Primecap Management Co. CA Has $326.61 Million Holdings in Citigroup Inc. $C

Key Points

• Primecap Management reduced its Citigroup position by 2.4% in the second quarter, selling 56,900 shares. It still held 2.33 million shares valued at approximately $326.6 million, while institutional investors collectively owned 71.72% of Citi.
• Citigroup reported quarterly EPS of $3.15, beating estimates of $2.74, while revenue rose 14.5% year over year to $24.77 billion. The board also increased the quarterly dividend to $0.67 and authorized a $30 billion share-repurchase program.
• Analysts maintain a generally positive outlook, with Citi carrying a “Moderate Buy” consensus rating and an average price target of $145.22, above its reported opening price of $133.40.

Primecap Management Co. CA trimmed its holdings in Citigroup Inc. (NYSE:C - Free Report) by 2.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,333,600 shares of the company's stock after selling 56,900 shares during the period. Primecap Management Co. CA owned about 0.14% of Citigroup worth $326,611,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Norges Bank purchased a new stake in Citigroup during the 4th quarter valued at about $2,800,944,000. Bank of New York Mellon Corp purchased a new stake in Citigroup during the second quarter worth $3,244,602,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Citigroup in the 4th quarter valued at about $298,082,000. SEB Asset Management AB acquired a new position in Citigroup in the 1st quarter worth about $252,972,000. Finally, OMERS ADMINISTRATION Corp boosted its position in Citigroup by 1,137.1% during the second quarter. OMERS ADMINISTRATION Corp now owns 1,840,374 shares of the company's stock worth $257,579,000 after purchasing an additional 1,691,611 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors.

Citigroup Price Performance

Citigroup stock opened at $133.40 on Wednesday. The company's 50 day moving average is $136.82 and its two-hundred day moving average is $126.57. The firm has a market cap of $227.52 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 0.59 and a beta of 1.12. 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 Inc. has a 52-week low of $92.96 and a 52-week high of $147.96.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The company had revenue of $24.77 billion during the quarter, compared to the consensus estimate of $23.74 billion. During the same quarter in the previous year, the firm earned $1.96 earnings per share. The firm's quarterly revenue was up 14.5% on a year-over-year basis. On average, research analysts expect that Citigroup Inc. will post 11.2 EPS for the current fiscal year.

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be given a $0.67 dividend. This is a positive change from Citigroup's previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. This represents a $2.68 annualized dividend and a yield of 2.0%. Citigroup's payout ratio is currently 28.94%.

Citigroup declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Zacks Research upgraded shares of Citigroup from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 16th. Oppenheimer lowered shares of Citigroup from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Evercore set a $143.00 target price on shares of Citigroup in a research note on Monday, July 6th. JPMorgan Chase & Co. raised their price target on shares of Citigroup from $135.50 to $149.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on Citigroup from $140.00 to $153.00 and gave the stock an "outperform" rating in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $145.22.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup experienced approximately $223 million in after-hours block trading, along with unusual options activity and bullish call sweeps. The activity suggests increased institutional interest and may have supported buying momentum. Citigroup Sees Unusual Options Activity and $223 Million Block Trade
• Positive Sentiment: Citigroup and India’s Axis Bank are partnering to capture more nonresident Indian deposits and increase dollar inflows. The initiative could strengthen Citi’s cross-border banking activity and support deposit growth. Citigroup, Axis Bank Partner to Boost NRI Dollar Inflows
• Positive Sentiment: Major banks including Citi are committing billions to affordable housing and expanded U.S. housing supply. The effort could create lending and advisory opportunities while improving Citi’s public-policy and community profile. Big Banks Commit Billions to Boost US Housing Supply
• Neutral Sentiment: Recent coverage noted that Citigroup outperformed the broader market during the latest session, but the article primarily reviewed past performance rather than identifying a new earnings or business catalyst. Citigroup Exceeds Market Returns
• Neutral Sentiment: Citi reported sustainable-finance commitments of $647.2 billion since 2020 and established new 2030 goals. The update may benefit its long-term franchise and relationships, but has limited immediate impact on earnings. Citi Reports Sustainable Finance Progress
• Negative Sentiment: Analyst commentary argues that Citigroup has improved but that much of its valuation upside may already be reflected in the stock, potentially limiting further gains. Citigroup Has Improved, But Upside Is Limited
• Negative Sentiment: A Goldman Sachs-versus-Citigroup comparison highlighted Goldman’s stronger earnings momentum, fee-based strategy and growth visibility, despite Goldman’s higher valuation. This may encourage investors seeking growth to favor GS over C. Goldman Versus Citigroup

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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