Shikiar Asset Management Inc. Acquires 68,530 Shares of Citigroup Inc. (NYSE:C)

Shikiar Asset Management Inc. increased its position in Citigroup Inc. (NYSE:C - Free Report) by 519.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 81,718 shares of the company's stock after purchasing an additional 68,530 shares during the quarter. Citigroup makes up 1.7% of Shikiar Asset Management Inc.'s portfolio, making the stock its 23rd largest holding. Shikiar Asset Management Inc.'s holdings in Citigroup were worth $5,801,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of C. Orion Capital Management LLC acquired a new position in Citigroup during the fourth quarter worth $28,000. American National Bank & Trust acquired a new stake in shares of Citigroup in the first quarter valued at $29,000. Mascagni Wealth Management Inc. bought a new position in Citigroup during the fourth quarter worth about $34,000. Creative Capital Management Investments LLC bought a new position in Citigroup during the fourth quarter worth about $35,000. Finally, Sierra Ocean LLC bought a new position in Citigroup during the fourth quarter worth about $37,000. 71.72% of the stock is owned by institutional investors.

Citigroup Stock Performance

NYSE:C opened at $76.30 on Monday. The stock has a fifty day moving average price of $71.01 and a 200-day moving average price of $73.05. The company has a market cap of $142.51 billion, a price-to-earnings ratio of 12.82, a PEG ratio of 0.64 and a beta of 1.33. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96. Citigroup Inc. has a fifty-two week low of $53.51 and a fifty-two week high of $84.74.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The company reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.84 by $0.12. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The company had revenue of $21.60 billion during the quarter, compared to analysts' expectations of $21.34 billion. As a group, equities analysts anticipate that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued a $0.56 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $2.24 dividend on an annualized basis and a yield of 2.94%. Citigroup's payout ratio is presently 35.39%.

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 4,417 shares of the company's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $68.26, for a total transaction of $301,504.42. Following the sale, the director now owns 13,048 shares in the company, valued at $890,656.48. This represents a 25.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on C shares. Morgan Stanley cut their price objective on Citigroup from $110.00 to $109.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Truist Financial cut their price objective on Citigroup from $84.00 to $79.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $92.00 price objective (down previously from $96.00) on shares of Citigroup in a report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their target price on Citigroup from $85.50 to $75.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Finally, Cowen assumed coverage on Citigroup in a research report on Wednesday, May 14th. They issued a "hold" rating on the stock. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Citigroup presently has an average rating of "Moderate Buy" and a consensus target price of $84.30.

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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