Morton Community Bank Takes $3.08 Million Position in Citigroup Inc. (NYSE:C)

Key Points

• Morton Community Bank has acquired a new stake in Citigroup Inc., purchasing 43,439 shares valued at approximately $3,084,000.
• Citigroup recently increased its quarterly dividend from $0.56 to $0.60 per share, representing a 2.6% yield and a dividend payout ratio of 35.45%.
• Analysts have positive expectations for Citigroup, with target prices raised by multiple firms, including Bank of America and Morgan Stanley, reflecting a consensus rating of "Moderate Buy" and a target price of $96.54.

Morton Community Bank acquired a new position in Citigroup Inc. (NYSE:C - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 43,439 shares of the company's stock, valued at approximately $3,084,000.

A number of other institutional investors have also made changes to their positions in C. Orion Capital Management LLC acquired a new position in Citigroup during the fourth quarter worth $28,000. MorganRosel Wealth Management LLC acquired a new position in shares of Citigroup in the first quarter valued at $28,000. American National Bank & Trust acquired a new position in shares of Citigroup in the first quarter valued at $29,000. Accent Capital Management LLC increased its holdings in shares of Citigroup by 106.0% in the first quarter. Accent Capital Management LLC now owns 412 shares of the company's stock valued at $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 in the fourth quarter valued at $34,000. Institutional investors own 71.72% of the company's stock.

Insider Activity 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 value of $271,200.00. Following the completion of the transaction, the director owned 2,140 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. Company insiders own 0.08% of the company's stock.

Citigroup Price Performance

Shares of C stock traded up $1.56 on Friday, reaching $92.79. The company had a trading volume of 10,764,944 shares, compared to its average volume of 17,101,220. The stock has a market capitalization of $170.82 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 0.80 and a beta of 1.38. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. Citigroup Inc. has a one year low of $55.51 and a one year high of $96.90. The business's 50-day moving average is $86.07 and its 200 day moving average is $77.38.

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

Citigroup Increases Dividend

The business 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 $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. This is an increase from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, August 4th. Citigroup's dividend payout ratio (DPR) is currently 35.45%.

Analysts Set New Price Targets

Several research firms have commented on C. Piper Sandler upped their price objective on shares of Citigroup from $84.00 to $104.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Dbs Bank upgraded shares of Citigroup from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Keefe, Bruyette & Woods reiterated a "buy" rating on shares of Citigroup in a report on Wednesday, July 16th. Cowen began coverage on shares of Citigroup in a report on Wednesday, May 14th. They issued a "hold" rating on the stock. Finally, Bank of America boosted their target price on shares of Citigroup from $89.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.54.

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.