Summit Financial LLC Raises Holdings in Citigroup Inc. (NYSE:C)

Summit Financial LLC lifted its position in shares of Citigroup Inc. (NYSE:C) by 9.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,926 shares of the company’s stock after buying an additional 1,264 shares during the quarter. Summit Financial LLC’s holdings in Citigroup were worth $1,051,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Alliancebernstein L.P. increased its holdings in Citigroup by 6.4% during the fourth quarter. Alliancebernstein L.P. now owns 4,256,282 shares of the company’s stock valued at $299,600,000 after buying an additional 254,264 shares during the period. AIA Group Ltd increased its holdings in shares of Citigroup by 43.9% in the 4th quarter. AIA Group Ltd now owns 100,298 shares of the company’s stock valued at $7,060,000 after acquiring an additional 30,587 shares during the period. O Shaughnessy Asset Management LLC increased its holdings in shares of Citigroup by 16.2% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 405,692 shares of the company’s stock valued at $28,557,000 after acquiring an additional 56,432 shares during the period. Clearbridge Investments LLC lifted its stake in shares of Citigroup by 23.6% during the 4th quarter. Clearbridge Investments LLC now owns 176,029 shares of the company’s stock worth $12,391,000 after purchasing an additional 33,641 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Citigroup by 74.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 49,019 shares of the company’s stock worth $3,591,000 after purchasing an additional 20,918 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Insider Transactions at Citigroup

In other Citigroup news, insider Sara Wechter sold 15,125 shares of Citigroup stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $81.01, for a total value of $1,225,276.25. Following the completion of the transaction, the insider now owns 109,780 shares of the company’s stock, valued at approximately $8,893,277.80. The trade was a 12.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Mason sold 58,465 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $83.21, for a total transaction of $4,864,872.65. Following the sale, the chief financial officer now directly owns 217,331 shares in the company, valued at approximately $18,084,112.51. The trade was a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,590 shares of company stock worth $8,523,149 over the last quarter. 0.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on C shares. Piper Sandler reiterated an “overweight” rating and issued a $83.00 target price (up from $80.00) on shares of Citigroup in a report on Thursday, January 16th. Barclays upgraded shares of Citigroup from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $70.00 to $95.00 in a research note on Monday, January 6th. Truist Financial started 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. Bank of America upped their price target on Citigroup from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods raised their price objective on Citigroup from $85.00 to $92.00 and gave the stock an “outperform” rating in a research report on Thursday, January 16th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $84.29.

Citigroup Price Performance

Shares of NYSE C opened at $70.48 on Wednesday. Citigroup Inc. has a 52 week low of $53.51 and a 52 week high of $84.74. The business’s 50 day moving average price is $76.66 and its 200 day moving average price is $71.00. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.50. The firm has a market cap of $132.66 billion, a P/E ratio of 11.85, a P/E/G ratio of 0.64 and a beta of 1.43.

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

Citigroup declared that its Board of Directors has authorized a stock buyback program on Wednesday, January 15th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the company to repurchase up to 13.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Citigroup Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were paid a dividend of $0.56 per share. The ex-dividend date was Monday, February 3rd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.18%. Citigroup’s payout ratio is currently 37.65%.

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.