Harvest Fund Management Co. Ltd Lowers Stock Holdings in Citigroup Inc. (NYSE:C)

Key Points

• Harvest Fund Management Co. Ltd reduced its stake in Citigroup by 33.4%, selling 3,230 shares, and now holds 6,432 shares valued at approximately $457,000.
• Citigroup recently declared a quarterly dividend of $0.60 per share, up from the previous $0.56, representing an annual yield of 2.50%.
• Analysts expect Citigroup's earnings per share (EPS) to reach $7.53 for the current year, with a consensus rating of Moderate Buy and a price target of $96.54.

Harvest Fund Management Co. Ltd lessened its holdings in Citigroup Inc. (NYSE:C - Free Report) by 33.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,432 shares of the company's stock after selling 3,230 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Citigroup were worth $457,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Orion Capital Management LLC bought a new stake in Citigroup during the fourth quarter worth about $28,000. MorganRosel Wealth Management LLC bought a new stake in Citigroup during the first quarter worth about $28,000. American National Bank & Trust bought a new stake in Citigroup during the first quarter worth about $29,000. Mascagni Wealth Management Inc. bought a new stake in Citigroup during the fourth quarter worth about $34,000. Finally, Whipplewood Advisors LLC lifted its position in Citigroup by 79.2% during the first quarter. Whipplewood Advisors LLC now owns 570 shares of the company's stock worth $40,000 after purchasing an additional 252 shares during the period. Institutional investors own 71.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Morgan Stanley increased their target price on shares of Citigroup from $103.00 to $107.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Truist Financial increased their target price on shares of Citigroup from $93.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Barclays increased their target price on shares of Citigroup from $95.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. TD Cowen increased their target price on shares of Citigroup from $85.00 to $95.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Finally, Cowen assumed coverage on shares of Citigroup in a report on Wednesday, May 14th. They issued a "hold" rating for the company. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.54.

Insider Activity

In related news, Director Peter B. Henry sold 3,000 shares of the business's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total transaction of $271,200.00. Following the transaction, the director directly owned 2,140 shares in the company, valued at $193,456. The trade was a 58.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.08% of the company's stock.

Citigroup Price Performance

Shares of NYSE:C traded down $1.86 during trading on Friday, hitting $91.84. 17,720,586 shares of the company's stock were exchanged, compared to its average volume of 15,836,717. The business's 50-day simple moving average is $84.36 and its 200 day simple moving average is $76.98. Citigroup Inc. has a 52-week low of $53.51 and a 52-week high of $96.90. The company has a market cap of $171.53 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 0.81 and a beta of 1.38. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98.

Citigroup (NYSE:C - Get Free Report) last announced its earnings results on Tuesday, July 15th. The company reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.61 by $0.35. The firm had revenue of $21.67 billion during the quarter, compared to analysts' expectations of $20.75 billion. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. The company's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.52 EPS. As a group, equities analysts predict that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Monday, August 4th will be issued a $0.60 dividend. The ex-dividend date is Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from Citigroup's previous quarterly dividend of $0.56. Citigroup's dividend payout ratio (DPR) is 33.09%.

Citigroup Profile

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.