VIRGINIA RETIREMENT SYSTEMS ET Al Has $79.11 Million Position in Citigroup Inc. $C

Key Points

• VIRGINIA RETIREMENT SYSTEMS ET Al cut its Citigroup stake by 38.2% in the fourth quarter, though it still held 677,960 shares valued at about $79.1 million.
• Citigroup posted better-than-expected Q1 earnings, with EPS of $3.06 versus estimates of $2.63 and revenue of $24.63 billion topping forecasts. The company also raised confidence in its outlook, with analysts projecting 10.65 EPS for the current year.
• The board authorized a $30 billion share buyback and declared a quarterly dividend of $0.60 per share, reinforcing Citi’s capital return strategy. Meanwhile, analysts remain generally constructive, with a Moderate Buy consensus and a target price around $137.62.

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 38.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 677,960 shares of the company's stock after selling 418,400 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Citigroup were worth $79,111,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in C. Boyd Watterson Asset Management LLC OH raised its position in Citigroup by 1.1% during the fourth quarter. Boyd Watterson Asset Management LLC OH now owns 38,722 shares of the company's stock valued at $4,518,000 after acquiring an additional 430 shares in the last quarter. OFC Financial Planning LLC raised its position in Citigroup by 6.1% during the fourth quarter. OFC Financial Planning LLC now owns 8,632 shares of the company's stock valued at $1,007,000 after acquiring an additional 496 shares in the last quarter. Meridian Wealth Management LLC raised its position in Citigroup by 2.7% during the fourth quarter. Meridian Wealth Management LLC now owns 28,871 shares of the company's stock valued at $3,369,000 after acquiring an additional 758 shares in the last quarter. Fourth Dimension Wealth LLC raised its position in Citigroup by 3,181.8% during the fourth quarter. Fourth Dimension Wealth LLC now owns 722 shares of the company's stock valued at $84,000 after acquiring an additional 700 shares in the last quarter. Finally, HighPoint Advisor Group LLC raised its position in Citigroup by 6.3% during the fourth quarter. HighPoint Advisor Group LLC now owns 24,940 shares of the company's stock valued at $2,910,000 after acquiring an additional 1,474 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Citigroup news, insider Cantu Ernesto Torres sold 43,173 shares of Citigroup stock in a transaction on Friday, February 13th. The shares were sold at an average price of $111.09, for a total transaction of $4,796,088.57. Following the sale, the insider owned 45,835 shares in the company, valued at $5,091,810.15. The trade was a 48.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the sale, the director owned 12,194 shares in the company, valued at $1,527,908.20. This represents a 14.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 94,435 shares of company stock valued at $11,030,074. 0.11% of the stock is owned by company insiders.

Citigroup Trading Up 0.4%

Shares of C stock opened at $126.32 on Wednesday. Citigroup Inc. has a 1 year low of $71.65 and a 1 year high of $135.29. The firm's fifty day simple moving average is $118.72 and its 200 day simple moving average is $113.60. The firm has a market capitalization of $215.45 billion, a P/E ratio of 15.65, a price-to-earnings-growth 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 announced its earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, topping 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 business had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. During the same quarter in the previous year, the firm posted $1.96 earnings per share. Citigroup's revenue was up 14.1% compared to the same quarter last year. As a group, sell-side analysts predict that Citigroup Inc. will post 10.65 EPS for the current year.

Citigroup announced that its board has authorized a share buyback program on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Citigroup Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Monday, May 4th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a yield of 1.9%. Citigroup's payout ratio is 29.74%.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup’s strong quarterly earnings beat and revenue upside continue to support confidence in the bank’s operating momentum.
• Positive Sentiment: The newly authorized $30 billion buyback program reinforces Citi’s capital return strategy and could help support the share price. What's Fueling Citigroup's Robust Capital Return Strategy?
• Neutral Sentiment: Citigroup also disclosed routine participation notifications, but these filings do not appear to be major stock catalysts.
• Negative Sentiment: Director John Cunningham Dugan’s sale of 2,117 shares may slightly weigh on sentiment, though the transaction size is relatively modest. SEC Director Sale Filing

Analysts Set New Price Targets

Several brokerages recently weighed in on C. The Goldman Sachs Group raised their price objective on shares of Citigroup from $137.00 to $151.00 and gave the company a "buy" rating in a research report on Wednesday, April 15th. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 price objective (up from $125.00) on shares of Citigroup in a research report on Wednesday, April 15th. Evercore set a $139.00 price objective on shares of Citigroup in a research report on Wednesday, April 15th. JPMorgan Chase & Co. raised their price objective on shares of Citigroup from $131.00 to $135.50 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Finally, Morgan Stanley lifted their price target on shares of Citigroup from $140.00 to $144.00 and gave the company an "overweight" rating in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $137.62.

About Citigroup

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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