Waycross Partners LLC Buys 178,642 Shares of Citigroup Inc. (NYSE:C)

Key Points

• Waycross Partners LLC increased its holdings in Citigroup Inc. by 86.8%, owning 384,458 shares valued at approximately $27.3 million as of the end of the first quarter.
• Citigroup's quarterly earnings report showed an EPS of $1.96, exceeding estimates by $0.35, alongside a revenue increase of 8.2% year-over-year.
• The company announced a planned dividend increase, raising its quarterly payment from $0.56 to $0.60, translating to an annualized yield of 2.6%.

Waycross Partners LLC lifted its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 86.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 384,458 shares of the company's stock after purchasing an additional 178,642 shares during the period. Citigroup accounts for about 3.1% of Waycross Partners LLC's portfolio, making the stock its 12th largest holding. Waycross Partners LLC's holdings in Citigroup were worth $27,293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Orion Capital Management LLC purchased a new stake in shares of Citigroup during the 4th quarter valued at approximately $28,000. MorganRosel Wealth Management LLC purchased a new stake in shares of Citigroup during the 1st quarter valued at approximately $28,000. American National Bank & Trust purchased a new stake in shares of Citigroup during the 1st quarter valued at 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 valued at $29,000 after buying an additional 212 shares during the period. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Citigroup during the 4th quarter valued at approximately $34,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Citigroup

In related news, Director Peter B. Henry sold 3,000 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $90.40, for a total transaction of $271,200.00. Following the completion of the sale, the director owned 2,140 shares in the company, valued at $193,456. This trade represents a 58.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.08% of the company's stock.

Citigroup Stock Down 0.5%

Shares of C traded down $0.50 during mid-day trading on Monday, hitting $92.23. 6,321,566 shares of the company's stock were exchanged, compared to its average volume of 15,810,161. The firm has a fifty day moving average of $86.07 and a two-hundred day moving average of $77.34. Citigroup Inc. has a twelve month low of $55.51 and a twelve month high of $96.90. The stock has a market cap of $169.78 billion, a price-to-earnings ratio of 13.63, a P/E/G ratio of 0.80 and a beta of 1.38. 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 posted its earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $20.75 billion. During the same period last year, the business posted $1.52 EPS. Citigroup's revenue was up 8.2% compared to the same quarter last year. On average, sell-side analysts forecast that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup Increases Dividend

The firm also recently disclosed 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%. The ex-dividend date of this dividend is Monday, August 4th. This is a positive change from Citigroup's previous quarterly dividend of $0.56. Citigroup's payout ratio is 35.45%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on C. UBS Group reissued a "neutral" rating and issued a $89.00 target price on shares of Citigroup in a research report on Tuesday, July 15th. Wells Fargo & Company boosted their price target on shares of Citigroup from $110.00 to $115.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Evercore ISI set a $77.00 price target on shares of Citigroup in a research note on Monday, July 7th. Piper Sandler boosted their price target on shares of Citigroup from $84.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Finally, Cowen began coverage on shares of Citigroup in a research note on Wednesday, May 14th. They set a "hold" rating for the company. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Citigroup has a consensus rating of "Moderate Buy" and an average price target of $96.54.

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.