Forsta AP Fonden Sells 13,800 Shares of Citigroup Inc. (NYSE:C)

Key Points

• Forsta AP Fonden has reduced its holdings in Citigroup by 3.1%, selling 13,800 shares and leaving it with 427,400 shares worth approximately $30.34 million.
• Several hedge funds, including Orion Capital Management and MorganRosel Wealth Management, have recently initiated or increased their positions in Citigroup, indicating growing institutional interest.
• Citigroup announced an increase in its quarterly dividend to $0.60 per share, reflecting a positive shift in its payout strategy and a 2.6% dividend yield for investors.

Forsta AP Fonden cut its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 3.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 427,400 shares of the company's stock after selling 13,800 shares during the period. Forsta AP Fonden's holdings in Citigroup were worth $30,341,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Citigroup Inc. lifted its holdings in shares of Citigroup by 77.3% in the first quarter. Citigroup Inc. now owns 1,658,685 shares of the company's stock worth $117,750,000 after buying an additional 722,930 shares in the last quarter. AMF Tjanstepension AB grew its holdings in Citigroup by 16.8% during the 1st quarter. AMF Tjanstepension AB now owns 593,829 shares of the company's stock worth $42,162,000 after acquiring an additional 85,614 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Citigroup by 10.8% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,347,540 shares of the company's stock valued at $237,642,000 after acquiring an additional 324,987 shares during the period. Y.D. More Investments Ltd lifted its position in Citigroup by 9.3% during the first quarter. Y.D. More Investments Ltd now owns 3,831 shares of the company's stock valued at $272,000 after acquiring an additional 325 shares during the last quarter. Finally, CenterBook Partners LP acquired a new stake in Citigroup in the first quarter worth about $1,364,000. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

C has been the topic of a number of recent analyst reports. Evercore ISI set a $77.00 target price on Citigroup in a research report on Monday, July 7th. Wall Street Zen upgraded shares of Citigroup from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Bank of America increased their target price on shares of Citigroup from $89.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Piper Sandler lifted their target price on shares of Citigroup from $84.00 to $104.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Finally, Barclays lifted their target price on shares of Citigroup from $95.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, Citigroup currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.54.

Citigroup Stock Performance

Shares of NYSE:C traded up $1.56 during trading on Friday, hitting $92.79. 10,764,944 shares of the stock were exchanged, compared to its average volume of 17,101,220. The company has a market capitalization of $170.82 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 0.80 and a beta of 1.38. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. Citigroup Inc. has a 1-year low of $55.51 and a 1-year high of $96.90. The company's fifty day simple moving average is $86.07 and its 200-day simple moving average is $77.38.

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

Citigroup Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Monday, August 4th will be paid a $0.60 dividend. This is a boost from Citigroup's previous quarterly dividend of $0.56. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 4th. Citigroup's dividend payout ratio (DPR) is 35.45%.

Insider Buying and Selling at Citigroup

In other news, Director Peter B. Henry sold 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $90.40, for a total transaction of $271,200.00. Following the transaction, the director directly owned 2,140 shares of the company's stock, valued at approximately $193,456. This trade represents a 58.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.08% of the company's stock.

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.