Gabelli Funds LLC Sells 18,680 Shares of Citigroup Inc. $C

Gabelli Funds LLC trimmed its position in Citigroup Inc. (NYSE:C - Free Report) by 7.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 237,380 shares of the company's stock after selling 18,680 shares during the period. Gabelli Funds LLC's holdings in Citigroup were worth $33,224,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Paladin Partners LLC purchased a new stake in Citigroup during the second quarter valued at approximately $27,000. Mcguire Capital Advisors Inc. purchased a new stake in shares of Citigroup in the 4th quarter worth $25,000. Whipplewood Advisors LLC bought a new position in Citigroup in the 1st quarter worth $25,000. TD Capital Management LLC purchased a new position in Citigroup during the fourth quarter valued at $28,000. Finally, IMG Wealth Management Inc. grew its holdings in Citigroup by 197.6% during 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 during the period. Hedge funds and other institutional investors own 71.72% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Argus set a $150.00 price objective on shares of Citigroup in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their price objective on Citigroup from $140.00 to $153.00 and gave the company an "outperform" rating in a research report on Friday, May 8th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Citigroup in a research note on Friday, July 17th. Wells Fargo & Company increased their target price on Citigroup from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 18th. Finally, Truist Financial decreased their target price on Citigroup from $158.00 to $154.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Citigroup presently has an average rating of "Moderate Buy" and an average price target of $145.22.

Citigroup Trading Up 1.4%

Shares of C opened at $131.46 on Friday. The firm has a market capitalization of $224.22 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 0.59 and a beta of 1.12. 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 1-year low of $92.84 and a 1-year high of $147.96. The company has a 50-day moving average of $137.20 and a 200 day moving average of $126.29.

Citigroup (NYSE:C - Get Free Report) last issued its earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, beating analysts' consensus estimates of $2.74 by $0.41. The business had revenue of $24.77 billion during the quarter, compared to analyst estimates of $23.74 billion. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.Citigroup's revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.96 EPS. On average, research analysts expect that Citigroup Inc. will post 11.2 EPS for the current year.

Citigroup Increases Dividend

The company also recently announced 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 represents a $2.68 annualized dividend and a yield of 2.0%. This is a positive change from Citigroup's previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. Citigroup's payout ratio is 28.94%.

Citigroup announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 7th that allows the company to repurchase $30.00 billion in shares. This repurchase authorization allows the company to reacquire up to 13.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
• Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
• Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
• Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C's July Card Delinquencies Tick Up

Citigroup Company 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.

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