Gabelli Funds LLC Sells 9,395 Shares of Citigroup Inc. $C

Key Points

• Gabelli Funds LLC reduced its Citigroup stake by 3.5% in the first quarter, selling 9,395 shares and leaving it with 256,060 shares valued at about $29.0 million.
• Citigroup posted stronger-than-expected quarterly results, with EPS of $3.15 versus the $2.74 consensus and revenue of $24.75 billion, up 14.5% year over year.
• The bank boosted shareholder returns by increasing its quarterly dividend to $0.67 per share and authorizing a new $30 billion share repurchase plan.

Gabelli Funds LLC lessened its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 3.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 256,060 shares of the company's stock after selling 9,395 shares during the quarter. Gabelli Funds LLC's holdings in Citigroup were worth $29,040,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of C. Truist Financial Corp boosted its stake in shares of Citigroup by 4.7% in the 4th quarter. Truist Financial Corp now owns 375,977 shares of the company's stock valued at $43,873,000 after purchasing an additional 16,744 shares in the last quarter. Gunderson Capital Management Inc. acquired a new stake in shares of Citigroup during the 4th quarter worth about $7,165,000. Brighton Jones LLC increased its position in shares of Citigroup by 166.9% during the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock worth $1,407,000 after purchasing an additional 12,499 shares in the last quarter. UniSuper Management Pty Ltd lifted its holdings in Citigroup by 38.8% during the 4th quarter. UniSuper Management Pty Ltd now owns 1,306,851 shares of the company's stock valued at $152,496,000 after purchasing an additional 365,041 shares during the last quarter. Finally, Merit Financial Group LLC lifted its holdings in Citigroup by 15.6% during the 4th quarter. Merit Financial Group LLC now owns 96,453 shares of the company's stock valued at $11,255,000 after purchasing an additional 13,046 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on C shares. Truist Financial reduced their price target on shares of Citigroup from $158.00 to $154.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. Wells Fargo & Company raised their price objective on shares of Citigroup from $162.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, June 18th. Piper Sandler reiterated an "overweight" rating and issued a $145.00 target price (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. Argus set a $150.00 target price on Citigroup in a report on Wednesday, July 15th. Finally, Oppenheimer lowered Citigroup from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $145.67.

Citigroup Stock Up 0.1%

Shares of NYSE C opened at $131.95 on Friday. The firm's 50-day simple moving average is $135.01 and its 200 day simple moving average is $123.82. The company has a market cap of $225.06 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 0.60 and a beta of 1.11. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71. Citigroup Inc. has a 12-month low of $87.94 and a 12-month high of $147.96.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, topping analysts' consensus estimates of $2.74 by $0.41. The firm had revenue of $24.75 billion for the quarter, compared to analyst estimates of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The company's revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.96 EPS. On average, research analysts expect that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 3rd will be paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. This is an increase from Citigroup's previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, August 3rd. Citigroup's payout ratio is currently 25.92%.

Citigroup declared that its Board of Directors has approved a share buyback plan on Thursday, May 7th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi analysts said the recent pullback in semiconductor stocks looks like a buying opportunity, which may support broader risk appetite and help sentiment around markets that Citigroup covers through its trading and research franchises. Pullback in chip stocks is a buying opportunity, Citi says
• Positive Sentiment: Citigroup was highlighted in a new CMBS deal update, after pricing an $817 million multifamily conduit transaction, reinforcing Citi’s role as an active lender and securitization player in U.S. commercial real estate. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
• Neutral Sentiment: Citigroup reportedly closed a bullish South African rand trade after the currency looked “fragile” following South Africa’s surprise rate hold. This is more of a trading update than a major earnings driver, but it shows Citi is actively adjusting macro positions. Citi Drops Rand Bet After South Africa’s Surprise Rate Hold
• Neutral Sentiment: Separately, a headline noting Citi’s bearish view on the “Magnificent Seven” may reflect the bank’s broader market outlook, but it does not directly change Citigroup’s fundamentals. Wall Street Bank Just Declared the Magnificent 7 as “Dead” — What Happens Next?

Insider Activity at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the sale, the director owned 12,194 shares of the company's stock, valued at $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.11% of the stock is owned by company insiders.

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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