Handelsbanken Fonder AB Has $95.51 Million Stake in Citigroup Inc. $C

Key Points

• Handelsbanken Fonder AB reduced its Citigroup stake by 2.7% in the second quarter, selling 18,934 shares, but still held 682,416 shares worth approximately $95.5 million. Institutional investors and hedge funds own 71.72% of Citigroup.
• Analysts maintain a generally positive outlook, with Citigroup receiving a consensus “Moderate Buy” rating and an average price target of $145.22. Recent target changes included Piper Sandler raising its target to $145 and Bank of America increasing its target to $176.
• Citigroup exceeded quarterly earnings and revenue estimates, reporting $3.15 in EPS and $24.77 billion in revenue. The company also raised its quarterly dividend to $0.67 per share and authorized a $30 billion share-repurchase program.

Handelsbanken Fonder AB trimmed its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 2.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 682,416 shares of the company's stock after selling 18,934 shares during the period. Handelsbanken Fonder AB's holdings in Citigroup were worth $95,511,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Fulcrum Equity Management purchased a new stake in shares of Citigroup in the second quarter valued at $225,000. KMG Fiduciary Partners LLC grew its holdings in shares of Citigroup by 50.0% during the second quarter. KMG Fiduciary Partners LLC now owns 18,204 shares of the company's stock valued at $2,548,000 after buying an additional 6,071 shares in the last quarter. Fulton Bank N.A. grew its holdings in shares of Citigroup by 34.3% during the second quarter. Fulton Bank N.A. now owns 16,457 shares of the company's stock valued at $2,303,000 after buying an additional 4,204 shares in the last quarter. Paladin Wealth LLC acquired a new position in Citigroup during the second quarter valued at $242,000. Finally, Financial Management Professionals Inc. raised its position in Citigroup by 15.1% during the second quarter. Financial Management Professionals Inc. now owns 662 shares of the company's stock valued at $93,000 after buying an additional 87 shares during the period. 71.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on C shares. Piper Sandler restated an "overweight" rating and set a $145.00 price objective (up from $125.00) on shares of Citigroup in a research report on Wednesday, April 15th. Bank of America upped their target price on Citigroup from $170.00 to $176.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Citigroup in a research report on Friday, July 17th. Zacks Research upgraded shares of Citigroup from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Finally, Truist Financial lowered their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Citigroup has an average rating of "Moderate Buy" and a consensus price target of $145.22.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup appointed Jean-Baptiste Charlet, previously Morgan Stanley’s head of France, to lead its French operations. The hire may strengthen Citi’s investment-banking and commercial-banking presence in a key European market, although the near-term financial impact is likely limited. Citigroup poaches Charlet from Morgan Stanley to head French arm
• Neutral Sentiment: Citigroup-related entities exited substantial-holder status in Vulcan Energy Resources. This appears to be a portfolio or ownership disclosure rather than a change to Citi’s core operations, and it is unlikely to have a meaningful effect on C shares. Citigroup Group Entities Exit Substantial Holder Status in Vulcan Energy Resources
• Neutral Sentiment: A Citigroup analyst lowered the price target on Micron Technology while retaining a Buy rating, citing slowing memory-price growth and Chinese capacity risks. The report affects Micron directly, but has no immediate earnings implication for Citigroup beyond its role as the research provider. Micron’s Memory Boom Is Heading For A Peak, Analyst Warns

Citigroup Trading Up 0.1%

Shares of NYSE C opened at $135.15 on Tuesday. The stock has a market cap of $230.51 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 0.61 and a beta of 1.12. The business has a 50 day simple moving average of $136.93 and a 200 day simple moving average of $125.03. Citigroup Inc. has a 52 week low of $90.68 and a 52 week high of $147.96. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99.

Citigroup (NYSE:C - Get Free Report) last released 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 $24.77 billion for the quarter, compared to the consensus estimate of $23.74 billion. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The firm's revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.96 earnings per share. On average, research analysts predict that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The firm 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 is a positive change from Citigroup's previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. Citigroup's dividend payout ratio (DPR) is currently 28.94%.

Citigroup announced that its Board of Directors has initiated a share buyback program on Thursday, May 7th that allows the company to repurchase $30.00 billion in shares. This repurchase authorization allows the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

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.

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