Nuveen LLC Invests $578.10 Million in Citigroup Inc. (NYSE:C)

Key Points

• Nuveen LLC has acquired 8,159,939 shares of Citigroup Inc., representing approximately $578 million in investment during the first quarter, giving it ownership of 0.43% of the company.
• Citigroup's recent quarterly earnings exceeded expectations, with $1.96 earnings per share reported compared to a consensus estimate of $1.61, and revenue also exceeded estimates at $21.67 billion.
• The company declared an increase in its quarterly dividend to $0.60 per share, up from the previous $0.56, with an ex-dividend date set for August 4th.

Nuveen LLC acquired a new position in shares of Citigroup Inc. (NYSE:C - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,159,939 shares of the company's stock, valued at approximately $578,100,000. Nuveen LLC owned about 0.43% of Citigroup at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Citigroup by 2.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 38,561,690 shares of the company's stock valued at $2,714,359,000 after buying an additional 815,003 shares during the last quarter. Capital World Investors grew its holdings in shares of Citigroup by 455.2% during the 4th quarter. Capital World Investors now owns 31,352,582 shares of the company's stock valued at $2,206,908,000 after purchasing an additional 25,705,141 shares during the last quarter. Northern Trust Corp boosted its stake in Citigroup by 13.9% during the fourth quarter. Northern Trust Corp now owns 20,232,550 shares of the company's stock worth $1,424,169,000 after acquiring an additional 2,467,958 shares in the last quarter. Invesco Ltd. boosted its position in shares of Citigroup by 3.6% during the first quarter. Invesco Ltd. now owns 16,839,915 shares of the company's stock worth $1,195,466,000 after acquiring an additional 592,820 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Citigroup by 179.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,534,297 shares of the company's stock worth $1,031,790,000 after buying an additional 9,334,038 shares during the period. 71.72% of the stock is owned by institutional investors.

Citigroup Stock Up 0.1%

Shares of NYSE:C traded up $0.14 during midday trading on Wednesday, reaching $95.88. The company had a trading volume of 2,512,217 shares, compared to its average volume of 15,795,143. The stock has a market capitalization of $176.51 billion, a P/E ratio of 14.16, a PEG ratio of 0.79 and a beta of 1.38. The stock's fifty day moving average price is $86.78 and its 200-day moving average price is $77.55. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.99. Citigroup Inc. has a one year low of $55.51 and a one year high of $96.90.

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

Citigroup Increases Dividend

The company 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. This is a boost from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date is Monday, August 4th. This represents a $2.40 annualized dividend and a yield of 2.5%. Citigroup's dividend payout ratio is presently 35.45%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on C. Wall Street Zen raised Citigroup from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Bank of America upped their target price on Citigroup from $89.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Cowen assumed coverage on Citigroup in a research report on Wednesday, May 14th. They set a "hold" rating for the company. Evercore ISI set a $77.00 price target on Citigroup in a research note on Monday, July 7th. Finally, Oppenheimer upped their price objective on Citigroup from $123.00 to $124.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.54.

Insider Transactions at Citigroup

In related news, Director Peter B. Henry sold 3,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was 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 of the company's stock, valued at approximately $193,456. This trade represents a 58.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.08% of the stock is owned by company insiders.

Citigroup Company 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.