Total Clarity Wealth Management Inc. Lowers Stock Position in Citigroup Inc. $C

Key Points

• Total Clarity Wealth Management Inc. reduced its stake in Citigroup Inc. by 46.1% in the second quarter, now holding 4,705 shares valued at approximately $400,000.
• Citigroup reported $1.96 earnings per share for the most recent quarter, surpassing analysts' expectations of $1.61 and marking an 8.2% year-over-year revenue growth to $21.67 billion.
• The company announced a quarterly dividend of $0.60 per share, with a payout date of November 26th, leading to an annualized yield of 2.5%.

Total Clarity Wealth Management Inc. lessened its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 46.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,705 shares of the company's stock after selling 4,026 shares during the quarter. Total Clarity Wealth Management Inc.'s holdings in Citigroup were worth $400,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Vest Financial LLC boosted its stake in Citigroup by 39.3% during the second quarter. Vest Financial LLC now owns 21,561 shares of the company's stock worth $1,835,000 after buying an additional 6,079 shares during the period. Pzena Investment Management LLC boosted its stake in shares of Citigroup by 1.8% in the second quarter. Pzena Investment Management LLC now owns 13,574,700 shares of the company's stock valued at $1,155,478,000 after purchasing an additional 242,560 shares during the period. Griffin Asset Management Inc. boosted its stake in shares of Citigroup by 71.3% in the second quarter. Griffin Asset Management Inc. now owns 53,673 shares of the company's stock valued at $4,569,000 after purchasing an additional 22,335 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Citigroup by 13.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,294,955 shares of the company's stock valued at $197,986,000 after purchasing an additional 279,779 shares during the period. Finally, Almanack Investment Partners LLC. purchased a new position in shares of Citigroup in the second quarter valued at approximately $1,225,000. Hedge funds and other institutional investors own 71.72% of the company's stock.

Citigroup Stock Up 2.4%

Shares of NYSE:C opened at $96.18 on Tuesday. The firm's 50 day moving average price is $97.09 and its 200 day moving average price is $84.05. The stock has a market cap of $177.05 billion, a price-to-earnings ratio of 14.21, a price-to-earnings-growth ratio of 0.83 and a beta of 1.37. Citigroup Inc. has a fifty-two week low of $55.51 and a fifty-two week high of $105.59. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.61.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The company reported $1.96 earnings per share 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 company had revenue of $21.67 billion for the quarter, compared to analysts' expectations of $20.75 billion. During the same quarter last year, the company earned $1.52 earnings per share. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. As a group, equities research analysts predict that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Monday, November 3rd will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. Citigroup's dividend payout ratio (DPR) is presently 35.45%.

Insiders Place Their Bets

In other Citigroup news, Director Peter B. Henry sold 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were 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. This trade represents a 58.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

C has been the subject of several recent research reports. Weiss Ratings reissued a "buy (b)" rating on shares of Citigroup in a research note on Wednesday, October 8th. Piper Sandler raised their price objective on shares of Citigroup from $84.00 to $104.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Truist Financial raised their price objective on shares of Citigroup from $105.00 to $112.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. TD Cowen raised their price objective on shares of Citigroup from $85.00 to $95.00 and gave the company a "hold" rating in a research note on Wednesday, July 16th. Finally, Evercore ISI set a $77.00 target price on shares of Citigroup in a report on Monday, July 7th. Eleven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $99.68.

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.

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