Parnassus Investments LLC Sells 45,769 Shares of Citigroup Inc. $C

Parnassus Investments LLC trimmed its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 4.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 989,173 shares of the company's stock after selling 45,769 shares during the quarter. Parnassus Investments LLC owned approximately 0.06% of Citigroup worth $115,427,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in C. Norges Bank bought a new stake in Citigroup during the fourth quarter worth about $2,800,944,000. Vanguard Group Inc. grew its stake in Citigroup by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock worth $19,048,467,000 after buying an additional 4,938,923 shares during the last quarter. Capital World Investors grew its stake in Citigroup by 6.5% during the third quarter. Capital World Investors now owns 47,262,626 shares of the company's stock worth $4,797,292,000 after buying an additional 2,871,074 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in Citigroup during the fourth quarter worth about $298,082,000. Finally, SG Americas Securities LLC grew its stake in Citigroup by 291.4% during the fourth quarter. SG Americas Securities LLC now owns 1,319,549 shares of the company's stock worth $153,978,000 after buying an additional 2,008,946 shares during the last quarter. 71.72% of the stock is owned by institutional investors.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is rolling out tokenized depositary receipts for private-company shares, a move that could broaden access to private markets and create a new growth avenue for the bank. Article title
• Positive Sentiment: Reuters reported that Citi hired Ryan Beaupré as a managing director in its consumer and retail investment banking group, signaling continued effort to expand the franchise and deepen client coverage. Article title
• Positive Sentiment: Citigroup’s recent earnings beat and revenue growth continue to support the stock, with Q1 EPS and revenue both topping expectations and underscoring improving operating momentum. Article title
• Neutral Sentiment: President Trump publicly praised Citigroup and CEO Jane Fraser for M&A advisory work, which helped sentiment, but some reports noted the ranking was overstated, limiting the fundamental impact. Article title
• Neutral Sentiment: Market commentary also pointed to Citigroup’s turnaround progress, solid trading conditions, and a constructive investment banking outlook, which supports the stock but is largely a continuation of existing optimism. Article title

Citigroup Price Performance

Shares of C stock opened at $137.89 on Friday. Citigroup Inc. has a 52-week low of $76.11 and a 52-week high of $138.23. The stock has a market cap of $235.18 billion, a PE ratio of 17.09, a PEG ratio of 0.60 and a beta of 1.12. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. The firm's 50 day moving average price is $126.85 and its two-hundred day moving average price is $117.91.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.63 by $0.43. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The firm had revenue of $24.63 billion for the quarter, compared to analysts' expectations of $22.96 billion. During the same period last year, the firm earned $1.96 earnings per share. The business's revenue for the quarter was up 14.1% on a year-over-year basis. As a group, analysts forecast that Citigroup Inc. will post 10.68 EPS for the current year.

Citigroup Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a yield of 1.7%. Citigroup's dividend payout ratio (DPR) is presently 29.74%.

Citigroup announced that its board has authorized a stock buyback program on Thursday, May 7th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have weighed in on C shares. Truist Financial set a $147.00 price objective on shares of Citigroup in a research note on Friday, May 1st. The Goldman Sachs Group upped their price objective on shares of Citigroup from $137.00 to $151.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. Evercore set a $139.00 price target on shares of Citigroup in a research note on Wednesday, April 15th. Zacks Research cut shares of Citigroup from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 20th. Finally, Oppenheimer reissued an "outperform" rating and set a $145.00 price target on shares of Citigroup in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $137.62.

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 approximately $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edward Skyler sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the completion of the transaction, the insider directly owned 182,022 shares in the company, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by company insiders.

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.

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