LGT Fund Management Co Ltd. Acquires 17,641 Shares of Citigroup Inc. $C

Key Points

• LGT Fund Management Co Ltd. increased its Citigroup stake by 152.9% in the first quarter, buying 17,641 more shares and bringing its total to 29,180 shares worth about $3.3 million.
• Citigroup reported strong Q1 earnings, with EPS of $3.06 beating estimates and revenue of $24.63 billion topping forecasts, while revenue rose 14.1% year over year.
• The company’s board approved a $30 billion share buyback program, and analysts remain generally constructive with a Moderate Buy consensus and a $145 target price.

LGT Fund Management Co Ltd. raised its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 152.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,180 shares of the company's stock after purchasing an additional 17,641 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Citigroup were worth $3,309,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of C. Whipplewood Advisors LLC bought a new stake in Citigroup in the first quarter valued at $25,000. Mcguire Capital Advisors Inc. bought a new position in shares of Citigroup during the fourth quarter valued at $25,000. Richards Merrill & Peterson Inc. acquired a new stake in shares of Citigroup in the 4th quarter valued at $28,000. TD Capital Management LLC bought a new stake in shares of Citigroup in the 4th quarter worth about $28,000. Finally, Luken Investment Analytics LLC bought a new stake in shares of Citigroup in the 4th quarter worth about $32,000. 71.72% of the stock is owned by institutional investors and hedge funds.

Citigroup Price Performance

Shares of C stock opened at $140.67 on Monday. Citigroup Inc. has a 1 year low of $85.61 and a 1 year high of $147.96. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. The firm's 50 day moving average is $133.71 and its 200-day moving average is $122.88. The firm has a market capitalization of $239.92 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 0.66 and a beta of 1.11.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating analysts' consensus estimates of $2.63 by $0.43. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. During the same quarter last year, the business posted $1.96 earnings per share. Citigroup's revenue for the quarter was up 14.1% compared to the same quarter last year. Sell-side analysts forecast that Citigroup Inc. will post 10.89 EPS for the current fiscal year.

Citigroup announced that its board has approved a share repurchase program on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to reacquire up to 13.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Citigroup

In other news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the sale, the director directly owned 12,194 shares of the company's stock, valued at approximately $1,527,908.20. This trade represents a 14.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Edward Skyler sold 25,000 shares of the business's stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value 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 position. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by company insiders.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi is expected to collect about $70 million in fees from the SK Hynix listing, underscoring strength in its capital markets and advisory franchise. Article Title
• Positive Sentiment: Multiple pieces this week describe Citigroup (C) as one of the stronger large-bank names ahead of earnings, supported by resilient trading activity, investment banking momentum, and loan demand. Article Title
• Positive Sentiment: Analyst commentary and TV mentions have also kept Citi in the spotlight as a favored bank stock, suggesting continued institutional confidence in the name. Article Title
• Positive Sentiment: Earlier coverage said Citi’s Q1 results were the strongest among diversified banks, reinforcing the view that the company is executing well relative to peers. Article Title
• Neutral Sentiment: Citi also announced that SCB is now live with its 24/7 USD Clearing and Citi Token Services, a constructive step in digital payments infrastructure, but not a near-term earnings driver. Article Title

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on C shares. Oppenheimer downgraded shares of Citigroup from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 price objective (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. UBS Group raised their price objective on shares of Citigroup from $134.00 to $150.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Bank of America lifted their target price on shares of Citigroup from $170.00 to $176.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Finally, Barclays boosted their target price on Citigroup from $146.00 to $154.00 and gave the stock an "overweight" rating in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Citigroup currently has a consensus rating of "Moderate Buy" and a consensus target price of $145.00.

Citigroup Company Profile

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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