Mediolanum International Funds Ltd Boosts Stake in Citigroup Inc. (NYSE:C)

Key Points

• Mediolanum International Funds Ltd increased its stake in Citigroup Inc. by 83.2% during the 1st quarter, owning 268,584 shares worth approximately $18.89 million at quarter's end.
• Recent analysts' reports show a consensus rating of "Moderate Buy" for Citigroup, with ten analysts giving a buy rating and a target price averaging $96.46.
• Citigroup announced an increase in its quarterly dividend to $0.60 per share, reflecting a 2.50% yield and marking an increase from the previous dividend of $0.56.

Mediolanum International Funds Ltd raised its holdings in shares of Citigroup Inc. (NYSE:C - Free Report) by 83.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 268,584 shares of the company's stock after buying an additional 121,970 shares during the period. Mediolanum International Funds Ltd's holdings in Citigroup were worth $18,890,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Orion Capital Management LLC purchased a new stake in shares of Citigroup during the fourth quarter worth about $28,000. MorganRosel Wealth Management LLC bought a new position in shares of Citigroup during the first quarter valued at approximately $28,000. American National Bank & Trust bought a new position in shares of Citigroup during the first quarter valued at approximately $29,000. Mascagni Wealth Management Inc. bought a new position in shares of Citigroup during the fourth quarter valued at approximately $34,000. Finally, Cornerstone Planning Group LLC increased its stake in shares of Citigroup by 68.2% during the first quarter. Cornerstone Planning Group LLC now owns 577 shares of the company's stock valued at $38,000 after purchasing an additional 234 shares in the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Citigroup Stock Up 1.1%

Shares of NYSE C traded up $1.00 during trading hours on Wednesday, hitting $95.48. 3,716,191 shares of the stock were exchanged, compared to its average volume of 15,875,759. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The company has a market cap of $178.34 billion, a PE ratio of 14.10, a PEG ratio of 0.82 and a beta of 1.34. The firm has a fifty day moving average price of $83.13 and a 200-day moving average price of $76.58. Citigroup Inc. has a 12 month low of $53.51 and a 12 month high of $96.90.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.61 by $0.35. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The business had revenue of $21.67 billion for the quarter, compared to analyst estimates of $20.75 billion. During the same quarter in the prior year, the business posted $1.52 EPS. Citigroup's revenue for the quarter was up 8.2% compared to the same quarter last year. On average, sell-side analysts expect that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Monday, August 4th will be paid a $0.60 dividend. The ex-dividend date is Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.51%. This is a positive change from Citigroup's previous quarterly dividend of $0.56. Citigroup's dividend payout ratio is presently 33.09%.

Analyst Ratings Changes

C has been the topic of several research reports. JPMorgan Chase & Co. dropped their target price on shares of Citigroup from $85.50 to $75.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Piper Sandler lifted their price target on shares of Citigroup from $84.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Barclays lifted their price target 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. TD Cowen raised their price objective on shares of Citigroup from $85.00 to $95.00 and gave the company a "hold" rating in a research report on Wednesday, July 16th. Finally, Oppenheimer raised their price objective on shares of Citigroup from $123.00 to $124.00 and gave the company an "outperform" rating in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Citigroup presently has an average rating of "Moderate Buy" and a consensus price target of $96.54.

Insider Buying and Selling at Citigroup

In other news, Director Peter B. Henry sold 3,000 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $90.40, for a total value of $271,200.00. Following the sale, the director owned 2,140 shares in the company, valued at $193,456. This represents a 58.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.08% of the stock is owned by insiders.

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.