North Dakota State Investment Board Takes Position in Citigroup Inc. $C

Key Points

• North Dakota State Investment Board opened a new position in Citigroup during the fourth quarter, buying 62,606 shares worth about $7.3 million.
• Citigroup reported better-than-expected first-quarter earnings, with EPS of $3.06 versus $2.63 expected and revenue of $24.63 billion, up 14.1% year over year.
• The bank’s board approved a $30 billion share repurchase program and declared a quarterly dividend of $0.60 per share, reflecting continued capital returns to shareholders.

North Dakota State Investment Board acquired a new stake in shares of Citigroup Inc. (NYSE:C - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 62,606 shares of the company's stock, valued at approximately $7,305,000.

A number of other hedge funds also recently bought and sold shares of C. Brighton Jones LLC increased its holdings in Citigroup by 166.9% during the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock valued at $1,407,000 after purchasing an additional 12,499 shares during the period. Sivia Capital Partners LLC raised its holdings in shares of Citigroup by 20.5% during the second quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company's stock valued at $835,000 after acquiring an additional 1,669 shares in the last quarter. United Bank bought a new position in shares of Citigroup during the second quarter valued at approximately $972,000. Osterweis Capital Management Inc. raised its holdings in shares of Citigroup by 3,016.7% during the second quarter. Osterweis Capital Management Inc. now owns 935 shares of the company's stock valued at $80,000 after acquiring an additional 905 shares in the last quarter. Finally, HUB Investment Partners LLC raised its holdings in shares of Citigroup by 26.9% during the second quarter. HUB Investment Partners LLC now owns 15,287 shares of the company's stock valued at $1,301,000 after acquiring an additional 3,238 shares in the last quarter. Hedge funds and other institutional investors own 71.72% of the company's stock.

Citigroup Price Performance

C opened at $123.39 on Monday. The stock has a fifty day simple moving average of $119.50 and a two-hundred day simple moving average of $114.13. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. The company has a market cap of $210.46 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 0.55 and a beta of 1.14. Citigroup Inc. has a 12-month low of $71.65 and a 12-month high of $135.29.

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

Citigroup announced that its board has approved a stock repurchase plan on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 13.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its stock is undervalued.

Citigroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Monday, May 4th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, May 4th. This represents a $2.40 annualized dividend and a dividend yield of 1.9%. Citigroup's dividend payout ratio (DPR) is 29.74%.

Insider Buying and Selling at Citigroup

In related news, insider Edward Skyler sold 25,000 shares of the stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the sale, the insider directly owned 182,022 shares of the company's stock, valued at $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the sale, the director directly owned 12,194 shares in the company, valued at $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Jefferies Financial Group assumed coverage on Citigroup in a report on Thursday, March 26th. They set a "buy" rating and a $135.00 target price for the company. Wall Street Zen upgraded Citigroup from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Zacks Research downgraded Citigroup from a "strong-buy" rating to a "hold" rating in a report on Friday, February 20th. Barclays upped their target price on Citigroup from $146.00 to $154.00 and gave the company an "overweight" rating in a report on Wednesday, April 15th. Finally, Truist Financial set a $147.00 target price on Citigroup in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Citigroup currently has an average rating of "Moderate Buy" and an average price target of $137.62.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup plans to increase headcount in its Asia-Pacific prime brokerage business by about 10%, signaling confidence in rising hedge fund activity and an opportunity to capture more trading and financing revenue. Article: C to Expand Asia Prime Brokerage Team by 10%, Eyes Hedge Fund Growth
• Positive Sentiment: Separate reports suggest Citigroup is continuing to push its Asia expansion strategy, including potential licensing progress in China and a broader push to strengthen its regional investment-banking and markets presence. Article: Citigroup to Get License for Wholly Owned China Securities Firm as CEO Joins Trump Visit
• Positive Sentiment: Citigroup has also been highlighted in analysis for adopting AI in ways that may generate returns, reinforcing the view that the bank’s technology investments could help support efficiency and profitability. Article: Citigroup: Not Only Adopting AI But Also Generating Returns
• Neutral Sentiment: Bloomberg reported that Citi said African borrowers are becoming more creative in debt sales, which is informative on market conditions but does not clearly change the near-term earnings picture. Article: Citi Says African Borrowers Are Turning Creative on Debt Sales
• Negative Sentiment: Some investors remain focused on whether Citigroup can sustain its post-earnings momentum, with recent commentary noting the stock has already pulled back from the strong rally seen after its latest quarterly results. Article: After a 63.3% Surge in a Year, Is C Stock Worth Holding on to Now?

Citigroup Company Profile

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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