Parnassus Investments LLC Trims Stock Position in Citigroup Inc. $C

Key Points

• Parnassus Investments LLC reduced its stake in Citigroup Inc. by 27.4%, currently holding 1,252,436 shares worth approximately $88.9 million.
• Citigroup recently raised its quarterly dividend from $0.56 to $0.60 per share, reflecting a 2.5% annual yield.
• Wall Street analysts have generally upgraded Citigroup's ratings, with several firms increasing their price targets to as high as $115.00.

Parnassus Investments LLC cut its holdings in Citigroup Inc. (NYSE:C - Free Report) by 27.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,252,436 shares of the company's stock after selling 473,251 shares during the period. Parnassus Investments LLC owned 0.07% of Citigroup worth $88,910,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Orion Capital Management LLC purchased a new stake in Citigroup in the 4th quarter worth $28,000. MorganRosel Wealth Management LLC purchased a new stake in Citigroup during the 1st quarter valued at $28,000. American National Bank & Trust purchased a new stake in shares of Citigroup in the first quarter valued at $29,000. Accent Capital Management LLC lifted its stake in Citigroup by 106.0% in the first quarter. Accent Capital Management LLC now owns 412 shares of the company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Finally, Truvestments Capital LLC lifted its stake in shares of Citigroup by 131.6% during the 1st quarter. Truvestments Capital LLC now owns 433 shares of the company's stock worth $31,000 after acquiring an additional 246 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors.

Citigroup Price Performance

Shares of NYSE C traded down $1.84 during trading on Tuesday, hitting $94.73. The company had a trading volume of 14,706,485 shares, compared to its average volume of 15,599,265. The firm has a market capitalization of $174.39 billion, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 0.83 and a beta of 1.41. The stock has a fifty day simple moving average of $91.57 and a two-hundred day simple moving average of $78.88. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. Citigroup Inc. has a fifty-two week low of $55.51 and a fifty-two week high of $97.49.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.61 by $0.35. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The firm had revenue of $21.67 billion for the quarter, compared to analyst estimates of $20.75 billion. During the same period last year, the company posted $1.52 EPS. Citigroup's quarterly revenue was up 8.2% compared to the same quarter last year. Citigroup has set its FY 2025 guidance at EPS. On average, research analysts expect that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Monday, August 4th were given a dividend of $0.60 per share. The ex-dividend date was Monday, August 4th. This is a positive change from Citigroup's previous quarterly dividend of $0.56. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. Citigroup's dividend payout ratio (DPR) is presently 35.45%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on C. Dbs Bank raised shares of Citigroup from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Keefe, Bruyette & Woods reiterated a "buy" rating on shares of Citigroup in a report on Wednesday, July 16th. Wells Fargo & Company raised their price objective on Citigroup from $110.00 to $115.00 and gave the stock 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 report on Wednesday, July 16th. Finally, Evercore ISI set a $77.00 price objective on Citigroup in a research note on Monday, July 7th. Ten analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Citigroup presently has a consensus rating of "Moderate Buy" and an average target price of $96.54.

Insiders Place Their Bets

In other Citigroup news, 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 sale, the director owned 2,140 shares of the company's stock, valued at $193,456. The trade was a 58.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.08% of the company's stock.

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.