NewEdge Wealth LLC Has $4.41 Million Stock Position in Citigroup Inc. $C

Key Points

• NewEdge Wealth LLC increased its Citigroup stake by 50.6% in the fourth quarter, ending with 37,813 shares valued at about $4.41 million.
• Several major firms also added to Citigroup, and institutional investors now own 71.72% of the bank’s shares, signaling continued broad interest from large holders.
• Analysts remain constructive on Citigroup, with recent price-target hikes from firms like Morgan Stanley, Wells Fargo, Piper Sandler, and Goldman Sachs; the stock currently carries a Moderate Buy consensus and average target of $137.62.

NewEdge Wealth LLC grew its stake in Citigroup Inc. (NYSE:C - Free Report) by 50.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 37,813 shares of the company's stock after purchasing an additional 12,704 shares during the quarter. NewEdge Wealth LLC's holdings in Citigroup were worth $4,412,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Citigroup by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock valued at $19,048,467,000 after purchasing an additional 4,938,923 shares during the period. Capital World Investors raised its stake in Citigroup by 6.5% during the 3rd quarter. Capital World Investors now owns 47,262,626 shares of the company's stock worth $4,797,292,000 after buying an additional 2,871,074 shares during the period. Fisher Asset Management LLC raised its stake in Citigroup by 2.7% during the 3rd quarter. Fisher Asset Management LLC now owns 33,040,513 shares of the company's stock worth $3,353,612,000 after buying an additional 879,056 shares during the period. Franklin Resources Inc. raised its stake in Citigroup by 1.8% during the 3rd quarter. Franklin Resources Inc. now owns 32,870,559 shares of the company's stock worth $3,336,362,000 after buying an additional 580,027 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Citigroup by 17.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 28,125,995 shares of the company's stock worth $2,854,788,000 after buying an additional 4,211,099 shares during the period. Institutional investors and hedge funds own 71.72% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Morgan Stanley raised their price objective on Citigroup from $140.00 to $144.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Wells Fargo & Company raised their price objective on Citigroup from $160.00 to $162.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $139.00 price objective on shares of Citigroup in a research note on Wednesday, April 15th. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 price objective (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. Finally, The Goldman Sachs Group raised their price objective on Citigroup from $137.00 to $151.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $137.62.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup strategists said U.S. stock market outperformance, led by a narrow group of large-cap tech names, still has room to run. That view can be favorable for Citigroup’s trading and investment-banking activity if equity markets remain resilient. Citi’s Manthey Says US Stock Outperformance Has Further to Run
• Positive Sentiment: Citigroup was highlighted by Investors.com as being in a “buy zone,” with a bullish options spread described as attractive. That kind of commentary can support sentiment around the stock. With Citigroup In A Buy Zone, This Bullish Spread Looks Attractive
• Neutral Sentiment: Goldman Sachs and Bank of America pushed back expectations for Federal Reserve rate cuts after stronger jobs and inflation data. A more “higher-for-longer” rate environment is mixed for Citigroup, as it can support net interest income but also keep pressure on credit conditions and borrowing demand. Goldman, BofA Delay Fed Cut Calls After ‘Last Straw’ Jobs Data
• Neutral Sentiment: Citigroup’s recent earnings backdrop remains constructive, with the bank having beaten quarterly EPS and revenue estimates previously. That supports the stock’s broader uptrend, though it is not fresh news.

Citigroup Price Performance

C stock opened at $125.85 on Tuesday. The stock has a 50-day moving average price of $118.40 and a two-hundred day moving average price of $113.39. The stock has a market cap of $215.81 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 0.56 and a beta of 1.14. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. Citigroup Inc. has a 1 year low of $71.65 and a 1 year high of $135.29.

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

Citigroup Dividend Announcement

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

Citigroup declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in shares. This repurchase authorization authorizes the company to buy up to 13.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Citigroup

In other Citigroup news, insider Cantu Ernesto Torres sold 43,173 shares of the stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $111.09, for a total transaction of $4,796,088.57. Following the completion of the transaction, the insider owned 45,835 shares in the company, valued at approximately $5,091,810.15. This represents a 48.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value of $3,285,250.00. Following the transaction, 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. In the last quarter, insiders have sold 92,318 shares of company stock valued at $10,764,814. Corporate insiders own 0.11% of the company's stock.

About Citigroup

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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