Pinnacle Associates Ltd. Reduces Stake in Citigroup Inc. (NYSE:C)

Pinnacle Associates Ltd. cut its holdings in Citigroup Inc. (NYSE:C - Free Report) by 0.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 345,170 shares of the company's stock after selling 3,024 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Citigroup were worth $24,504,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC lifted its position in Citigroup by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 40,587,155 shares of the company's stock worth $2,853,484,000 after buying an additional 667,357 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Citigroup by 2.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 38,561,690 shares of the company's stock worth $2,714,359,000 after buying an additional 815,003 shares during the last quarter. FMR LLC lifted its position in Citigroup by 29.7% in the fourth quarter. FMR LLC now owns 34,362,176 shares of the company's stock worth $2,418,754,000 after buying an additional 7,863,718 shares during the last quarter. Franklin Resources Inc. lifted its position in Citigroup by 9.3% in the fourth quarter. Franklin Resources Inc. now owns 32,832,063 shares of the company's stock worth $2,311,048,000 after buying an additional 2,804,850 shares during the last quarter. Finally, Capital World Investors lifted its position in shares of Citigroup by 455.2% during the fourth quarter. Capital World Investors now owns 31,352,582 shares of the company's stock worth $2,206,908,000 after purchasing an additional 25,705,141 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John Cunningham Dugan sold 4,417 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $68.26, for a total transaction of $301,504.42. Following the transaction, the director owned 13,048 shares in the company, valued at $890,656.48. This represents a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Peter B. Henry sold 3,000 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $90.40, for a total transaction of $271,200.00. Following the transaction, the director owned 2,140 shares in the company, valued at approximately $193,456. This trade represents a 58.37% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

Citigroup Stock Up 0.7%

Citigroup stock traded up $0.65 during trading hours on Friday, reaching $96.04. The stock had a trading volume of 13,537,763 shares, compared to its average volume of 16,283,003. The company has a market cap of $179.37 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 0.83 and a beta of 1.34. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The business's 50 day moving average price is $82.36 and its 200-day moving average price is $76.27. Citigroup Inc. has a 52 week low of $53.51 and a 52 week high of $96.90.

Citigroup (NYSE:C - Get Free Report) last announced its earnings results on Tuesday, July 15th. The company reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.61 by $0.35. The business had revenue of $21.67 billion during the quarter, compared to the consensus estimate of $20.75 billion. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The firm's revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.52 earnings per share. Sell-side analysts anticipate that Citigroup Inc. will post 7.53 EPS for the current 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 issued a dividend of $0.60 per share. The ex-dividend date is Monday, August 4th. This represents a $2.40 annualized dividend and a dividend yield of 2.50%. This is an increase from Citigroup's previous quarterly dividend of $0.56. Citigroup's dividend payout ratio is 33.09%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Bank of America lifted their target price on Citigroup from $89.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Oppenheimer lifted their target price on Citigroup from $107.00 to $123.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Evercore ISI set a $77.00 target price on Citigroup in a research report on Monday, July 7th. Keefe, Bruyette & Woods reiterated a "buy" rating on shares of Citigroup in a research report on Wednesday, July 16th. Finally, Cowen assumed coverage on Citigroup in a research report on Wednesday, May 14th. They set a "hold" rating for the company. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Citigroup has a consensus rating of "Moderate Buy" and a consensus price target of $96.46.

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.