State of Michigan Retirement System Sells 11,900 Shares of Citigroup Inc. $C

Key Points

• State of Michigan Retirement System trimmed its Citigroup stake by 2.3% in the first quarter, selling 11,900 shares and ending with 505,936 shares valued at about $57.4 million.
• Citigroup insiders also reduced holdings, including Edward Skyler and director John Cunningham Dugan, while institutions still own 71.72% of the stock overall.
• Analysts remain generally positive: Citigroup recently posted better-than-expected earnings, announced a $30 billion share repurchase plan, and carries a consensus Moderate Buy rating with an average price target of $145.

State of Michigan Retirement System lowered its holdings in Citigroup Inc. (NYSE:C - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 505,936 shares of the company's stock after selling 11,900 shares during the quarter. State of Michigan Retirement System's holdings in Citigroup were worth $57,378,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Whipplewood Advisors LLC bought a new position in shares of Citigroup in the first quarter valued at $25,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Citigroup during the fourth quarter worth about $25,000. Richards Merrill & Peterson Inc. bought a new stake in shares of Citigroup during the fourth quarter worth about $28,000. TD Capital Management LLC acquired a new stake in shares of Citigroup in the 4th quarter worth about $28,000. Finally, Luken Investment Analytics LLC acquired a new stake in shares of Citigroup in the 4th quarter worth about $32,000. Institutional investors own 71.72% of the company's stock.

Insider Activity at Citigroup

In other news, insider Edward Skyler sold 25,000 shares of the business's stock in a transaction that occurred 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 owned 182,022 shares in the company, valued at $23,919,511.02. The trade was a 12.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Cunningham Dugan sold 2,117 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the transaction, the director directly owned 12,194 shares of the company's stock, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.11% of the stock is owned by company insiders.

Analyst Ratings Changes

C has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their price target on Citigroup from $137.00 to $151.00 and gave the company a "buy" rating in a research note on Wednesday, April 15th. Barclays increased their price objective on Citigroup from $146.00 to $154.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Oppenheimer lowered Citigroup from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Bank of America lifted their target price on Citigroup from $170.00 to $176.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. upped their price target on Citigroup from $135.50 to $149.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Citigroup currently has a consensus rating of "Moderate Buy" and an average price target of $145.00.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Wall Street expectations for big banks are running high, with several analysts saying Citigroup could beat estimates thanks to resilient consumer activity, healthy loan demand, and stronger capital markets conditions.
• Positive Sentiment: Recent coverage highlighted Citigroup as “the one to watch” among major U.S. banks because it is expected to show the biggest year-over-year improvement on an important performance measure, which could support sentiment if results confirm the trend.
• Positive Sentiment: New commentary on Citi’s tokenized USD clearing and Citi Token Services suggests the bank is making progress on digital transformation, reinforcing the case for longer-term operating efficiency and modernization.
• Positive Sentiment: Analysts continue to rate Citigroup favorably overall, with one note saying the stock carries a “Moderate Buy” consensus ahead of earnings.
• Neutral Sentiment: Market-wide risk aversion is also weighing on sentiment, as bank stocks are softer ahead of a packed earnings calendar and broader futures weakness is pressuring cyclical financial shares.
• Neutral Sentiment: Coverage of Citi’s tech overhaul and leadership efforts points to a multiyear turnaround story, but these initiatives are still viewed as work in progress rather than immediate catalysts.
• Negative Sentiment: Investors are still wary about restructuring costs, credit risk, and whether Citigroup can close the gap to its own performance targets, which could limit enthusiasm if earnings disappoint.

Citigroup Stock Down 0.2%

C opened at $140.56 on Tuesday. Citigroup Inc. has a fifty-two week low of $86.22 and a fifty-two week high of $147.96. The firm has a market capitalization of $239.74 billion, a P/E ratio of 17.42, a PEG ratio of 0.66 and a beta of 1.11. The company's 50-day moving average is $133.96 and its 200 day moving average is $123.03. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 0.99.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.63 by $0.43. The business had revenue of $24.63 billion during the quarter, compared to the consensus estimate of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The firm's quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.96 EPS. Research analysts expect that Citigroup Inc. will post 10.89 earnings per share for the current fiscal year.

Citigroup declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 7th that allows the company to repurchase $30.00 billion in shares. This repurchase authorization allows the company to buy up to 13.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

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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