Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Position in Citigroup Inc. (NYSE:C)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Citigroup by 10.8%, acquiring an additional 324,987 shares and holding a total of 3,347,540 shares valued at approximately $237.64 million.
• Citigroup reported earnings of $1.96 per share, surpassing analysts' expectations of $1.61, and indicated a revenue increase of 8.2% year-over-year for the quarter.
• The company announced a quarterly dividend increase to $0.60, set to be paid on August 22nd, reflecting a commitment to returning value to shareholders.

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Citigroup Inc. (NYSE:C - Free Report) by 10.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,347,540 shares of the company's stock after purchasing an additional 324,987 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Citigroup worth $237,642,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its holdings in Citigroup by 2.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 38,561,690 shares of the company's stock valued at $2,714,359,000 after purchasing an additional 815,003 shares during the last quarter. Capital World Investors grew its stake in Citigroup by 455.2% in the fourth quarter. Capital World Investors now owns 31,352,582 shares of the company's stock valued at $2,206,908,000 after acquiring an additional 25,705,141 shares during the period. Northern Trust Corp grew its stake in Citigroup by 13.9% in the fourth quarter. Northern Trust Corp now owns 20,232,550 shares of the company's stock valued at $1,424,169,000 after acquiring an additional 2,467,958 shares during the period. Goldman Sachs Group Inc. grew its stake in Citigroup by 179.5% in the first quarter. Goldman Sachs Group Inc. now owns 14,534,297 shares of the company's stock valued at $1,031,790,000 after acquiring an additional 9,334,038 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in Citigroup by 0.3% in the fourth quarter. Nuveen Asset Management LLC now owns 13,454,775 shares of the company's stock valued at $947,082,000 after acquiring an additional 46,646 shares during the period. Institutional investors and hedge funds own 71.72% of the company's stock.

Insider Buying and Selling at Citigroup

In other news, Director Peter B. Henry sold 3,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $193,456. This represents a 58.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on C. Evercore ISI set a $77.00 target price on Citigroup in a report on Monday, July 7th. Oppenheimer upped their price objective on Citigroup from $123.00 to $124.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Truist Financial upped their price objective on Citigroup from $93.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Barclays upped their price objective on Citigroup from $95.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, Dbs Bank upgraded Citigroup from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $96.54.

Citigroup Price Performance

Shares of C stock traded down $0.37 on Monday, reaching $92.36. The company's stock had a trading volume of 6,771,009 shares, compared to its average volume of 15,813,874. 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 Inc. has a 12-month low of $55.51 and a 12-month high of $96.90. The company has a market capitalization of $170.03 billion, a P/E ratio of 13.63, a PEG ratio of 0.80 and a beta of 1.38. The stock's 50 day simple moving average is $86.07 and its 200-day simple moving average is $77.34.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, July 15th. The company reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.61 by $0.35. The business had revenue of $21.67 billion for the quarter, compared to analysts' expectations of $20.75 billion. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. The firm's revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.52 earnings per share. As a group, equities analysts predict that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Increases Dividend

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

Citigroup 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.