Polar Asset Management Partners Inc. Increases Holdings in Citigroup Inc. $C

Key Points

• Polar Asset Management Partners increased its Citigroup stake by 29.6% in the first quarter, adding 17,010 shares to own 74,510 shares valued at approximately $8.45 million. Institutional investors collectively own 71.72% of Citigroup.
• Citigroup reported quarterly EPS of $3.15, surpassing estimates of $2.74, while revenue rose 14.5% year over year to $24.75 billion. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $145.67.
• The company authorized a $30 billion share buyback and raised its quarterly dividend from $0.60 to $0.67 per share, implying an annualized yield of about 2.0%.

Polar Asset Management Partners Inc. raised its stake in Citigroup Inc. (NYSE:C - Free Report) by 29.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,510 shares of the company's stock after acquiring an additional 17,010 shares during the period. Polar Asset Management Partners Inc.'s holdings in Citigroup were worth $8,450,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mcguire Capital Advisors Inc. purchased a new stake in Citigroup during the 4th quarter valued at about $25,000. Whipplewood Advisors LLC purchased a new position in Citigroup in the first quarter worth about $25,000. Richards Merrill & Peterson Inc. bought a new position in shares of Citigroup in the fourth quarter worth approximately $28,000. TD Capital Management LLC bought a new position in shares of Citigroup in the fourth quarter worth approximately $28,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of Citigroup during the first quarter valued at approximately $29,000. 71.72% of the stock is currently owned by institutional investors.

Insider Activity at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the completion of the sale, the director owned 12,194 shares in the company, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.11% of the stock is owned by insiders.

Analysts Set New Price Targets

C has been the subject of several analyst reports. Bank of America raised their price target on shares of Citigroup from $170.00 to $176.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their target price on Citigroup from $140.00 to $153.00 and gave the company an "outperform" rating in a research note on Friday, May 8th. Royal Bank Of Canada reissued an "outperform" rating and issued a $150.00 target price on shares of Citigroup in a report on Wednesday, July 15th. Argus set a $150.00 price target on Citigroup in a report on Wednesday, July 15th. Finally, Wall Street Zen raised Citigroup from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $145.67.

Citigroup Stock Down 0.2%

Shares of Citigroup stock opened at $131.95 on Monday. The company has a market cap of $225.06 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 0.60 and a beta of 1.11. The company's 50 day moving average is $135.01 and its 200 day moving average is $123.83. Citigroup Inc. has a twelve month low of $87.94 and a twelve month high of $147.96. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71.

Citigroup (NYSE:C - Get Free Report) last issued its earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.41. The company had revenue of $24.75 billion for the quarter, compared to analysts' expectations of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company posted $1.96 earnings per share. Research analysts anticipate that Citigroup Inc. will post 11.2 EPS for the current year.

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

Citigroup Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 3rd will be paid a $0.67 dividend. This is an increase from Citigroup's previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.0%. Citigroup's dividend payout ratio (DPR) is 25.92%.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi analysts said the recent pullback in semiconductor stocks looks like a buying opportunity, which may support broader risk appetite and help sentiment around markets that Citigroup covers through its trading and research franchises. Pullback in chip stocks is a buying opportunity, Citi says
• Positive Sentiment: Citigroup was highlighted in a new CMBS deal update, after pricing an $817 million multifamily conduit transaction, reinforcing Citi’s role as an active lender and securitization player in U.S. commercial real estate. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
• Neutral Sentiment: Citigroup reportedly closed a bullish South African rand trade after the currency looked “fragile” following South Africa’s surprise rate hold. This is more of a trading update than a major earnings driver, but it shows Citi is actively adjusting macro positions. Citi Drops Rand Bet After South Africa’s Surprise Rate Hold
• Neutral Sentiment: Separately, a headline noting Citi’s bearish view on the “Magnificent Seven” may reflect the bank’s broader market outlook, but it does not directly change Citigroup’s fundamentals. Wall Street Bank Just Declared the Magnificent 7 as “Dead” — What Happens Next?

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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