Corebridge Financial Inc. Sells 24,808 Shares of Citigroup Inc. (NYSE:C)

Corebridge Financial Inc. trimmed its stake in Citigroup Inc. (NYSE:C) by 5.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 434,672 shares of the company’s stock after selling 24,808 shares during the period. Corebridge Financial Inc.’s holdings in Citigroup were worth $30,597,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Brookstone Capital Management grew its holdings in Citigroup by 340.6% during the 4th quarter. Brookstone Capital Management now owns 36,034 shares of the company’s stock valued at $2,536,000 after purchasing an additional 27,856 shares during the last quarter. Inspire Trust Co. N.A. boosted its position in shares of Citigroup by 34.8% during the third quarter. Inspire Trust Co. N.A. now owns 77,506 shares of the company’s stock valued at $4,852,000 after buying an additional 20,000 shares during the period. FNY Investment Advisers LLC grew its stake in shares of Citigroup by 168.7% during the fourth quarter. FNY Investment Advisers LLC now owns 19,560 shares of the company’s stock valued at $1,376,000 after buying an additional 12,280 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of Citigroup by 2.4% in the third quarter. HighTower Advisors LLC now owns 354,294 shares of the company’s stock worth $22,236,000 after buying an additional 8,301 shares during the period. Finally, Candriam S.C.A. lifted its stake in shares of Citigroup by 12.7% during the 4th quarter. Candriam S.C.A. now owns 200,860 shares of the company’s stock worth $14,139,000 after acquiring an additional 22,657 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Trading Up 0.2 %

Shares of NYSE C opened at $71.93 on Monday. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $84.74. The business has a fifty day moving average price of $77.46 and a 200 day moving average price of $70.32. The stock has a market capitalization of $135.56 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. 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 (NYSE:C) last released its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 EPS for the quarter, beating 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 business had revenue of $19.58 billion during the quarter, compared to analyst estimates of $19.51 billion. During the same period in the prior year, the firm posted $0.84 earnings per share. The company’s quarterly revenue was up 12.3% on a year-over-year basis. Equities research analysts expect that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 13.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Citigroup Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.11%. The ex-dividend date was Monday, February 3rd. Citigroup’s dividend payout ratio is currently 37.65%.

Insiders Place Their Bets

In other Citigroup news, CFO Mark Mason sold 58,465 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $83.21, for a total value of $4,864,872.65. Following the completion of the sale, the chief financial officer now owns 217,331 shares of the company’s stock, valued at approximately $18,084,112.51. This trade represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Anand Selvakesari sold 30,000 shares of the company’s stock in a transaction dated 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 transaction, the chief operating officer now owns 229,180 shares in the company, valued at approximately $18,586,498. This trade represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,590 shares of company stock valued at $8,523,149. 0.08% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on C. StockNews.com raised Citigroup from a “hold” rating to a “buy” rating in a research report on Saturday. Barclays raised shares of Citigroup from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $70.00 to $95.00 in a research note on Monday, January 6th. Evercore ISI lifted their price objective on shares of Citigroup from $69.00 to $79.00 and gave the company an “in-line” rating in a report on Thursday, January 16th. Morgan Stanley dropped their target price on shares of Citigroup from $110.00 to $109.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Bank of America lifted their price target on shares of Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $83.53.

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.