Manning & Napier Advisors LLC Has $18.77 Million Stock Holdings in Citigroup Inc. $C

Key Points

• Manning & Napier Advisors cut its Citigroup stake by 9.9% in the fourth quarter, selling 17,660 shares and leaving it with 160,154 shares valued at about $18.77 million.
• Citigroup reported strong quarterly results, with $3.06 EPS versus expectations of $2.63 and revenue of $24.63 billion, both above analyst forecasts and up 14.1% from a year earlier.
• The bank announced a $30 billion share buyback and a quarterly dividend of $0.60 per share, while analysts have mostly kept bullish ratings with a consensus Moderate Buy and a price target of $137.62.

Manning & Napier Advisors LLC lowered its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 9.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 160,154 shares of the company's stock after selling 17,660 shares during the period. Manning & Napier Advisors LLC's holdings in Citigroup were worth $18,772,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Elmwood Wealth Management Inc. raised its stake in Citigroup by 1.3% during the 4th quarter. Elmwood Wealth Management Inc. now owns 6,845 shares of the company's stock worth $799,000 after buying an additional 85 shares during the period. Park Place Capital Corp boosted its holdings in Citigroup by 16.7% in the fourth quarter. Park Place Capital Corp now owns 595 shares of the company's stock worth $69,000 after acquiring an additional 85 shares in the last quarter. D.B. Root & Company LLC grew its stake in Citigroup by 2.8% in the fourth quarter. D.B. Root & Company LLC now owns 3,191 shares of the company's stock valued at $372,000 after acquiring an additional 87 shares during the period. N.E.W. Advisory Services LLC increased its holdings in shares of Citigroup by 14.9% during the fourth quarter. N.E.W. Advisory Services LLC now owns 703 shares of the company's stock valued at $82,000 after acquiring an additional 91 shares in the last quarter. Finally, LeConte Wealth Management LLC increased its holdings in shares of Citigroup by 3.9% during the fourth quarter. LeConte Wealth Management LLC now owns 2,502 shares of the company's stock valued at $292,000 after acquiring an additional 94 shares in the last quarter. Institutional investors own 71.72% of the company's stock.

Citigroup Stock Down 2.8%

Shares of NYSE:C opened at $125.52 on Friday. The stock has a market cap of $215.26 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 0.58 and a beta of 1.14. The company has a quick ratio of 1.00, a current ratio of 0.99 and a debt-to-equity ratio of 1.59. Citigroup Inc. has a 12-month low of $71.29 and a 12-month high of $135.29. The business's 50 day moving average is $117.98 and its 200 day moving average is $113.01.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, beating analysts' consensus estimates of $2.63 by $0.43. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The business had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. During the same period in the prior year, the firm posted $1.96 EPS. Citigroup's quarterly revenue was up 14.1% compared to the same quarter last year. On average, sell-side analysts forecast that Citigroup Inc. will post 10.65 earnings per share for the current fiscal year.

Citigroup Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Monday, May 4th will be issued a $0.60 dividend. The ex-dividend date is Monday, May 4th. This represents a $2.40 annualized dividend and a dividend yield of 1.9%. Citigroup's dividend payout ratio is currently 29.74%.

Citigroup announced that its Board of Directors has approved a share buyback plan on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to repurchase up to 13.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

C has been the topic of a number of recent research reports. Evercore set a $139.00 target price on Citigroup in a report on Wednesday, April 15th. Keefe, Bruyette & Woods boosted their price target on shares of Citigroup from $140.00 to $153.00 and gave the company an "outperform" rating in a research note on Friday. Wall Street Zen upgraded shares of Citigroup from a "hold" rating to a "buy" rating in a report on Saturday. Wells Fargo & Company raised their price objective on shares of Citigroup from $160.00 to $162.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. Finally, Morgan Stanley lifted their price objective on shares of Citigroup from $140.00 to $144.00 and gave the company an "overweight" rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Citigroup currently has a consensus rating of "Moderate Buy" and a consensus price target of $137.62.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup unveiled a new $30 billion share buyback plan, a strong signal that management sees the stock as undervalued and has confidence in its capital position. RTT News
• Positive Sentiment: The company set a profitability target of 11% to 13% adjusted return on tangible common equity for 2027-2028, with further improvement expected by 2031, reinforcing the turnaround story. Reuters
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on Citigroup to $153 from $140 and kept an outperform rating, showing Wall Street still sees meaningful upside. Benzinga
• Neutral Sentiment: CEO Jane Fraser said the global economy remains resilient, but warned that the market may not yet fully understand the second- and third-order effects of the Iran war and ongoing inflation pressures. YouTube/CNBC
• Negative Sentiment: Some investors viewed the new profit targets as too modest, suggesting Citigroup may still trail peers longer than hoped despite the overhaul. Quartz

Insider Transactions at Citigroup

In other Citigroup news, insider Cantu Ernesto Torres sold 43,173 shares of the company's stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $111.09, for a total value of $4,796,088.57. Following the completion of the sale, the insider directly owned 45,835 shares of the company's stock, valued at approximately $5,091,810.15. This represents a 48.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the completion of the sale, the insider owned 182,022 shares of the company's stock, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 92,318 shares of company stock worth $10,764,814 over the last three months. 0.11% of the stock is owned by insiders.

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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