Primecap Management Co. CA Trims Position in Citigroup Inc. (NYSE:C)

Key Points

• Primecap Management Co. CA reduced its stake in Citigroup Inc. by 0.4% during the first quarter, now holding approximately 2.88 million shares valued at over $204 million.
• Citigroup recently announced a quarterly dividend increase to $0.60, representing a 7.14% hike from the previous dividend and a 2.6% annual yield.
• Analysts have varied ratings for Citigroup, with a consensus target price of $96.54 and several firms issuing buy ratings, indicating a generally positive outlook on the stock.

Primecap Management Co. CA lessened its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 0.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,875,955 shares of the company's stock after selling 12,400 shares during the quarter. Primecap Management Co. CA owned 0.15% of Citigroup worth $204,164,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of C. Orion Capital Management LLC bought a new stake in Citigroup during the fourth quarter valued at about $28,000. MorganRosel Wealth Management LLC bought a new stake in Citigroup during the first quarter valued at about $28,000. American National Bank & Trust bought a new stake in Citigroup during the first quarter valued at about $29,000. Accent Capital Management LLC grew its holdings in Citigroup by 106.0% during the first quarter. Accent Capital Management LLC now owns 412 shares of the company's stock valued at $29,000 after purchasing an additional 212 shares during the period. Finally, Mascagni Wealth Management Inc. bought a new stake in Citigroup during the fourth quarter valued at about $34,000. 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 recent analyst reports. UBS Group reaffirmed a "neutral" rating and issued a $89.00 price objective on shares of Citigroup in a research note on Tuesday, July 15th. Oppenheimer upped their price objective on Citigroup from $123.00 to $124.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Dbs Bank raised Citigroup from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. The Goldman Sachs Group upped their price objective on Citigroup from $85.00 to $96.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Wall Street Zen upgraded Citigroup from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $96.54.

Citigroup Stock Down 0.6%

Shares of NYSE:C opened at $91.52 on Wednesday. Citigroup Inc. has a 52-week low of $55.51 and a 52-week high of $96.90. The stock has a market cap of $170.93 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 0.79 and a beta of 1.38. The business's 50 day moving average is $85.06 and its 200 day moving average is $77.15. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61.

Citigroup (NYSE:C - Get Free Report) last announced its earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.35. The business had revenue of $21.67 billion for the quarter, compared to analysts' expectations of $20.75 billion. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. The business's revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.52 EPS. Sell-side analysts predict that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The firm 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 $0.60 dividend. 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 a positive change from Citigroup's previous quarterly dividend of $0.56. Citigroup's payout ratio is 35.45%.

Insider Buying and Selling at Citigroup

In other news, Director Peter B. Henry sold 3,000 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total value of $271,200.00. Following the completion of the sale, the director owned 2,140 shares of the company's stock, valued at $193,456. This trade represents a 58.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.08% of the stock is owned by insiders.

About Citigroup

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.

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