Pzena Investment Management LLC Cuts Holdings in Citigroup Inc. $C

Key Points

• Pzena Investment Management cut its Citigroup stake by 23% in the first quarter, selling about 2.44 million shares and leaving it with 8.18 million shares worth roughly $927 million.
• Citigroup reported better-than-expected first-quarter earnings, with EPS of $3.06 versus the $2.63 estimate and revenue of $24.63 billion, up 14.1% year over year.
• The bank’s board authorized a $30 billion share buyback, while analysts remain generally positive with a consensus rating of “Moderate Buy” and an average price target of $139.62.

Pzena Investment Management LLC lowered its position in Citigroup Inc. (NYSE:C - Free Report) by 23.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,175,364 shares of the company's stock after selling 2,439,770 shares during the quarter. Citigroup comprises about 3.0% of Pzena Investment Management LLC's portfolio, making the stock its 9th largest position. Pzena Investment Management LLC owned 0.48% of Citigroup worth $927,168,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Citigroup by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock worth $19,048,467,000 after purchasing an additional 4,938,923 shares during the period. Capital World Investors boosted its position in shares of Citigroup by 6.5% during the third quarter. Capital World Investors now owns 47,262,626 shares of the company's stock valued at $4,797,292,000 after buying an additional 2,871,074 shares during the period. Geode Capital Management LLC grew its stake in shares of Citigroup by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company's stock valued at $5,036,712,000 after buying an additional 189,548 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Citigroup by 4.0% in the fourth quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company's stock worth $3,990,422,000 after buying an additional 1,326,224 shares during the period. Finally, Fisher Asset Management LLC lifted its stake in shares of Citigroup by 2.6% during the 4th quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company's stock worth $3,954,307,000 after acquiring an additional 846,772 shares during the last quarter. Institutional investors own 71.72% of the company's stock.

Insiders Place Their Bets

In related news, insider Edward Skyler sold 25,000 shares of the company's stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the transaction, the insider directly owned 182,022 shares of the company's stock, valued at $23,919,511.02. This represents a 12.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the sale, the director owned 12,194 shares of the company's stock, valued at approximately $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.11% of the company's stock.

Citigroup Price Performance

Shares of C stock opened at $140.13 on Thursday. The stock's 50-day moving average is $132.12 and its 200 day moving average is $121.55. Citigroup Inc. has a 1-year low of $85.46 and a 1-year high of $147.96. 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 company has a market cap of $239.00 billion, a P/E ratio of 17.36, a PEG ratio of 0.60 and a beta of 1.11.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, beating the consensus estimate of $2.63 by $0.43. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. During the same period in the prior year, the firm posted $1.96 earnings per share. The company's quarterly revenue was up 14.1% on a year-over-year basis. Research analysts predict that Citigroup Inc. will post 10.83 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on C. Piper Sandler reissued an "overweight" rating and set a $145.00 target price (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. Barclays raised their price target on shares of Citigroup from $146.00 to $154.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Jefferies Financial Group assumed coverage on shares of Citigroup in a research report on Thursday, March 26th. They issued a "buy" rating and a $135.00 price objective for the company. JPMorgan Chase & Co. raised their target price on shares of Citigroup from $131.00 to $135.50 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Citigroup in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Citigroup has a consensus rating of "Moderate Buy" and an average price target of $139.62.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup passed the Fed’s 2026 stress test, supporting the case for a larger dividend and signaling solid capital resilience. 3 Big Banks Plan Double Digit Dividend Increases After Passing Fed Stress Test (C)
• Positive Sentiment: Analysts have raised earnings expectations for Citigroup, which can help reinforce investor confidence ahead of its next quarterly report. Citigroup Inc. Stock Overview
• Positive Sentiment: Wall Street commentary continues to frame Citigroup as a potential earnings beat candidate, suggesting fundamentals may remain better than feared. Will Citigroup (C) Beat Estimates Again in Its Next Earnings Report?
• Neutral Sentiment: Citigroup announced redemptions of $2.5 billion in 2026 notes, a routine capital-management action that is more likely to be viewed as balance-sheet housekeeping than a major stock catalyst. Citibank Announces $1.5 Billion Redemption of 4.929% Notes Due 2026 and $1 Billion Redemption of Floating Rate Notes Due 2026
• Negative Sentiment: Citigroup’s crypto research was broadly bearish, with the firm cutting bitcoin and ether price targets on weaker investor appetite and ETF outflows; that’s not a direct hit to Citigroup’s core banking business, but it may weigh on sentiment around its digital-assets outlook. Citi cuts bitcoin, ether forecasts as ETF flows turn negative
• Negative Sentiment: A separate market note warned that bank stocks may be getting stretched after a strong run, which could encourage some investors to take profits in Citigroup and peers. Bank Stocks Are Doing Great, but It’s Time to ‘Take the Money and Run’

About Citigroup

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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