Foundations Investment Advisors LLC Grows Stock Position in Citigroup Inc. $C

Key Points

• Foundations Investment Advisors increased its Citigroup stake by 11% in the fourth quarter, buying 55,813 additional shares and bringing its holdings to 562,518 shares worth about $65.6 million.
• Citigroup posted strong quarterly results, with earnings of $3.06 per share topping estimates and revenue of $24.63 billion rising 14.1% year over year.
• The bank announced a $30 billion stock buyback and continues to pay a quarterly dividend of $0.60 per share, while analysts remain generally bullish with an average Moderate Buy rating and a $137.62 price target.

Foundations Investment Advisors LLC raised its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 11.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 562,518 shares of the company's stock after buying an additional 55,813 shares during the period. Citigroup comprises about 0.9% of Foundations Investment Advisors LLC's portfolio, making the stock its 26th largest holding. Foundations Investment Advisors LLC's holdings in Citigroup were worth $65,640,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Baker Avenue Asset Management LP raised its stake in shares of Citigroup by 15.9% during the 4th quarter. Baker Avenue Asset Management LP now owns 41,638 shares of the company's stock valued at $4,859,000 after buying an additional 5,704 shares during the last quarter. Godfrey Financial Associates Inc. purchased a new position in shares of Citigroup during the 4th quarter valued at about $496,000. IFG Advisory LLC purchased a new position in shares of Citigroup during the 4th quarter valued at about $662,000. Thoroughbred Financial Services LLC raised its stake in shares of Citigroup by 3.9% during the 4th quarter. Thoroughbred Financial Services LLC now owns 17,270 shares of the company's stock valued at $2,015,000 after buying an additional 655 shares during the last quarter. Finally, FPC Investment Advisory Inc. purchased a new position in shares of Citigroup during the 4th quarter valued at about $292,000. Hedge funds and other institutional investors own 71.72% of the company's stock.

Citigroup Price Performance

Shares of Citigroup stock opened at $125.31 on Thursday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59. Citigroup Inc. has a twelve month low of $74.30 and a twelve month high of $135.29. The business has a 50-day moving average price of $122.21 and a 200 day moving average price of $115.45. The firm has a market cap of $213.72 billion, a PE ratio of 15.53, a P/E/G ratio of 0.57 and a beta of 1.14.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly 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 firm had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. During the same quarter in the previous year, the business earned $1.96 EPS. Citigroup's revenue for the quarter was up 14.1% compared to the same quarter last year. Sell-side analysts predict that Citigroup Inc. will post 10.68 earnings per share for the current fiscal year.

Citigroup announced that its board has initiated a stock buyback program on Thursday, May 7th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.

Citigroup Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.9%. The ex-dividend date was Monday, May 4th. Citigroup's payout ratio is presently 29.74%.

Insider Activity

In related news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the sale, the director directly owned 12,194 shares in the company, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Edward Skyler sold 25,000 shares of Citigroup stock in a transaction dated Wednesday, April 15th. The stock was 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 owned 182,022 shares in the company, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.11% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Citigroup from $131.00 to $135.50 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Keefe, Bruyette & Woods lifted their price objective on Citigroup from $140.00 to $153.00 and gave the company an "outperform" rating in a research note on Friday, May 8th. Morgan Stanley lifted their price target on Citigroup from $140.00 to $144.00 and gave the company an "overweight" rating in a research note on Wednesday, April 15th. Truist Financial set a $147.00 price target on Citigroup in a research note on Friday, May 1st. Finally, Oppenheimer restated an "outperform" rating and issued a $145.00 price target on shares of Citigroup in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Citigroup has an average rating of "Moderate Buy" and an average target price of $137.62.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Recent coverage highlights Citigroup’s ongoing turnaround under CEO Jane Fraser, with the bank posting decade-high revenue, cutting costs through layoffs and market exits, and restoring investor confidence. Citi’s 5-year comeback: How CEO Jane Fraser turned the bank’s chronic underperformance into decade-high revenue
• Positive Sentiment: Another report says Citigroup’s recent funding activity, living-will approval, and expansion in Asian wealth and private credit suggest a healthier business mix and cleaner regulatory profile. How New Funding, Living Will Approval, and Asian Wealth Push At Citigroup (C) Has Changed Its Investment Story
• Neutral Sentiment: Wall Street commentary also remained constructive, with brokers continuing to view Citigroup as a stock worth owning, though the article was more about analyst-process than a new rating change. Brokers Suggest Investing in Citigroup (C): Read This Before Placing a Bet
• Neutral Sentiment: Citigroup’s stock also moved in line with a broader macro backdrop, as Fed commentary kept rate expectations in focus; that tends to affect bank stocks because it influences net interest income outlooks. Fed's Cook says she is prepared to raise rates if inflation doesn't ease

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.

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.