Zurcher Kantonalbank Zurich Cantonalbank Decreases Stock Holdings in Citigroup Inc. (NYSE:C)

Key Points

• Zurcher Kantonalbank reduced its stake in Citigroup Inc. by 22.8%, owning 997,476 shares valued at approximately $70.81 million at the end of the first quarter.
• Citigroup recently reported quarterly earnings of $1.96 per share, exceeding expectations and showing an 8.2% year-over-year revenue increase to $21.67 billion.
• The company announced a quarterly dividend increase from $0.56 to $0.60, representing a 2.50% dividend yield, with payment scheduled for August 22nd.

Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in shares of Citigroup Inc. (NYSE:C - Free Report) by 22.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 997,476 shares of the company's stock after selling 294,923 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.05% of Citigroup worth $70,811,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Empirical Finance LLC lifted its position in shares of Citigroup by 1.3% during the 1st quarter. Empirical Finance LLC now owns 67,266 shares of the company's stock worth $4,775,000 after buying an additional 888 shares during the last quarter. TD Asset Management Inc raised its position in Citigroup by 4.9% in the 1st quarter. TD Asset Management Inc now owns 1,121,600 shares of the company's stock valued at $79,622,000 after purchasing an additional 51,896 shares during the last quarter. HB Wealth Management LLC raised its position in Citigroup by 47.3% in the 1st quarter. HB Wealth Management LLC now owns 71,796 shares of the company's stock valued at $5,097,000 after purchasing an additional 23,065 shares during the last quarter. Spectrum Financial Alliance Ltd LLC raised its position in Citigroup by 6.0% in the 1st quarter. Spectrum Financial Alliance Ltd LLC now owns 612,964 shares of the company's stock valued at $43,514,000 after purchasing an additional 34,641 shares during the last quarter. Finally, Angeles Wealth Management LLC raised its position in Citigroup by 8.9% in the 1st quarter. Angeles Wealth Management LLC now owns 5,104 shares of the company's stock valued at $362,000 after purchasing an additional 419 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company's stock.

Insider Activity at Citigroup

In related 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 value of $271,200.00. Following the sale, the director directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Citigroup Price Performance

Citigroup stock traded up $1.18 during midday trading on Wednesday, reaching $95.66. 3,816,725 shares of the company were exchanged, compared to its average volume of 15,875,759. Citigroup Inc. has a 1 year low of $53.51 and a 1 year high of $96.90. The company has a market capitalization of $178.67 billion, a price-to-earnings ratio of 14.13, a P/E/G ratio of 0.82 and a beta of 1.34. The firm's 50-day simple moving average is $83.13 and its 200-day simple moving average is $76.58. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, July 15th. The company reported $1.96 EPS for the quarter, topping the consensus estimate of $1.61 by $0.35. Citigroup had a net margin of 8.44% and a return on equity of 7.29%. The firm had revenue of $21.67 billion during the quarter, compared to analysts' expectations of $20.75 billion. During the same period in the previous year, the company earned $1.52 EPS. Citigroup's revenue for the quarter was up 8.2% on a year-over-year basis. On average, analysts anticipate that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 4th will be issued a $0.60 dividend. This is a boost from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date is Monday, August 4th. This represents a $2.40 annualized dividend and a yield of 2.51%. Citigroup's payout ratio is 33.09%.

Analyst Upgrades and Downgrades

C has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on shares of Citigroup from $103.00 to $107.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Wall Street Zen raised shares of Citigroup from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods reaffirmed a "buy" rating on shares of Citigroup in a research note on Wednesday, July 16th. The Goldman Sachs Group upped their price target on shares of Citigroup from $85.00 to $96.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Wells Fargo & Company upped 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. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Citigroup currently has an average rating of "Moderate Buy" and an average target price of $96.54.

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.