State Street Corp Raises Stock Holdings in Citigroup Inc. $C

Key Points

• State Street increased its Citigroup stake by 3.7% in the second quarter, adding 2.9 million shares to own 80.96 million shares valued at approximately $11.2 billion, or 4.75% of Citi.
• Other major investors also raised their positions, and institutional investors collectively own 71.72% of Citigroup.
• Citigroup recently exceeded quarterly earnings and revenue estimates, while raising its quarterly dividend to $0.67 per share. Analysts maintain a consensus “Moderate Buy” rating with a $145.22 price target.

State Street Corp boosted its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 3.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 80,956,349 shares of the company's stock after purchasing an additional 2,913,701 shares during the period. State Street Corp owned about 4.75% of Citigroup worth $11,199,986,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of Citigroup by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company's stock valued at $5,036,712,000 after purchasing an additional 189,548 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Citigroup by 4.0% in the fourth quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company's stock worth $3,990,422,000 after buying an additional 1,326,224 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Citigroup by 2.6% in the fourth quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company's stock worth $3,954,307,000 after buying an additional 846,772 shares during the last quarter. Bank of America Corp DE grew its position in Citigroup by 2.8% during the first quarter. Bank of America Corp DE now owns 26,869,012 shares of the company's stock valued at $3,047,215,000 after buying an additional 728,043 shares during the period. Finally, Norges Bank purchased a new stake in Citigroup during the fourth quarter valued at approximately $2,800,944,000. Institutional investors own 71.72% of the company's stock.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: CEO Jane Fraser said companies are urgently investing in defenses against AI-enabled cyberattacks. The comments highlight potential demand for cybersecurity-related financial services and reinforce Citi’s positioning in technology and risk management. Citi CEO Says Companies Scrambling to Launch AI Cyber Defenses
• Neutral Sentiment: Fraser is expected to attend a state dinner for Chinese President Xi Jinping alongside other major U.S. executives. The event could provide relationship-building opportunities, but it does not represent a direct earnings catalyst for Citigroup. JPMorgan, Citigroup CEOs attending Trump's state dinner for China's Xi
• Neutral Sentiment: Citigroup Global Markets India is managing Mastercard’s planned sale of its Pine Labs stake. The transaction may generate placement fees and demonstrates Citi’s investment-banking activity, but the one-time deal is unlikely to materially affect the bank’s financial results. Pine Labs shares rise after block deal
• Negative Sentiment: A Financial Times investigation reported that a Kremlin-backed forgery scheme moved approximately $6.9 billion through global banks, including Citigroup. Although the report does not establish wrongdoing by Citi, the bank’s involvement could lead to additional regulatory scrutiny, compliance costs and reputational damage. Kremlin-backed forgery scheme moved $6.9bn through global banks

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wells Fargo & Company increased their price target on shares of Citigroup from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 18th. Zacks Research cut Citigroup from a "strong-buy" rating to a "hold" rating in a report on Monday, September 14th. Oppenheimer downgraded Citigroup from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. UBS Group reduced their price target on Citigroup from $150.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, August 3rd. Finally, Morgan Stanley raised their price objective on Citigroup from $154.00 to $164.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Citigroup presently has a consensus rating of "Moderate Buy" and a consensus price target of $145.22.

Citigroup Price Performance

Shares of C stock traded down $3.10 on Tuesday, hitting $131.95. 5,728,824 shares of the stock traded hands, compared to its average volume of 12,685,754. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. Citigroup Inc. has a 52 week low of $93.66 and a 52 week high of $147.96. The firm has a 50 day simple moving average of $134.25 and a two-hundred day simple moving average of $129.31. The firm has a market cap of $225.05 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 0.59 and a beta of 1.12.

Citigroup (NYSE:C - Get Free Report) last issued its earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The company had revenue of $24.77 billion during the quarter, compared to the consensus estimate of $23.74 billion. During the same quarter in the prior year, the firm posted $1.96 EPS. Citigroup's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts predict that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Monday, August 3rd were paid a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 2.0%. The ex-dividend date was Monday, August 3rd. This is a positive change from Citigroup's previous quarterly dividend of $0.60. Citigroup's dividend payout ratio is currently 28.94%.

Citigroup Company Profile

Citigroup Inc NYSE: C is a global financial services company headquartered in New York City. Through its businesses, Citi provides banking, lending, credit card, wealth management, investment banking, securities, markets and treasury services to individuals, businesses, financial institutions and governments.

The company's operations include U.S. Personal Banking, which offers consumer banking, credit cards and lending products; Wealth Management, which serves affluent and high-net-worth clients; and its Institutional Clients Group, which provides investment banking, corporate banking, markets, securities services and transaction banking.

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