State of New Jersey Common Pension Fund D Lowers Stock Position in Citigroup Inc. $C

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Citigroup Inc. by 9.3%, selling 64,766 shares in the first quarter, leaving them with 631,843 shares valued at approximately $44.86 million.
• Citigroup recently increased its quarterly dividend from $0.56 to $0.60 per share, representing a 2.5% dividend yield and an annualized dividend of $2.40.
• Citigroup's shares have a current market value of $175.68 billion and have experienced a price increase from a one-year low of $55.51 to a high of $96.90.

State of New Jersey Common Pension Fund D lessened its stake in Citigroup Inc. (NYSE:C - Free Report) by 9.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 631,843 shares of the company's stock after selling 64,766 shares during the period. State of New Jersey Common Pension Fund D's holdings in Citigroup were worth $44,855,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Orion Capital Management LLC acquired a new stake in Citigroup in the fourth quarter worth about $28,000. MorganRosel Wealth Management LLC acquired a new stake in Citigroup during the 1st quarter worth about $28,000. American National Bank & Trust acquired a new stake in Citigroup during the 1st quarter worth about $29,000. Accent Capital Management LLC increased its holdings in shares of Citigroup by 106.0% in the 1st quarter. Accent Capital Management LLC now owns 412 shares of the company's stock valued at $29,000 after purchasing an additional 212 shares during the period. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Citigroup in the 4th quarter valued at about $34,000. Institutional investors own 71.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on C. Barclays increased their price objective on Citigroup from $95.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Morgan Stanley raised their target price on Citigroup from $103.00 to $107.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Dbs Bank raised Citigroup from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. UBS Group reiterated a "neutral" rating and set a $89.00 price objective on shares of Citigroup in a research note on Tuesday, July 15th. Finally, Keefe, Bruyette & Woods reiterated a "buy" rating on shares of Citigroup in a research note on Wednesday, July 16th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $96.54.

Insider Buying and Selling at Citigroup

In related news, Director Peter B. Henry sold 3,000 shares of Citigroup stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total value of $271,200.00. Following the sale, the director owned 2,140 shares of the company's stock, valued at approximately $193,456. This trade represents a 58.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.08% of the stock is owned by company insiders.

Citigroup Price Performance

Shares of NYSE:C traded up $0.51 during midday trading on Monday, reaching $94.20. The company's stock had a trading volume of 8,779,637 shares, compared to its average volume of 15,051,032. The business's fifty day simple moving average is $88.15 and its 200-day simple moving average is $77.90. The company has a market capitalization of $173.41 billion, a P/E ratio of 13.91, a P/E/G ratio of 0.81 and a beta of 1.38. Citigroup Inc. has a fifty-two week low of $55.51 and a fifty-two week high of $96.90. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.99.

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

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Monday, August 4th will be issued a dividend of $0.60 per share. This is a boost from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date is Monday, August 4th. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. Citigroup's dividend payout ratio (DPR) is presently 35.45%.

About Citigroup

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.