Modern Wealth Management LLC Acquires 13,012 Shares of Citigroup Inc. (NYSE:C)

Modern Wealth Management LLC boosted its holdings in Citigroup Inc. (NYSE:C) by 90.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,396 shares of the company’s stock after acquiring an additional 13,012 shares during the quarter. Modern Wealth Management LLC’s holdings in Citigroup were worth $1,928,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC lifted its holdings in shares of Citigroup by 11.1% during the third quarter. Kingsview Wealth Management LLC now owns 16,186 shares of the company’s stock valued at $1,013,000 after acquiring an additional 1,619 shares during the period. Algert Global LLC acquired a new stake in shares of Citigroup during the 3rd quarter worth about $3,696,000. Centaurus Financial Inc. lifted its holdings in Citigroup by 10.9% during the 3rd quarter. Centaurus Financial Inc. now owns 8,594 shares of the company’s stock valued at $538,000 after purchasing an additional 842 shares during the last quarter. Independent Advisor Alliance boosted its position in Citigroup by 1.2% in the third quarter. Independent Advisor Alliance now owns 70,252 shares of the company’s stock valued at $4,398,000 after buying an additional 851 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in Citigroup by 94.8% during the third quarter. Loomis Sayles & Co. L P now owns 11,954 shares of the company’s stock worth $748,000 after buying an additional 5,816 shares during the last quarter. Institutional investors and hedge funds own 71.72% of the company’s stock.

Citigroup Trading Up 0.5 %

Shares of NYSE C opened at $74.43 on Wednesday. The company’s 50 day simple moving average is $77.50 and its 200 day simple moving average is $70.53. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. Citigroup Inc. has a fifty-two week low of $53.51 and a fifty-two week high of $84.74. The firm has a market capitalization of $140.09 billion, a P/E ratio of 12.51, a P/E/G ratio of 0.64 and a beta of 1.43.

Citigroup (NYSE:C) last posted its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.12. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The company had revenue of $19.58 billion for the quarter, compared to the consensus estimate of $19.51 billion. During the same quarter in the prior year, the business posted $0.84 EPS. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. On average, analysts predict that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup declared that its board has authorized a stock buyback plan on Wednesday, January 15th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 13.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Citigroup Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 3rd were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $2.24 annualized dividend and a dividend yield of 3.01%. Citigroup’s payout ratio is currently 37.65%.

Insider Transactions at Citigroup

In other news, CFO Mark Mason sold 58,465 shares of Citigroup stock in a transaction on Friday, February 14th. The shares were sold at an average price of $83.21, for a total transaction of $4,864,872.65. Following the transaction, the chief financial officer now directly owns 217,331 shares of the company’s stock, valued at $18,084,112.51. This trade represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Anand Selvakesari sold 30,000 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the completion of the transaction, the chief operating officer now directly owns 229,180 shares of the company’s stock, valued at $18,586,498. This trade represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,590 shares of company stock worth $8,523,149. 0.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

C has been the subject of a number of research analyst reports. Truist Financial assumed coverage on shares of Citigroup in a research note on Tuesday, January 7th. They issued a “buy” rating and a $85.00 target price for the company. Evercore ISI lifted their price objective on Citigroup from $69.00 to $79.00 and gave the company an “in-line” rating in a research report on Thursday, January 16th. Morgan Stanley decreased their target price on Citigroup from $110.00 to $109.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. The Goldman Sachs Group cut their price target on Citigroup from $90.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Finally, Barclays upgraded shares of Citigroup from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $70.00 to $95.00 in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $83.53.

Citigroup 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.