Geode Capital Management LLC Buys 189,548 Shares of Citigroup Inc. $C

Key Points

• Geode Capital Management increased its Citigroup stake by 189,548 shares in the fourth quarter, bringing its holdings to 43.25 million shares worth about $5.04 billion.
• Citigroup reported strong first-quarter earnings, with EPS of $3.06 beating estimates and revenue of $24.63 billion topping expectations, while revenue rose 14.1% year over year.
• The bank announced a $30 billion stock buyback authorization and paid a quarterly dividend of $0.60 per share, signaling continued capital returns to shareholders.

Geode Capital Management LLC boosted its stake in Citigroup Inc. (NYSE:C - Free Report) by 0.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 43,252,372 shares of the company's stock after acquiring an additional 189,548 shares during the period. Geode Capital Management LLC owned 2.42% of Citigroup worth $5,036,712,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in C. Richards Merrill & Peterson Inc. bought a new stake in Citigroup in the fourth quarter worth about $28,000. Dunhill Financial LLC raised its position in Citigroup by 92.2% in the third quarter. Dunhill Financial LLC now owns 319 shares of the company's stock worth $32,000 after acquiring an additional 153 shares during the period. Luken Investment Analytics LLC bought a new stake in Citigroup in the fourth quarter worth about $32,000. High Note Wealth LLC raised its position in Citigroup by 107.7% in the fourth quarter. High Note Wealth LLC now owns 270 shares of the company's stock worth $32,000 after acquiring an additional 140 shares during the period. Finally, Guerra Advisors Inc bought a new stake in Citigroup in the third quarter worth about $33,000. Institutional investors own 71.72% of the company's stock.

Insider Activity at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of the business'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 transaction of $265,260.10. Following the completion of the transaction, the director owned 12,194 shares of the company's stock, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edward Skyler sold 25,000 shares of Citigroup stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the sale, the insider owned 182,022 shares of the company's stock, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on C shares. Royal Bank Of Canada reiterated an "outperform" rating and issued a $139.00 target price on shares of Citigroup in a research note on Wednesday, April 15th. Barclays lifted their target price on shares of Citigroup from $146.00 to $154.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Wells Fargo & Company lifted their target price on shares of Citigroup from $160.00 to $162.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. JPMorgan Chase & Co. lifted their target price on shares of Citigroup from $131.00 to $135.50 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Citigroup in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Citigroup presently has an average rating of "Moderate Buy" and a consensus price target of $137.62.

Citigroup Price Performance

Shares of NYSE:C opened at $125.31 on Thursday. The company has a 50 day moving average of $122.21 and a 200 day moving average of $115.45. The stock has a market cap of $213.72 billion, a P/E ratio of 15.53, a P/E/G ratio of 0.57 and a beta of 1.14. Citigroup Inc. has a 12 month low of $74.30 and a 12 month high of $135.29. 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 (NYSE:C - Get Free Report) last issued its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, beating the consensus estimate of $2.63 by $0.43. The company had revenue of $24.63 billion during the quarter, compared to analysts' expectations of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. Citigroup's revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.96 earnings per share. As a group, sell-side analysts forecast that Citigroup Inc. will post 10.68 EPS for the current fiscal year.

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

Citigroup Dividend Announcement

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

Citigroup News Roundup

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

About Citigroup

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.