Riverbend Wealth Management LLC Takes Position in Citigroup Inc. (NYSE:C)

Riverbend Wealth Management LLC purchased a new stake in Citigroup Inc. (NYSE:C) in the fourth quarter, HoldingsChannel reports. The firm purchased 10,944 shares of the company’s stock, valued at approximately $772,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in C. Swedbank AB grew its stake in shares of Citigroup by 1.3% during the third quarter. Swedbank AB now owns 4,378,833 shares of the company’s stock worth $274,115,000 after buying an additional 54,782 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in shares of Citigroup in the third quarter worth $1,018,000. Mesirow Financial Investment Management Inc. grew its stake in shares of Citigroup by 6.8% in the third quarter. Mesirow Financial Investment Management Inc. now owns 19,379 shares of the company’s stock worth $1,213,000 after purchasing an additional 1,232 shares during the last quarter. Sigma Planning Corp grew its stake in shares of Citigroup by 4.0% in the third quarter. Sigma Planning Corp now owns 16,987 shares of the company’s stock worth $1,063,000 after purchasing an additional 656 shares during the last quarter. Finally, Axxcess Wealth Management LLC grew its stake in shares of Citigroup by 2.4% in the third quarter. Axxcess Wealth Management LLC now owns 56,300 shares of the company’s stock worth $3,524,000 after purchasing an additional 1,321 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Citigroup Trading Down 4.6 %

NYSE:C opened at $67.22 on Tuesday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a 50-day moving average of $77.84 and a 200-day moving average of $69.83. The company has a market cap of $126.67 billion, a PE ratio of 11.30, a PEG ratio of 0.64 and a beta of 1.43. Citigroup Inc. has a one year low of $53.51 and a one year high of $84.74.

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

Citigroup Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date was Monday, February 3rd. Citigroup’s payout ratio is 37.65%.

Citigroup announced that its board has authorized a stock buyback plan on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 13.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Citigroup from $85.00 to $92.00 and gave the company an “outperform” rating in a report on Thursday, January 16th. Barclays upgraded shares of Citigroup from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $95.00 in a report on Monday, January 6th. Bank of America boosted their target price on shares of Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, January 7th. Piper Sandler restated an “overweight” rating and issued a $83.00 target price (up previously from $80.00) on shares of Citigroup in a report on Thursday, January 16th. Finally, StockNews.com upgraded shares of Citigroup from a “hold” rating to a “buy” rating in a report on Tuesday. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $83.93.

Insider Activity

In other Citigroup news, CFO Mark Mason sold 58,465 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $83.21, for a total value of $4,864,872.65. Following the sale, the chief financial officer now directly owns 217,331 shares in the company, valued at $18,084,112.51. This represents a 21.20 % decrease in their position. The transaction 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 stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the completion of the sale, the chief operating officer now owns 229,180 shares in the company, valued at $18,586,498. This represents a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,590 shares of company stock valued at $8,523,149 in the last three months. Company insiders own 0.08% of the company’s stock.

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.