Weiss Asset Management LP Sells 31,059 Shares of Citigroup Inc. $C

Key Points

• Weiss Asset Management LP cut its Citigroup stake by 32.6% in the first quarter, selling 31,059 shares and leaving it with 64,260 shares valued at about $7.29 million.
• Citigroup reported better-than-expected second-quarter results, with EPS of $3.15 versus estimates of $2.74 and revenue of $24.75 billion, up 14.5% year over year.
• The bank also raised its quarterly dividend to $0.67 from $0.60 and authorized a $30 billion share buyback, while analysts maintain a consensus Moderate Buy rating with an average price target of $145.67.

Weiss Asset Management LP cut its position in Citigroup Inc. (NYSE:C - Free Report) by 32.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,260 shares of the company's stock after selling 31,059 shares during the period. Weiss Asset Management LP's holdings in Citigroup were worth $7,288,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Whipplewood Advisors LLC bought a new stake in shares of Citigroup in the 1st quarter valued at $25,000. Mcguire Capital Advisors Inc. bought a new position in Citigroup during the fourth quarter worth about $25,000. Richards Merrill & Peterson Inc. acquired a new position in Citigroup in the fourth quarter valued at about $28,000. TD Capital Management LLC acquired a new position in Citigroup in the fourth quarter valued at about $28,000. Finally, Scarborough Advisors LLC bought a new stake in shares of Citigroup in the first quarter worth about $29,000. Institutional investors and hedge funds own 71.72% of the company's stock.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi analysts said the recent pullback in semiconductor stocks looks like a buying opportunity, which may support broader risk appetite and help sentiment around markets that Citigroup covers through its trading and research franchises. Pullback in chip stocks is a buying opportunity, Citi says
• Positive Sentiment: Citigroup was highlighted in a new CMBS deal update, after pricing an $817 million multifamily conduit transaction, reinforcing Citi’s role as an active lender and securitization player in U.S. commercial real estate. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
• Neutral Sentiment: Citigroup reportedly closed a bullish South African rand trade after the currency looked “fragile” following South Africa’s surprise rate hold. This is more of a trading update than a major earnings driver, but it shows Citi is actively adjusting macro positions. Citi Drops Rand Bet After South Africa’s Surprise Rate Hold
• Neutral Sentiment: Separately, a headline noting Citi’s bearish view on the “Magnificent Seven” may reflect the bank’s broader market outlook, but it does not directly change Citigroup’s fundamentals. Wall Street Bank Just Declared the Magnificent 7 as “Dead” — What Happens Next?

Insider Buying and Selling

In related news, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction on 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 approximately $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.11% of the company's stock.

Citigroup Stock Up 0.1%

C stock opened at $131.95 on Friday. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $225.06 billion, a P/E ratio of 14.25, a P/E/G ratio of 0.60 and a beta of 1.11. Citigroup Inc. has a fifty-two week low of $87.94 and a fifty-two week high of $147.96. The business has a 50-day moving average of $135.01 and a 200-day moving average of $123.82.

Citigroup (NYSE:C - Get Free Report) last announced its earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.74 by $0.41. The business had revenue of $24.75 billion for the quarter, compared to analyst estimates of $23.74 billion. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.Citigroup's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.96 EPS. On average, sell-side analysts anticipate that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

Citigroup declared that its board has approved a share buyback program on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to repurchase up to 13.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 3rd will be given a $0.67 dividend. This is a boost from Citigroup's previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, August 3rd. Citigroup's payout ratio is presently 25.92%.

Wall Street Analyst Weigh In

C has been the topic of a number of research analyst reports. Evercore set a $143.00 price target on Citigroup in a research report on Monday, July 6th. UBS Group boosted their price objective on Citigroup from $134.00 to $150.00 and gave the company a "neutral" rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their target price on Citigroup from $140.00 to $153.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. Wall Street Zen raised shares of Citigroup from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Finally, The Goldman Sachs Group upped their price target on shares of Citigroup from $137.00 to $151.00 and gave the company a "buy" rating in a report on Wednesday, April 15th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Citigroup has a consensus rating of "Moderate Buy" and an average target price of $145.67.

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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