Penn Mutual Asset Management Invests $248,000 in Citigroup Inc. $C

Key Points

• Penn Mutual Asset Management has acquired a new position in Citigroup, purchasing 3,500 shares valued at approximately $248,000 in the first quarter of 2023.
• Citigroup recently reported a quarterly EPS of $1.96, exceeding analysts’ expectations of $1.61, with revenue rising 8.2% year-over-year to $21.67 billion.
• The company announced an increase in its quarterly dividend to $0.60, up from $0.56, representing an annualized dividend of $2.40 with a yield of 2.6%.

Penn Mutual Asset Management bought a new position in Citigroup Inc. (NYSE:C - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,500 shares of the company's stock, valued at approximately $248,000.

Several other large investors have also recently modified their holdings of the stock. Private Advisory Group LLC increased its stake in Citigroup by 20.8% during the 1st quarter. Private Advisory Group LLC now owns 69,581 shares of the company's stock valued at $4,940,000 after purchasing an additional 11,978 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of Citigroup by 109.0% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,246,061 shares of the company's stock valued at $88,458,000 after buying an additional 649,807 shares during the last quarter. Brighton Jones LLC increased its position in shares of Citigroup by 166.9% during the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock valued at $1,407,000 after acquiring an additional 12,499 shares in the last quarter. Onyx Bridge Wealth Group LLC purchased a new position in Citigroup in the 1st quarter worth approximately $214,000. Finally, Pinnacle Financial Partners Inc raised its holdings in Citigroup by 495.1% in the 1st quarter. Pinnacle Financial Partners Inc now owns 18,554 shares of the company's stock worth $1,317,000 after acquiring an additional 15,436 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company's stock.

Analysts Set New Price Targets

C has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reissued a "buy" rating on shares of Citigroup in a report on Wednesday, July 16th. Bank of America increased their price objective on Citigroup from $89.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. The Goldman Sachs Group boosted their target price on Citigroup from $85.00 to $96.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Oppenheimer upped their target price on shares of Citigroup from $123.00 to $124.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company lifted their price target on shares of Citigroup from $110.00 to $115.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Ten investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $96.54.

Insider Activity

In related news, Director Peter B. Henry sold 3,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $90.40, for a total value 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 represents a 58.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.08% of the company's stock.

Citigroup Stock Performance

C traded down $0.6580 during trading on Wednesday, hitting $93.0820. The company's stock had a trading volume of 13,446,380 shares, compared to its average volume of 15,760,574. The business's 50 day simple moving average is $88.46 and its 200-day simple moving average is $78.01. The firm has a market cap of $171.35 billion, a PE ratio of 13.75, a P/E/G ratio of 0.81 and a beta of 1.38. Citigroup Inc. has a one year low of $55.51 and a one year high of $96.90. 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 (NYSE:C - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The company reported $1.96 EPS for the quarter, topping 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 firm had revenue of $21.67 billion during the quarter, compared to analyst estimates of $20.75 billion. During the same period in the prior year, the business posted $1.52 EPS. Citigroup's revenue was up 8.2% on a year-over-year basis. Citigroup has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Monday, August 4th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 4th. This is an increase from Citigroup's previous quarterly dividend of $0.56. Citigroup's payout ratio is presently 35.45%.

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.