Norden Group LLC Decreases Stock Holdings in Citigroup Inc. (NYSE:C)

Key Points

• Norden Group LLC reduced its holdings in Citigroup Inc. by 17.7%, selling 4,203 shares to own 19,564 shares worth approximately $1.39 million.
• Several hedge funds, including HB Wealth Management LLC, have increased their positions in Citigroup, with HB Wealth Management boosting its holdings by 47.3%.
• Citigroup recently announced a quarterly dividend increase to $0.60 per share, representing an annualized yield of 2.51%, up from the previous amount of $0.56.

Norden Group LLC trimmed its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 17.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,564 shares of the company's stock after selling 4,203 shares during the quarter. Norden Group LLC's holdings in Citigroup were worth $1,389,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of C. Prosperity Consulting Group LLC raised its position in shares of Citigroup by 1.0% in the 1st quarter. Prosperity Consulting Group LLC now owns 17,940 shares of the company's stock valued at $1,274,000 after purchasing an additional 183 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its position in shares of Citigroup by 1.1% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 16,875 shares of the company's stock valued at $1,198,000 after purchasing an additional 189 shares during the last quarter. Empirical Finance LLC raised its position in shares of Citigroup by 1.3% in the 1st quarter. Empirical Finance LLC now owns 67,266 shares of the company's stock valued at $4,775,000 after purchasing an additional 888 shares during the last quarter. TD Asset Management Inc raised its position in shares of Citigroup by 4.9% in the 1st quarter. TD Asset Management Inc now owns 1,121,600 shares of the company's stock valued at $79,622,000 after purchasing an additional 51,896 shares during the last quarter. Finally, HB Wealth Management LLC raised its position in shares of Citigroup by 47.3% in the 1st quarter. HB Wealth Management LLC now owns 71,796 shares of the company's stock valued at $5,097,000 after purchasing an additional 23,065 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 4,417 shares of Citigroup stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $68.26, for a total value of $301,504.42. Following the sale, the director owned 13,048 shares of the company's stock, valued at approximately $890,656.48. This trade represents a 25.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter B. Henry sold 3,000 shares of Citigroup stock in a transaction on 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 $193,456. This represents a 58.37% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on C. Evercore ISI set a $77.00 price objective on shares of Citigroup in a research report on Monday, July 7th. Piper Sandler increased their price objective on shares of Citigroup from $84.00 to $104.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Barclays raised their price target on shares of Citigroup from $95.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Wall Street Zen raised shares of Citigroup from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Cowen started coverage on shares of Citigroup in a research report on Wednesday, May 14th. They set a "hold" rating for the company. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $96.46.

Citigroup Price Performance

Shares of NYSE C opened at $95.57 on Tuesday. The stock has a market capitalization of $178.50 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 0.83 and a beta of 1.34. Citigroup Inc. has a 12 month low of $53.51 and a 12 month high of $96.90. The firm's 50 day simple moving average is $82.75 and its 200-day simple moving average is $76.46. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The company reported $1.96 EPS for the quarter, topping 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 net margin of 8.44% and a return on equity of 7.29%. The business's revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the company earned $1.52 EPS. Analysts expect that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Monday, August 4th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a yield of 2.51%. This is a boost from Citigroup's previous quarterly dividend of $0.56. Citigroup's dividend payout ratio (DPR) is currently 33.09%.

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.

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