United Services Automobile Association reduced its stake in Citigroup Inc. (NYSE:C) by 6.0% during the first quarter, Holdings Channel reports. The firm owned 1,943,245 shares of the financial services provider’s stock after selling 124,172 shares during the period. United Services Automobile Association’s holdings in Citigroup were worth $116,245,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in C. Nepsis Capital Management Inc. boosted its position in Citigroup by 2.3% in the first quarter. Nepsis Capital Management Inc. now owns 146,587 shares of the financial services provider’s stock worth $8,769,000 after buying an additional 3,357 shares during the period. Fulton Bank N.A. raised its stake in shares of Citigroup by 14.3% in the first quarter. Fulton Bank N.A. now owns 20,852 shares of the financial services provider’s stock worth $1,247,000 after buying an additional 2,613 shares in the last quarter. CENTRAL TRUST Co raised its stake in shares of Citigroup by 36.2% in the first quarter. CENTRAL TRUST Co now owns 14,937 shares of the financial services provider’s stock worth $893,000 after buying an additional 3,969 shares in the last quarter. First American Trust FSB raised its stake in shares of Citigroup by 0.3% in the first quarter. First American Trust FSB now owns 90,034 shares of the financial services provider’s stock worth $5,385,000 after buying an additional 262 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its stake in shares of Citigroup by 0.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 3,390,023 shares of the financial services provider’s stock worth $202,790,000 after buying an additional 28,534 shares in the last quarter. 74.75% of the stock is currently owned by hedge funds and other institutional investors.
Citigroup Inc. (NYSE C) opened at 69.42 on Thursday. The firm has a 50-day moving average price of $66.26 and a 200-day moving average price of $61.34. Citigroup Inc. has a one year low of $42.86 and a one year high of $69.65. The stock has a market cap of $189.14 billion, a price-to-earnings ratio of 13.90 and a beta of 1.48.
Citigroup (NYSE:C) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.07. The company had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. Citigroup’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.24 earnings per share. On average, equities analysts predict that Citigroup Inc. will post $5.23 earnings per share for the current year.
Citigroup announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Monday, August 7th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.84%. This is an increase from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, August 3rd. Citigroup’s payout ratio is presently 12.77%.
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C has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised shares of Citigroup from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $53.00 to $69.00 in a research note on Wednesday, April 5th. Vetr raised shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $66.78 target price for the company in a research note on Monday, April 10th. Zacks Investment Research lowered shares of Citigroup from a “buy” rating to a “hold” rating in a research note on Monday, April 10th. Nomura reissued a “buy” rating and set a $69.00 target price on shares of Citigroup in a research note on Monday, April 17th. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $78.00 target price (up from $77.00) on shares of Citigroup in a research note on Thursday, May 4th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seventeen have issued a buy rating to the company’s stock. Citigroup has a consensus rating of “Buy” and a consensus target price of $68.03.
Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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