Summit Securities Group LLC Sells 15,400 Shares of Citigroup Inc. $C

Key Points

• Summit Securities Group LLC has decreased its position in Citigroup Inc. by 66.7%, selling 15,400 shares and now owning 7,700 shares valued at approximately $547,000.
• Multiple hedge funds have recently adjusted their stakes in Citigroup, with over 71.72% of the stock now owned by institutional investors.
• Citigroup announced an increase in its quarterly dividend from $0.56 to $0.60, set to be paid to shareholders on August 22nd, representing an annualized yield of 2.6%.

Summit Securities Group LLC trimmed its holdings in shares of Citigroup Inc. (NYSE:C - Free Report) by 66.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,700 shares of the company's stock after selling 15,400 shares during the quarter. Summit Securities Group LLC's holdings in Citigroup were worth $547,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Orion Capital Management LLC acquired a new position in shares of Citigroup during the fourth quarter worth $28,000. MorganRosel Wealth Management LLC bought a new position in Citigroup during the 1st quarter worth $28,000. American National Bank & Trust acquired a new position in Citigroup during the 1st quarter worth about $29,000. Accent Capital Management LLC lifted its holdings in Citigroup by 106.0% during the 1st quarter. Accent Capital Management LLC now owns 412 shares of the company's stock worth $29,000 after buying an additional 212 shares during the period. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Citigroup in the 4th quarter valued at about $34,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Citigroup Trading Down 0.7%

Shares of NYSE:C traded down $0.6580 during mid-day trading on Wednesday, hitting $93.0820. The company had a trading volume of 13,446,380 shares, compared to its average volume of 15,760,574. The company has a market capitalization of $171.35 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 0.81 and a beta of 1.38. Citigroup Inc. has a one year low of $55.51 and a one year high of $96.90. The firm has a fifty day moving average price of $88.46 and a 200 day moving average price of $78.01. 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 EPS for the quarter, topping analysts' consensus estimates of $1.61 by $0.35. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The business had revenue of $21.67 billion during the quarter, compared to analysts' expectations of $20.75 billion. During the same period last year, the company posted $1.52 earnings per share. The business's quarterly revenue was up 8.2% on a year-over-year basis. Citigroup has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Monday, August 4th will be paid a dividend of $0.60 per share. This is an increase from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. Citigroup's dividend payout ratio (DPR) is currently 35.45%.

Insiders Place Their Bets

In other Citigroup news, Director Peter B. Henry sold 3,000 shares of the 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 transaction, the director owned 2,140 shares in the company, valued at approximately $193,456. This represents a 58.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on C. Wall Street Zen upgraded Citigroup from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Bank of America increased their target price on shares of Citigroup from $89.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Oppenheimer raised their price target on shares of Citigroup from $123.00 to $124.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Evercore ISI set a $77.00 price target on shares of Citigroup in a research report on Monday, July 7th. Finally, Piper Sandler increased their price objective on shares of Citigroup from $84.00 to $104.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Ten equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Citigroup presently has an average rating of "Moderate Buy" and a consensus price target of $96.54.

Citigroup Company 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.