Stevens Capital Management LP Acquires 11,960 Shares of Citigroup Inc. (NYSE:C)

Key Points

• Stevens Capital Management LP increased its stake in Citigroup by 142.0% during the 1st quarter, raising their holdings to 20,381 shares valued at approximately $1.45 million.
• Citigroup recently announced a quarterly dividend increase to $0.60 per share, up from $0.56, which gives an annualized dividend yield of 2.52%.
• Citigroup reported better-than-expected quarterly earnings, with $1.96 earnings per share compared to analysts' estimates of $1.61, and revenue of $21.67 billion significantly exceeding expectations.

Stevens Capital Management LP increased its holdings in shares of Citigroup Inc. (NYSE:C - Free Report) by 142.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,381 shares of the company's stock after purchasing an additional 11,960 shares during the quarter. Stevens Capital Management LP's holdings in Citigroup were worth $1,447,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Citigroup during the fourth quarter worth $1,935,599,000. Capital World Investors lifted its position in shares of Citigroup by 455.2% in the fourth quarter. Capital World Investors now owns 31,352,582 shares of the company's stock valued at $2,206,908,000 after acquiring an additional 25,705,141 shares in the last quarter. FMR LLC lifted its position in shares of Citigroup by 29.7% in the fourth quarter. FMR LLC now owns 34,362,176 shares of the company's stock valued at $2,418,754,000 after acquiring an additional 7,863,718 shares in the last quarter. Franklin Resources Inc. grew its holdings in Citigroup by 9.3% in the 4th quarter. Franklin Resources Inc. now owns 32,832,063 shares of the company's stock valued at $2,311,048,000 after buying an additional 2,804,850 shares during the period. Finally, Capital International Investors grew its holdings in Citigroup by 148.6% in the fourth quarter. Capital International Investors now owns 4,524,890 shares of the company's stock valued at $318,507,000 after purchasing an additional 2,704,783 shares during the period. Hedge funds and other institutional investors own 71.72% of the company's stock.

Insider Transactions at Citigroup

In related news, Director Peter B. Henry sold 3,000 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total transaction of $271,200.00. Following the completion of the transaction, the director owned 2,140 shares of the company's stock, valued at approximately $193,456. The trade was a 58.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Cunningham Dugan sold 4,417 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $68.26, for a total value of $301,504.42. Following the completion of the transaction, the director directly owned 13,048 shares of the company's stock, valued at approximately $890,656.48. This trade represents a 25.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Truist Financial raised their price objective on Citigroup from $93.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods reiterated a "buy" rating on shares of Citigroup in a research note on Wednesday, July 16th. Bank of America increased their target price on Citigroup from $89.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Evercore ISI set a $77.00 target price on Citigroup in a research note on Monday, July 7th. Finally, JPMorgan Chase & Co. lowered their target price on Citigroup from $85.50 to $75.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $96.46.

Citigroup Price Performance

Shares of NYSE C traded down $0.70 during mid-day trading on Tuesday, reaching $94.86. The company had a trading volume of 4,653,681 shares, compared to its average volume of 15,899,572. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $96.90. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The stock has a market cap of $177.16 billion, a PE ratio of 14.01, a P/E/G ratio of 0.83 and a beta of 1.34. The company has a 50-day moving average price of $82.75 and a two-hundred day moving average price of $76.46.

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

Citigroup Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 4th will be paid a $0.60 dividend. The ex-dividend date is Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a yield of 2.53%. This is an increase from Citigroup's previous quarterly dividend of $0.56. Citigroup's payout ratio is 35.45%.

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.