First Financial Bankshares Inc Trims Position in Citigroup Inc. $C

Key Points

• First Financial Bankshares trimmed its Citigroup stake by 1.9% in the fourth quarter, but still held 647,517 shares valued at about $75.6 million, making Citi its 27th-largest holding.
• Citigroup reported strong quarterly results, with EPS of $3.06 beating estimates and revenue of $24.63 billion also topping forecasts; revenue rose 14.1% year over year.
• The bank also announced a $30 billion share repurchase program and a quarterly dividend of $0.60 per share, which annualizes to a 1.7% yield.

First Financial Bankshares Inc cut its position in Citigroup Inc. (NYSE:C - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 647,517 shares of the company's stock after selling 12,508 shares during the period. Citigroup comprises 1.5% of First Financial Bankshares Inc's portfolio, making the stock its 27th largest holding. First Financial Bankshares Inc's holdings in Citigroup were worth $75,559,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of C. Richards Merrill & Peterson Inc. purchased a new position in Citigroup during the fourth quarter valued at $28,000. Dunhill Financial LLC grew its stake in Citigroup by 92.2% during the third quarter. Dunhill Financial LLC now owns 319 shares of the company's stock valued at $32,000 after acquiring an additional 153 shares in the last quarter. Luken Investment Analytics LLC purchased a new position in Citigroup during the fourth quarter valued at $32,000. High Note Wealth LLC grew its stake in Citigroup by 107.7% during the fourth quarter. High Note Wealth LLC now owns 270 shares of the company's stock valued at $32,000 after acquiring an additional 140 shares in the last quarter. Finally, Entrust Financial LLC purchased a new position in Citigroup during the fourth quarter valued at $34,000. 71.72% of the stock is owned by hedge funds and other institutional investors.

Citigroup Price Performance

Citigroup stock opened at $137.89 on Friday. The firm has a 50-day moving average price of $126.85 and a 200-day moving average price of $117.91. The firm has a market capitalization of $235.18 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 0.60 and a beta of 1.12. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. Citigroup Inc. has a 12-month low of $76.11 and a 12-month high of $138.23.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.63 by $0.43. The firm had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business's revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the business earned $1.96 EPS. As a group, equities research analysts forecast that Citigroup Inc. will post 10.68 EPS for the current year.

Citigroup declared that its board has initiated a stock repurchase plan on Thursday, May 7th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Citigroup Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a yield of 1.7%. Citigroup's dividend payout ratio (DPR) is 29.74%.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is rolling out tokenized depositary receipts for private-company shares, a move that could broaden access to private markets and create a new growth avenue for the bank. Article title
• Positive Sentiment: Reuters reported that Citi hired Ryan Beaupré as a managing director in its consumer and retail investment banking group, signaling continued effort to expand the franchise and deepen client coverage. Article title
• Positive Sentiment: Citigroup’s recent earnings beat and revenue growth continue to support the stock, with Q1 EPS and revenue both topping expectations and underscoring improving operating momentum. Article title
• Neutral Sentiment: President Trump publicly praised Citigroup and CEO Jane Fraser for M&A advisory work, which helped sentiment, but some reports noted the ranking was overstated, limiting the fundamental impact. Article title
• Neutral Sentiment: Market commentary also pointed to Citigroup’s turnaround progress, solid trading conditions, and a constructive investment banking outlook, which supports the stock but is largely a continuation of existing optimism. Article title

Insider Transactions at Citigroup

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 shares were 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 approximately $1,527,908.20. This trade represents a 14.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Edward Skyler sold 25,000 shares of Citigroup 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 transaction, the insider directly owned 182,022 shares in the company, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.11% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on C shares. Oppenheimer reaffirmed an "outperform" rating and set a $145.00 target price on shares of Citigroup in a research note on Friday, May 8th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Citigroup in a research note on Monday, April 20th. Barclays raised their target price on shares of Citigroup from $146.00 to $154.00 and gave the company an "overweight" rating in a research note on Wednesday, April 15th. Truist Financial set a $147.00 target price on shares of Citigroup in a research note on Friday, May 1st. Finally, Keefe, Bruyette & Woods raised their target price on shares of Citigroup from $140.00 to $153.00 and gave the company 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 given a Hold rating to the company's stock. According to MarketBeat.com, Citigroup presently has an average rating of "Moderate Buy" and a consensus price target of $137.62.

Citigroup 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.

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.