Northside Capital Management LLC Reduces Holdings in Citigroup Inc. $C

Key Points

• Northside Capital Management cut its Citigroup stake by 28.4% in the second quarter, selling 34,091 shares and retaining 85,841 shares valued at approximately $12.0 million. Institutional investors own 71.72% of Citigroup.
• Citigroup reported strong quarterly results, with EPS of $3.15 versus the $2.74 consensus and revenue of $24.77 billion, up 14.5% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $145.22.
• The bank increased its quarterly dividend to $0.67 per share and authorized a $30 billion share-repurchase program, allowing buybacks of up to 13.7% of outstanding shares.

Northside Capital Management LLC trimmed its holdings in shares of Citigroup Inc. (NYSE:C - Free Report) by 28.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 85,841 shares of the company's stock after selling 34,091 shares during the quarter. Northside Capital Management LLC's holdings in Citigroup were worth $12,014,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Mcguire Capital Advisors Inc. purchased a new position in shares of Citigroup during the 4th quarter worth $25,000. Whipplewood Advisors LLC purchased a new stake in shares of Citigroup in the 1st quarter worth $25,000. Richards Merrill & Peterson Inc. bought a new position in Citigroup in the 4th quarter worth $28,000. TD Capital Management LLC bought a new position in Citigroup in the 4th quarter worth $28,000. Finally, IMG Wealth Management Inc. lifted its position in Citigroup by 197.6% during the first quarter. IMG Wealth Management Inc. now owns 244 shares of the company's stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on C. Barclays lifted their price objective on Citigroup from $146.00 to $154.00 and gave the company an "overweight" rating in a research report on Wednesday, April 15th. Bank of America lifted their price target on shares of Citigroup from $170.00 to $176.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Citigroup in a research note on Friday, July 17th. Evercore set a $143.00 price objective on shares of Citigroup in a research report on Monday, July 6th. Finally, Argus set a $150.00 target price on shares of Citigroup in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Citigroup presently has an average rating of "Moderate Buy" and a consensus price target of $145.22.

Citigroup Stock Performance

NYSE:C opened at $135.78 on Wednesday. The stock has a 50-day moving average price of $137.02 and a 200 day moving average price of $125.19. The stock has a market capitalization of $231.58 billion, a P/E ratio of 14.66, a P/E/G ratio of 0.61 and a beta of 1.12. Citigroup Inc. has a 12-month low of $90.68 and a 12-month high of $147.96. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.41. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The business had revenue of $24.77 billion during the quarter, compared to the consensus estimate of $23.74 billion. During the same period in the prior year, the company posted $1.96 EPS. The firm's revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts forecast that Citigroup Inc. will post 11.2 EPS for the current fiscal year.

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be given a dividend of $0.67 per share. This is a positive change from Citigroup's previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Monday, August 3rd. Citigroup's dividend payout ratio (DPR) is currently 28.94%.

Citigroup announced that its Board of Directors has approved a stock repurchase program on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 13.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi strengthens healthcare investment-banking leadership. Citigroup appointed new leaders covering biotechnology, medical technology, biopharmaceuticals and acute care, positioning the bank to capture potential dealmaking as healthcare mergers, acquisitions and financing activity accelerates. The move could support future advisory and underwriting revenue. Citi Taps New Healthcare Banking Leadership as Dealmaking Heats Up
• Positive Sentiment: Citi helped lead a $414 million financing for inKind. The oversubscribed transaction, led by Citigroup and Cross River, expands Citi’s relationships with private companies and demonstrates continued demand for its lending and capital-markets services. The financial impact was not disclosed, so the direct earnings benefit is likely limited in the near term. inKind Secures $414 Million in Financing Led by Citi and Cross River
• Neutral Sentiment: Citi remains constructive on MongoDB. The bank reiterated a Buy rating and raised its MongoDB price target to $545, citing possible estimate increases, earnings, product announcements and investor events. This reflects Citi’s research outlook rather than a direct catalyst for Citigroup’s own earnings, though successful client coverage and research visibility can support institutional relationships. Citi bullish on MongoDB 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.

Want to see what other hedge funds are holding C? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Citigroup Inc. (NYSE:C - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source