iA Global Asset Management Inc. Invests $816,000 in Citigroup Inc. (NYSE:C)

Key Points

• iA Global Asset Management Inc. has invested approximately $816,000 in Citigroup Inc., acquiring 11,501 shares during the first quarter.
• Citigroup recently declared a quarterly dividend of $0.60 per share, which represents an increase from the previous dividend of $0.56 and a yield of 2.6%.
• Citigroup's stock is currently rated a "Moderate Buy" by analysts, with a consensus target price of $96.54.

iA Global Asset Management Inc. acquired a new position in shares of Citigroup Inc. (NYSE:C - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 11,501 shares of the company's stock, valued at approximately $816,000.

Several other institutional investors have also made changes to their positions in C. Orion Capital Management LLC bought a new stake in shares of Citigroup in the fourth quarter valued at approximately $28,000. MorganRosel Wealth Management LLC acquired a new position in Citigroup during the first quarter valued at approximately $28,000. American National Bank & Trust acquired a new position in Citigroup during the first quarter valued at approximately $29,000. Accent Capital Management LLC raised its position in Citigroup by 106.0% during the first quarter. Accent Capital Management LLC now owns 412 shares of the company's stock valued at $29,000 after purchasing an additional 212 shares in the last quarter. Finally, Mascagni Wealth Management Inc. acquired a new position in Citigroup during the fourth quarter valued at approximately $34,000. 71.72% of the stock is currently owned by institutional investors.

Citigroup Stock Performance

Shares of Citigroup stock opened at $92.24 on Thursday. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. Citigroup Inc. has a twelve month low of $55.51 and a twelve month high of $96.90. The stock has a market cap of $172.28 billion, a price-to-earnings ratio of 13.63, a P/E/G ratio of 0.79 and a beta of 1.38. The company's fifty day moving average is $85.40 and its 200 day moving average is $77.25.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.35. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The company had revenue of $21.67 billion for the quarter, compared to analysts' expectations of $20.75 billion. During the same quarter in the previous year, the firm posted $1.52 earnings per share. Citigroup's revenue for the quarter was up 8.2% on a year-over-year basis. Sell-side analysts forecast that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 4th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Monday, August 4th. This is an increase from Citigroup's previous quarterly dividend of $0.56. Citigroup's dividend payout ratio (DPR) is 35.45%.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

C has been the subject of several research analyst reports. Morgan Stanley boosted their price objective on shares of Citigroup from $103.00 to $107.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Truist Financial boosted their price objective on shares of Citigroup from $93.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Evercore ISI set a $77.00 price objective on shares of Citigroup in a research report on Monday, July 7th. Piper Sandler boosted their price objective on shares of Citigroup from $84.00 to $104.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company upped their price target on shares of Citigroup from $110.00 to $115.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, Citigroup currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.54.

About Citigroup

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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