Pacer Advisors Inc. Lowers Stock Position in Citigroup Inc. $C

Key Points

• Pacer Advisors cut its Citigroup stake by 51.4% in the first quarter, selling 92,593 shares and retaining 87,452 shares valued at approximately $9.9 million. Institutional investors collectively own 71.72% of Citi’s stock.
• Citigroup reported quarterly EPS of $3.15, beating estimates of $2.74, while revenue rose 14.5% year over year to $24.75 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $145.22.
• The board authorized a $30 billion share-repurchase plan, and Citi raised its quarterly dividend from $0.60 to $0.67 per share, equivalent to a 2.0% annualized yield.

Pacer Advisors Inc. lessened its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 51.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 87,452 shares of the company's stock after selling 92,593 shares during the quarter. Pacer Advisors Inc.'s holdings in Citigroup were worth $9,918,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of Citigroup by 166.9% during the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock worth $1,407,000 after acquiring an additional 12,499 shares in the last quarter. Sivia Capital Partners LLC increased its stake in shares of Citigroup by 20.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company's stock valued at $835,000 after purchasing an additional 1,669 shares in the last quarter. United Bank acquired a new position in Citigroup in the 2nd quarter worth about $972,000. Osterweis Capital Management Inc. raised its holdings in Citigroup by 3,016.7% in the 2nd quarter. Osterweis Capital Management Inc. now owns 935 shares of the company's stock worth $80,000 after purchasing an additional 905 shares during the period. Finally, HUB Investment Partners LLC boosted its position in Citigroup by 26.9% during the second quarter. HUB Investment Partners LLC now owns 15,287 shares of the company's stock worth $1,301,000 after purchasing an additional 3,238 shares in the last quarter. Hedge funds and other institutional investors own 71.72% of the company's stock.

Insider Buying and Selling

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the firm's stock in a transaction that occurred 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 transaction, the director directly owned 12,194 shares of the company's stock, valued at $1,527,908.20. This trade represents a 14.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.11% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on C shares. Wall Street Zen raised Citigroup from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Truist Financial decreased their price objective on shares of Citigroup from $158.00 to $154.00 and set a "buy" rating on the stock in a report on Wednesday, July 15th. Barclays lifted their target price on shares of Citigroup from $146.00 to $154.00 and gave the company an "overweight" rating in a research report on Wednesday, April 15th. Keefe, Bruyette & Woods raised their price target on shares of Citigroup from $140.00 to $153.00 and gave the company an "outperform" rating in a research note on Friday, May 8th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $150.00 price objective on shares of Citigroup in a research note on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $145.22.

Citigroup Price Performance

Citigroup stock opened at $136.86 on Wednesday. Citigroup Inc. has a 52-week low of $89.68 and a 52-week high of $147.96. The firm has a market capitalization of $233.42 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 0.60 and a beta of 1.12. The company has a fifty day simple moving average of $136.19 and a 200-day simple moving average of $124.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71.

Citigroup (NYSE:C - Get Free Report) last issued its earnings results on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, beating analysts' consensus estimates of $2.74 by $0.41. The business had revenue of $24.75 billion during the quarter, compared to analysts' expectations of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.96 earnings per share. On average, equities analysts anticipate that Citigroup Inc. will post 11.2 EPS for the current fiscal year.

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

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 3rd will be issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Monday, August 3rd. This is a positive change from Citigroup's previous quarterly dividend of $0.60. Citigroup's payout ratio is currently 28.94%.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Dividend appeal supports income-focused demand. Citigroup’s recently announced $0.67-per-share cash dividend, payable August 28, reinforces the stock’s appeal to dividend investors. The company’s valuation and improving earnings profile may further support the investment case. Why Citigroup Is a Great Dividend Stock Right Now
• Positive Sentiment: Investment-banking hiring signals confidence in deal activity. Citi hired Bank of America veteran Rohan Sen to lead technology-services coverage, part of an investment-banking recruiting push that could help expand advisory and capital-markets revenue if dealmaking remains strong. Citi Recruits Bank of America Veteran
• Positive Sentiment: American Airlines card enhancements could aid credit-card engagement. Citi and American Airlines expanded benefits on the premium AAdvantage Executive card, including airport-lounge access and accelerated loyalty rewards. The refresh may help retention, spending and fee-based card revenue. American Airlines and Citi Enhance Premium Travel Card
• Neutral Sentiment: $70 million Loomis Sayles settlement removes litigation uncertainty. The agreement resolves a lawsuit tied to trading losses. The settlement creates a direct cost for Citi, but ending the dispute limits future legal risk and makes the overall effect on the stock mixed. Citigroup Settles Trade-Loss Suit With Loomis Sayles
• Negative Sentiment: Greater exposure to leveraged-ETF risk management may concern investors. Reports highlighting Citi’s role in hedging leveraged-ETF exposures and broader market-plumbing discussions raise questions about trading, funding and financial-stability risks, though no specific loss was reported. Citigroup Takes a Bigger Role in Leveraged ETF Risk

Citigroup 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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