Shikiar Asset Management Inc. Buys 17,735 Shares of Citigroup Inc. $C

Key Points

• Shikiar Asset Management Inc. increased its stake in Citigroup by 21.7%, acquiring an additional 17,735 shares in Q2, bringing its total to 99,453 shares, worth approximately $8.47 million.
• Citigroup reported better-than-expected quarterly earnings with an EPS of $1.96 and a revenue of $21.67 billion, surpassing analysts' estimates.
• The company increased its quarterly dividend from $0.56 to $0.60 per share, representing an annualized rate of $2.40 and a 2.5% dividend yield.

Shikiar Asset Management Inc. lifted its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 21.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,453 shares of the company's stock after acquiring an additional 17,735 shares during the period. Citigroup makes up about 2.4% of Shikiar Asset Management Inc.'s investment portfolio, making the stock its 11th largest holding. Shikiar Asset Management Inc.'s holdings in Citigroup were worth $8,465,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in C. Goldman Sachs Group Inc. boosted its holdings in Citigroup by 179.5% during the first quarter. Goldman Sachs Group Inc. now owns 14,534,297 shares of the company's stock worth $1,031,790,000 after purchasing an additional 9,334,038 shares during the last quarter. Nuveen LLC acquired a new position in Citigroup during the first quarter worth $578,100,000. Amundi boosted its holdings in Citigroup by 78.4% during the first quarter. Amundi now owns 13,713,517 shares of the company's stock worth $973,523,000 after purchasing an additional 6,026,268 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Citigroup by 6.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 41,101,459 shares of the company's stock worth $2,917,794,000 after purchasing an additional 2,539,769 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG boosted its holdings in Citigroup by 2,230.8% during the first quarter. B. Metzler seel. Sohn & Co. AG now owns 2,630,308 shares of the company's stock worth $186,726,000 after purchasing an additional 2,517,459 shares during the last quarter. Institutional investors own 71.72% of the company's stock.

Citigroup Stock Performance

Shares of C stock opened at $95.85 on Friday. The stock has a market cap of $176.45 billion, a P/E ratio of 14.16, a P/E/G ratio of 0.84 and a beta of 1.37. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.99. The company has a fifty day moving average price of $96.96 and a two-hundred day moving average price of $83.58. Citigroup Inc. has a one year low of $55.51 and a one year high of $105.59.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The company reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.61 by $0.35. The firm had revenue of $21.67 billion during the quarter, compared to analysts' expectations of $20.75 billion. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The company's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.52 earnings per share. Citigroup has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Monday, August 4th were paid a dividend of $0.60 per share. The ex-dividend date was Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from Citigroup's previous quarterly dividend of $0.56. Citigroup's dividend payout ratio is 35.45%.

Analysts Set New Price Targets

C has been the subject of several recent research reports. Weiss Ratings restated a "buy (b)" rating on shares of Citigroup in a report on Wednesday. UBS Group restated a "neutral" rating and set a $89.00 target price on shares of Citigroup in a report on Tuesday, July 15th. Morgan Stanley increased their target price on shares of Citigroup from $107.00 to $129.00 and gave the stock an "overweight" rating in a report on Monday, September 29th. Barclays increased their target price on shares of Citigroup from $95.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Finally, TD Cowen increased their price target on shares of Citigroup from $85.00 to $95.00 and gave the company a "hold" rating in a research note on Wednesday, July 16th. Eleven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Citigroup currently has an average rating of "Moderate Buy" and an average target price of $99.68.

Insider Activity

In other news, Director Peter B. Henry sold 3,000 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $90.40, for a total transaction of $271,200.00. Following the completion of the sale, the director owned 2,140 shares in the company, valued at approximately $193,456. This trade represents a 58.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.08% of the company's stock.

Citigroup 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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