Tocqueville Asset Management L.P. Grows Stock Holdings in Citigroup Inc. (NYSE:C)

Key Points

• Tocqueville Asset Management L.P. significantly increased its holdings in Citigroup Inc. by 594.1% in the first quarter, acquiring a total of 116,198 shares valued at approximately $8.25 million.
• Citigroup's stock has received multiple upgrades from analysts, with price targets raised by firms like Goldman Sachs and Piper Sandler, reflecting strong confidence in the company's performance.
• The company recently declared a quarterly dividend of $0.60 per share, which is an increase from the previous dividend of $0.56, indicating a 2.6% dividend yield.

Tocqueville Asset Management L.P. raised its holdings in Citigroup Inc. (NYSE:C - Free Report) by 594.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,198 shares of the company's stock after purchasing an additional 99,458 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in Citigroup were worth $8,249,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Orion Capital Management LLC purchased a new stake in shares of Citigroup during the 4th quarter worth approximately $28,000. MorganRosel Wealth Management LLC acquired a new position in shares of Citigroup during the 1st quarter worth approximately $28,000. American National Bank & Trust acquired a new position in shares of Citigroup during the 1st quarter worth approximately $29,000. Accent Capital Management LLC raised its position in shares of 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 purchasing an additional 212 shares during the last quarter. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Citigroup during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 71.72% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. The Goldman Sachs Group boosted their price target on Citigroup from $85.00 to $96.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Piper Sandler increased their target price on Citigroup from $84.00 to $104.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Truist Financial increased their price target on Citigroup from $93.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Cowen initiated coverage on Citigroup in a report on Wednesday, May 14th. They issued a "hold" rating for the company. Finally, Wells Fargo & Company increased their price target on Citigroup from $110.00 to $115.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $96.54.

Citigroup Stock Down 1.9%

NYSE:C opened at $93.66 on Friday. The company has a market capitalization of $172.42 billion, a price-to-earnings ratio of 13.83, 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 stock has a 50-day simple moving average of $87.83 and a 200 day simple moving average of $77.84. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.99 and a current 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 return on equity of 7.29% and a net margin of 8.44%. The business had revenue of $21.67 billion during the quarter, compared to the consensus estimate of $20.75 billion. During the same period last year, the firm earned $1.52 earnings per share. The company's revenue for the quarter was up 8.2% compared to the same quarter last year. Sell-side analysts predict that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Increases Dividend

The firm also recently declared 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 represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, August 4th. Citigroup's dividend payout ratio is presently 35.45%.

Insider Buying and Selling at Citigroup

In other 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 transaction of $271,200.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.08% of the company's stock.

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.

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