Riggs Asset Managment Co. Inc. Takes Position in Citigroup Inc. (NYSE:C)

Riggs Asset Managment Co. Inc. purchased a new position in shares of Citigroup Inc. (NYSE:C - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 120,407 shares of the company's stock, valued at approximately $8,548,000. Citigroup makes up approximately 2.4% of Riggs Asset Managment Co. Inc.'s investment portfolio, making the stock its 9th biggest position.

Other hedge funds have also made changes to their positions in the company. Novare Capital Management LLC acquired a new stake in shares of Citigroup in the first quarter valued at $401,000. Adell Harriman & Carpenter Inc. increased its holdings in Citigroup by 18.6% during the 1st quarter. Adell Harriman & Carpenter Inc. now owns 82,067 shares of the company's stock worth $5,826,000 after purchasing an additional 12,863 shares during the period. Concurrent Investment Advisors LLC increased its holdings in Citigroup by 126.9% during the 1st quarter. Concurrent Investment Advisors LLC now owns 39,657 shares of the company's stock worth $2,815,000 after purchasing an additional 22,182 shares during the period. World Investment Advisors raised its position in Citigroup by 25.9% in the 1st quarter. World Investment Advisors now owns 33,614 shares of the company's stock valued at $2,386,000 after purchasing an additional 6,908 shares in the last quarter. Finally, Capital Investment Advisory Services LLC boosted its stake in shares of Citigroup by 6.4% in the 1st quarter. Capital Investment Advisory Services LLC now owns 6,092 shares of the company's stock valued at $432,000 after buying an additional 366 shares during the period. Institutional investors and hedge funds own 71.72% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of Citigroup from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $92.00 price objective (down from $96.00) on shares of Citigroup in a research report on Wednesday, April 16th. Oppenheimer reaffirmed an "outperform" rating on shares of Citigroup in a research report on Tuesday, May 20th. Royal Bank Of Canada cut their price target on Citigroup from $85.00 to $78.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Finally, Morgan Stanley upped their price objective on Citigroup from $94.00 to $103.00 and gave the stock an "overweight" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $85.43.

Insider Transactions at Citigroup

In related news, Director John Cunningham Dugan sold 4,417 shares of Citigroup stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $68.26, for a total value of $301,504.42. Following the sale, the director directly owned 13,048 shares in the company, valued at $890,656.48. The trade was a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.08% of the company's stock.

Citigroup Stock Performance

NYSE C traded up $1.91 during trading on Friday, reaching $88.67. The company's stock had a trading volume of 13,229,886 shares, compared to its average volume of 14,658,879. Citigroup Inc. has a twelve month low of $53.51 and a twelve month high of $88.80. The business's fifty day moving average price is $76.63 and its 200-day moving average price is $74.20. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $165.61 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 0.69 and a beta of 1.34.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The company reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.84 by $0.12. The firm had revenue of $21.60 billion for the quarter, compared to analyst estimates of $21.34 billion. Citigroup had a net margin of 7.95% and a return on equity of 6.94%. As a group, analysts anticipate that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

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.