Sound Shore Management Inc. CT Has $92.07 Million Holdings in Citigroup Inc. $C

Key Points

• Sound Shore Management reduced its Citigroup stake by 20.2% in the fourth quarter, selling 199,965 shares and leaving it with 788,969 shares valued at about $92.1 million.
• Citigroup beat Q1 expectations, reporting $3.06 EPS versus the $2.63 estimate and revenue of $24.63 billion, up 14.1% from a year earlier.
• The bank also announced a $30 billion stock buyback and paid a quarterly dividend of $0.60 per share, while analysts maintain a Moderate Buy consensus with an average price target of $137.62.

Sound Shore Management Inc. CT cut its stake in Citigroup Inc. (NYSE:C - Free Report) by 20.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 788,969 shares of the company's stock after selling 199,965 shares during the period. Citigroup comprises approximately 2.9% of Sound Shore Management Inc. CT's holdings, making the stock its 12th largest holding. Sound Shore Management Inc. CT's holdings in Citigroup were worth $92,065,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in Citigroup by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock worth $19,048,467,000 after acquiring an additional 4,938,923 shares during the last quarter. Capital World Investors grew its position in Citigroup by 6.5% during the 3rd quarter. Capital World Investors now owns 47,262,626 shares of the company's stock worth $4,797,292,000 after acquiring an additional 2,871,074 shares during the last quarter. Geode Capital Management LLC grew its position in Citigroup by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company's stock worth $5,036,712,000 after acquiring an additional 189,548 shares during the last quarter. Fisher Asset Management LLC grew its position in 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. Finally, Franklin Resources Inc. grew its position in Citigroup by 1.8% during the 3rd quarter. Franklin Resources Inc. now owns 32,870,559 shares of the company's stock worth $3,336,362,000 after acquiring an additional 580,027 shares during the last quarter. 71.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Edward Skyler sold 25,000 shares of the firm's stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value of $3,285,250.00. Following the transaction, the insider directly owned 182,022 shares in the company, valued at $23,919,511.02. This trade represents a 12.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Cunningham Dugan sold 2,117 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the transaction, the director owned 12,194 shares in the company, valued at $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.11% of the company's stock.

Citigroup Stock Performance

Shares of NYSE:C opened at $130.09 on Thursday. The stock has a market capitalization of $221.87 billion, a P/E ratio of 16.12, a P/E/G ratio of 0.59 and a beta of 1.12. Citigroup Inc. has a 1-year low of $75.66 and a 1-year high of $135.29. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. The business has a 50-day moving average price of $124.08 and a two-hundred day moving average price of $116.40.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.43. The firm had revenue of $24.63 billion during the quarter, compared to analysts' expectations of $22.96 billion. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The company's quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.96 EPS. Equities analysts predict that Citigroup Inc. will post 10.68 earnings per share for the current year.

Citigroup declared that its board has initiated a stock buyback program on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Citigroup Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, May 4th. Citigroup's payout ratio is currently 29.74%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on C shares. Morgan Stanley increased their price target on Citigroup from $140.00 to $144.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 15th. JPMorgan Chase & Co. increased their price target on Citigroup from $131.00 to $135.50 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Evercore set a $139.00 price target on Citigroup in a research report on Wednesday, April 15th. Truist Financial set a $147.00 price target on Citigroup in a research report on Friday, May 1st. Finally, Zacks Research lowered Citigroup from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $137.62.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is drawing investor attention after outlining a major tokenization opportunity, projecting the tokenized securities market could reach $5.5 trillion by 2030, which strengthens the bank’s long-term growth narrative around digital assets and capital markets modernization. Citigroup’s Tokenization Push And Valuation Gap Draw Investor Attention
• Positive Sentiment: Reuters reported that Revolut plans to offer stablecoins, FDIC-insured accounts, stock trading and crypto services through its future U.S. bank, underscoring how mainstream financial firms are moving toward banking products that sit in Citi’s competitive lane and helping validate Citi’s own digital-asset focus. Revolut US bank plans stablecoins alongside FDIC-insured accounts: Report
• Neutral Sentiment: Separately, Citigroup was cited in a note saying U.S. tech stocks may be vulnerable because of crowded positioning. That’s more of a broader market signal than a direct Citi-specific driver, but it could add to investor caution if risk assets cool off. Citi’s Chew Sees US Tech Stocks at Risk From Bullish Positioning

Citigroup Company Profile

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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