. Elmwood Wealth Management Inc. now owns 6,845 shares of the company's stock valued at $799,000 after purchasing an additional 85 shares during the period. Park Place Capital Corp raised its stake in Citigroup by 16.7% during the 4th quarter. Park Place Capital Corp now owns 595 shares of the company's stock valued at $69,000 after purchasing an additional 85 shares during the period. D.B. Root & Company LLC raised its stake in Citigroup by 2.8% during the 4th quarter. D.B. Root & Company LLC now owns 3,191 shares of the company's stock valued at $372,000 after purchasing an additional 87 shares during the period. Cornerstone Wealth Management LLC raised its stake in Citigroup by 0.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 10,393 shares of the company's stock valued at $1,213,000 after purchasing an additional 87 shares during the period. Finally, N.E.W. Advisory Services LLC raised its stake in Citigroup by 14.9% during the 4th quarter. N.E.W. Advisory Services LLC now owns 703 shares of the company's stock valued at $82,000 after purchasing an additional 91 shares during the period. 71.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Citigroup from $131.00 to $135.50 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $139.00 price target on shares of Citigroup in a research note on Wednesday, April 15th. Wells Fargo & Company upped their price target on shares of Citigroup from $160.00 to $162.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. Morgan Stanley upped their price target on shares of Citigroup from $140.00 to $144.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Citigroup from $140.00 to $153.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Citigroup presently has a consensus rating of "Moderate Buy" and an average price target of $137.62.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup launched a €15 billion private capital program with BlackRock’s HPS to expand direct lending across EMEA, a move that could strengthen fee-based revenue and deepen its presence in private credit. Article Title
• Positive Sentiment: Citi reported better April card delinquency and charge-off trends year over year, suggesting some improvement in consumer credit quality. Article Title
• Positive Sentiment: Citi received final approval to launch a wholly foreign-owned securities firm in mainland China, expanding its ability to offer investment banking and brokerage services directly in a major market. Article Title
• Positive Sentiment: Citigroup hired former UK lawmaker Chuka Umunna as managing director in its UK investment banking division, a small but notable talent win that may support its EMEA franchise. Article Title
• Neutral Sentiment: Citi’s call that 30-year Treasury yields may next focus on 5.5% reflects its macro view, but it is not a direct operating driver for the bank. Article Title
• Negative Sentiment: CFRA reportedly downgraded Citigroup to Hold, which may be tempering enthusiasm after a strong run in the shares. Article Title

Insider Activity

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the firm's stock in a transaction dated 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 in the company, valued at $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Edward Skyler sold 25,000 shares of the firm's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the completion of the sale, the insider directly owned 182,022 shares in the company, valued at approximately $23,919,511.02. This represents a 12.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.11% of the stock is owned by company insiders.

Citigroup Price Performance

NYSE C opened at $119.96 on Wednesday. Citigroup Inc. has a fifty-two week low of $71.65 and a fifty-two week high of $135.29. The stock's 50-day moving average is $120.03 and its two-hundred day moving average is $114.43. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $204.60 billion, a P/E ratio of 14.87, a price-to-earnings-growth ratio of 0.55 and a beta of 1.14.

Citigroup (NYSE:C - Get Free Report) last posted its earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating 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 company had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. During the same period last year, the company earned $1.96 earnings per share. The business's revenue was up 14.1% compared to the same quarter last year. On average, analysts anticipate that Citigroup Inc. will post 10.65 earnings per share for the current fiscal year.

Citigroup Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Monday, May 4th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, May 4th. Citigroup's dividend payout ratio (DPR) is 29.74%.

Citigroup announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 7th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 13.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is 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.

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