Raymond James Financial Inc. Has $231.86 Million Stake in Citigroup Inc. (NYSE:C)

Key Points

• Raymond James Financial Inc. increased its stake in Citigroup by 16% in the first quarter, owning 3,266,085 shares valued at approximately $231.86 million as of the latest SEC filing.
• Citigroup recently reported earnings of $1.96 per share for the quarter, exceeding estimates, with revenue of $21.67 billion, marking an 8.2% increase compared to the previous year.
• The company announced a quarterly dividend increase from $0.56 to $0.60 per share, resulting in a 2.6% dividend yield as part of its ongoing financial strategy.

Raymond James Financial Inc. lifted its position in Citigroup Inc. (NYSE:C - Free Report) by 16.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,266,085 shares of the company's stock after buying an additional 449,909 shares during the quarter. Raymond James Financial Inc. owned about 0.17% of Citigroup worth $231,859,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Private Advisory Group LLC boosted its position in Citigroup by 20.8% during the first quarter. Private Advisory Group LLC now owns 69,581 shares of the company's stock worth $4,940,000 after purchasing an additional 11,978 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its position in Citigroup by 109.0% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,246,061 shares of the company's stock worth $88,458,000 after purchasing an additional 649,807 shares during the period. Brighton Jones LLC boosted its position in Citigroup by 166.9% during the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company's stock worth $1,407,000 after purchasing an additional 12,499 shares during the period. Onyx Bridge Wealth Group LLC bought a new stake in Citigroup during the first quarter worth approximately $214,000. Finally, Pinnacle Financial Partners Inc boosted its position in Citigroup by 495.1% during the first quarter. Pinnacle Financial Partners Inc now owns 18,554 shares of the company's stock worth $1,317,000 after purchasing an additional 15,436 shares during the period. Institutional investors own 71.72% of the company's stock.

Citigroup Price Performance

Citigroup stock opened at $93.66 on Friday. The firm has a market capitalization of $172.42 billion, a P/E ratio of 13.83, a PEG ratio of 0.81 and a beta of 1.38. Citigroup Inc. has a 1 year low of $55.51 and a 1 year high of $96.90. The business has a 50-day moving average of $87.83 and a 200-day moving average of $77.84. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.61.

Citigroup (NYSE:C - Get Free Report) last posted its earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.35. The company had revenue of $21.67 billion during the quarter, compared to analyst estimates of $20.75 billion. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. The company's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.52 EPS. On average, equities analysts anticipate that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Monday, August 4th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Monday, August 4th. This is an increase from Citigroup's previous quarterly dividend of $0.56. Citigroup's dividend payout ratio is presently 35.45%.

Insider Activity

In other news, Director Peter B. Henry sold 3,000 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total transaction of $271,200.00. Following the completion of the transaction, the director directly owned 2,140 shares in the company, valued at approximately $193,456. The trade was a 58.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on C. Morgan Stanley increased their price objective on Citigroup from $103.00 to $107.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Bank of America raised their target price on Citigroup from $89.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Wall Street Zen raised Citigroup from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Truist Financial lifted their price objective on Citigroup from $93.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Finally, TD Cowen lifted their price target on Citigroup from $85.00 to $95.00 and gave the company a "hold" rating in a report on Wednesday, July 16th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $96.54.

Citigroup Company Profile

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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