Manhattan West Asset Management LLC Boosts Stake in Citigroup Inc. (NYSE:C)

Key Points

• Manhattan West Asset Management LLC increased its holdings in Citigroup by 5.9%, acquiring an additional 4,108 shares, bringing its total to 73,576 shares valued at $5.2 million.
• Citigroup recently raised its quarterly dividend from $0.56 to $0.60, yielding 2.6%, with the ex-dividend date set for August 4th.
• Several brokerages have upgraded Citigroup's price targets, with Barclays setting a new target at $100.00 and Morgan Stanley at $107.00, reflecting strong analyst confidence in the stock.

Manhattan West Asset Management LLC grew its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 5.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,576 shares of the company's stock after acquiring an additional 4,108 shares during the period. Citigroup comprises about 1.3% of Manhattan West Asset Management LLC's holdings, making the stock its 20th biggest position. Manhattan West Asset Management LLC's holdings in Citigroup were worth $5,223,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of C. Orion Capital Management LLC acquired a new stake in shares of Citigroup during the 4th quarter valued at approximately $28,000. MorganRosel Wealth Management LLC acquired a new position in shares of Citigroup during the 1st quarter worth approximately $28,000. American National Bank & Trust acquired a new position in shares of Citigroup during the 1st quarter worth approximately $29,000. Accent Capital Management LLC raised its position in shares of Citigroup by 106.0% during the 1st quarter. Accent Capital Management LLC now owns 412 shares of the company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Citigroup during the 4th quarter worth approximately $34,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Citigroup Trading Up 1.7%

Shares of NYSE C traded up $1.56 during trading on Friday, hitting $92.79. 10,764,944 shares of the company traded hands, compared to its average volume of 17,127,052. Citigroup Inc. has a 1 year low of $55.51 and a 1 year high of $96.90. The company has a 50-day moving average price of $86.07 and a 200-day moving average price of $77.34. The firm has a market capitalization of $170.82 billion, a P/E ratio of 13.71, a P/E/G ratio of 0.80 and a beta of 1.38. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.61.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $20.75 billion. During the same period in the previous year, the company earned $1.52 EPS. The business's quarterly revenue was up 8.2% compared to the same quarter last year. On average, equities analysts predict 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. Investors of record on Monday, August 4th will be given a dividend of $0.60 per share. This is a positive change from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. Citigroup's dividend payout ratio is currently 35.45%.

Insiders Place Their Bets

In related news, Director Peter B. Henry sold 3,000 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were 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 of the company's stock, valued at approximately $193,456. This represents a 58.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Royal Bank Of Canada cut their price objective on Citigroup from $85.00 to $78.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Oppenheimer lifted their price objective on Citigroup from $123.00 to $124.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded Citigroup from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Barclays lifted their target price on shares of Citigroup from $95.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Finally, The Goldman Sachs Group lifted their target price on shares of Citigroup from $85.00 to $96.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $96.54.

Citigroup Company 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.