Hodges Capital Management Inc. Raises Position in Citigroup Inc. $C

Key Points

• Hodges Capital Management Inc. significantly increased its stake in Citigroup Inc. by 747.0% during the first quarter, owning a total of 61,170 shares valued at approximately $4.34 million.
• Citigroup recently announced a quarterly dividend increase from $0.56 to $0.60, representing an annualized yield of 2.4% and a dividend payout ratio of 35.45%.
• Analysts have raised their price targets for Citigroup, with recommendations shifting towards a "buy" rating, reflecting a consensus target price of $96.96.

Hodges Capital Management Inc. raised its stake in Citigroup Inc. (NYSE:C - Free Report) by 747.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,170 shares of the company's stock after purchasing an additional 53,948 shares during the quarter. Hodges Capital Management Inc.'s holdings in Citigroup were worth $4,342,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Citigroup by 6.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 41,101,459 shares of the company's stock worth $2,917,794,000 after purchasing an additional 2,539,769 shares during the last quarter. Northern Trust Corp raised its stake in shares of Citigroup by 1.0% in the first quarter. Northern Trust Corp now owns 20,427,563 shares of the company's stock worth $1,450,153,000 after purchasing an additional 195,013 shares during the last quarter. Invesco Ltd. raised its stake in shares of Citigroup by 3.6% in the first quarter. Invesco Ltd. now owns 16,839,915 shares of the company's stock worth $1,195,466,000 after purchasing an additional 592,820 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Citigroup by 179.5% in the first quarter. Goldman Sachs Group Inc. now owns 14,534,297 shares of the company's stock worth $1,031,790,000 after purchasing an additional 9,334,038 shares during the last quarter. Finally, Amundi raised its stake in shares of Citigroup by 78.4% in the first quarter. Amundi now owns 13,713,517 shares of the company's stock worth $973,523,000 after purchasing an additional 6,026,268 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Citigroup Price Performance

C opened at $98.79 on Friday. The firm has a market cap of $181.86 billion, a P/E ratio of 14.59, a PEG ratio of 0.83 and a beta of 1.41. The firm has a 50-day moving average of $93.41 and a 200 day moving average of $79.72. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.99 and a current ratio of 0.99. Citigroup Inc. has a fifty-two week low of $55.51 and a fifty-two week high of $99.04.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.61 by $0.35. Citigroup had a return on equity of 7.29% and a net margin of 8.44%.The business had revenue of $21.67 billion during the quarter, compared to the consensus estimate of $20.75 billion. During the same period last year, the business posted $1.52 earnings per share. The business's revenue for the quarter was up 8.2% on a year-over-year basis. Citigroup has set its FY 2025 guidance at EPS. On average, research analysts expect that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 4th were given a $0.60 dividend. This is an increase from Citigroup's previous quarterly dividend of $0.56. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, August 4th. Citigroup's dividend payout ratio (DPR) is 35.45%.

Insider Transactions at Citigroup

In other Citigroup news, Director Peter B. Henry sold 3,000 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total value of $271,200.00. Following the completion of the sale, the director directly owned 2,140 shares of the company's stock, valued at $193,456. This trade represents a 58.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

C has been the subject of several analyst reports. Bank of America increased their price objective on Citigroup from $89.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Truist Financial upped their target price on Citigroup from $99.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. The Goldman Sachs Group increased their price target on Citigroup from $85.00 to $96.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Wall Street Zen raised Citigroup from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Dbs Bank upgraded Citigroup from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Ten investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.96.

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.

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