Todd Asset Management LLC Invests $28.74 Million in Citigroup Inc. $C

Key Points

• Todd Asset Management LLC opened a new position in Citigroup, buying 246,314 shares worth about $28.74 million in the fourth quarter.
• Citigroup reported strong quarterly results, with EPS of $3.06 versus $2.63 expected and revenue of $24.63 billion, up 14.1% year over year.
• The bank also announced a $30 billion share buyback and paid a quarterly dividend of $0.60 per share, implying a 1.9% annualized yield.

Todd Asset Management LLC acquired a new position in shares of Citigroup Inc. (NYSE:C - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 246,314 shares of the company's stock, valued at approximately $28,742,000.

A number of other hedge funds also recently made changes to their positions in C. Vanguard Group Inc. lifted its stake in Citigroup by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock worth $19,048,467,000 after purchasing an additional 4,938,923 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Citigroup by 17.6% in the third quarter. Bank of New York Mellon Corp now owns 28,125,995 shares of the company's stock worth $2,854,788,000 after purchasing an additional 4,211,099 shares during the last quarter. Capital World Investors lifted its stake in Citigroup by 6.5% in the third quarter. Capital World Investors now owns 47,262,626 shares of the company's stock worth $4,797,292,000 after purchasing an additional 2,871,074 shares during the last quarter. Bessemer Group Inc. lifted its stake in Citigroup by 6,172.0% in the third quarter. Bessemer Group Inc. now owns 2,904,795 shares of the company's stock worth $294,838,000 after purchasing an additional 2,858,481 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in Citigroup by 291.4% in the fourth quarter. SG Americas Securities LLC now owns 1,319,549 shares of the company's stock worth $153,978,000 after purchasing an additional 2,008,946 shares during the last quarter. 71.72% of the stock is owned by institutional investors.

Insider Transactions at Citigroup

In other Citigroup news, insider Edward Skyler sold 25,000 shares of the business's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the transaction, the insider owned 182,022 shares in the company, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Cunningham Dugan sold 2,117 shares of the business's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the completion of the transaction, the director owned 12,194 shares in the company, valued at $1,527,908.20. The trade was a 14.79% decrease in their position. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by insiders.

Citigroup Price Performance

C stock opened at $125.10 on Monday. The firm's 50-day moving average price is $121.04 and its two-hundred day moving average price is $114.93. Citigroup Inc. has a 12-month low of $71.65 and a 12-month high of $135.29. The stock has a market capitalization of $213.36 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 0.56 and a beta of 1.14. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.63 by $0.43. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The firm had revenue of $24.63 billion for the quarter, compared to analysts' expectations of $22.96 billion. During the same quarter in the previous year, the company earned $1.96 earnings per share. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, equities analysts predict that Citigroup Inc. will post 10.65 earnings per share for the current year.

Citigroup declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 7th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Citigroup Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were given a $0.60 dividend. The ex-dividend date was Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.9%. Citigroup's payout ratio is presently 29.74%.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup’s bullish long-term semiconductor and AI market outlook may support investor confidence in the firm’s research and markets commentary, while broader AI optimism remains a tailwind for financial-market activity. Citigroup Sees Server CPU Market Reaching $132 Billion by 2030 as Intel Retains Leadership
• Neutral Sentiment: Singapore kept its growth forecast unchanged, a sign of steady global economic conditions that could be mildly supportive for international banking sentiment, but the impact on Citigroup appears limited. Singapore Retains Growth Forecast Despite Uncertainties; Inflation Remains Stable
• Negative Sentiment: The SEC reportedly delayed its tokenized-stock trading proposal, slowing a potential growth area for market structure innovation and crypto-linked trading activity. SEC postpones plan allowing 'innovation exemption' for tokenized stocks: Report

Analyst Upgrades and Downgrades

C has been the subject of several recent research reports. Wall Street Zen raised shares of Citigroup from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Truist Financial set a $147.00 price target on shares of Citigroup in a research note on Friday, May 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Citigroup in a research note on Monday, April 20th. Jefferies Financial Group initiated coverage on shares of Citigroup in a research note on Thursday, March 26th. They issued a "buy" rating and a $135.00 price target for the company. Finally, Piper Sandler reissued an "overweight" rating and issued a $145.00 price target (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Citigroup currently has a consensus rating of "Moderate Buy" and a consensus price target of $137.62.

Citigroup Profile

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi's principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.

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