PNC Financial Services Group Inc. Grows Position in Citigroup Inc. $C

Key Points

• PNC Financial Services increased its Citigroup stake by 6.5% in the fourth quarter, buying 27,130 additional shares and bringing its total holding to 444,002 shares worth about $51.8 million.
• Citigroup posted strong quarterly results, with EPS of $3.06 beating estimates and revenue of $24.63 billion topping expectations. Revenue rose 14.1% year over year, and analysts now expect full-year EPS of 10.65.
• The bank also announced a $30 billion share repurchase program and a quarterly dividend of $0.60 per share, while analysts maintained a generally positive stance with a Moderate Buy consensus and a $137.62 price target.

PNC Financial Services Group Inc. lifted its holdings in shares of Citigroup Inc. (NYSE:C - Free Report) by 6.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 444,002 shares of the company's stock after purchasing an additional 27,130 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Citigroup were worth $51,811,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Elmwood Wealth Management Inc. grew its holdings in shares of Citigroup by 1.3% during the 4th quarter. Elmwood Wealth Management Inc. now owns 6,845 shares of the company's stock worth $799,000 after purchasing an additional 85 shares during the period. Park Place Capital Corp boosted its holdings in Citigroup by 16.7% during the 4th quarter. Park Place Capital Corp now owns 595 shares of the company's stock valued at $69,000 after acquiring an additional 85 shares during the period. D.B. Root & Company LLC boosted its holdings in Citigroup by 2.8% during the 4th quarter. D.B. Root & Company LLC now owns 3,191 shares of the company's stock valued at $372,000 after acquiring an additional 87 shares during the period. Cornerstone Wealth Management LLC boosted its holdings in Citigroup by 0.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 10,393 shares of the company's stock valued at $1,213,000 after acquiring an additional 87 shares during the period. Finally, N.E.W. Advisory Services LLC boosted its holdings in Citigroup by 14.9% during the 4th quarter. N.E.W. Advisory Services LLC now owns 703 shares of the company's stock valued at $82,000 after acquiring an additional 91 shares during the period. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Citigroup Price Performance

C stock opened at $125.19 on Friday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $213.51 billion, a P/E ratio of 15.51, a P/E/G ratio of 0.56 and a beta of 1.14. The business's 50-day moving average is $120.72 and its two-hundred day moving average is $114.77. Citigroup Inc. has a 1 year low of $71.65 and a 1 year high of $135.29.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.Citigroup's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.96 EPS. Analysts anticipate that Citigroup Inc. will post 10.65 earnings per share for the current fiscal year.

Citigroup announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 13.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its shares are undervalued.

Citigroup Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Monday, May 4th will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a yield of 1.9%. Citigroup's dividend payout ratio (DPR) is currently 29.74%.

Insider Transactions at Citigroup

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the sale, the director 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 Securities & Exchange Commission, which is available at this link. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the completion of the sale, the insider directly owned 182,022 shares in the company, valued at $23,919,511.02. This represents a 12.08% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.11% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Oppenheimer restated an "outperform" rating and set a $145.00 target price on shares of Citigroup in a report on Friday, May 8th. Zacks Research cut Citigroup from a "strong-buy" rating to a "hold" rating in a report on Friday, February 20th. Barclays raised their target price on Citigroup from $146.00 to $154.00 and gave the company an "overweight" rating in a report on Wednesday, April 15th. Truist Financial set a $147.00 target price on Citigroup in a report on Friday, May 1st. Finally, Morgan Stanley raised their target price on Citigroup from $140.00 to $144.00 and gave the company an "overweight" rating in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $137.62.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup shareholders approved an expanded stock incentive plan at the company’s May 20 annual meeting, which should give management more flexibility to retain and motivate employees through equity compensation. Citigroup Shareholders Approve Expanded Stock Incentive Plan
• Positive Sentiment: Several commentary pieces highlighted Citigroup as undervalued or attractive for income-focused investors, reinforcing the view that the stock still has room to rerate after recent earnings improvement. 5 Most Undervalued US Stocks According to Hedge Funds Why Citigroup (C) is a Top Dividend Stock for Your Portfolio
• Neutral Sentiment: Citigroup also remained active in market commentary on India IPOs and currency controls, but these reports are more about its broader banking views than a direct business update for the company. Citi sees India IPOs hitting fresh records despite challenges Citi Sees India IPOs Hitting Fresh Records Despite Challenges
• Neutral Sentiment: There was also a report that Trump backed away from requiring banks to collect citizenship information, which slightly reduces regulatory overhang but does not materially change Citigroup’s near-term fundamentals. Trump backs down from idea of banks collecting citizenship information
• Negative Sentiment: On the other hand, Citi faced fresh governance scrutiny after a separate report said more shareholders voted against the bank’s say-on-pay proposal, signaling some dissatisfaction with executive compensation practices. More Citi shareholders vote 'no' on say-on-pay

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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