United Services Automobile Association reduced its stake in Citigroup Inc. (NYSE:C) by 6.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,943,245 shares of the financial services provider’s stock after selling 124,172 shares during the period. United Services Automobile Association owned approximately 0.07% of Citigroup worth $116,245,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of C. Citizens & Northern Corp raised its stake in shares of Citigroup by 1.0% in the first quarter. Citizens & Northern Corp now owns 29,797 shares of the financial services provider’s stock valued at $1,782,000 after buying an additional 284 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Citigroup by 1.0% in the first quarter. Jones Financial Companies Lllp now owns 145,451 shares of the financial services provider’s stock worth $8,700,000 after buying an additional 1,460 shares during the period. Rafferty Asset Management LLC raised its stake in Citigroup by 245.6% in the first quarter. Rafferty Asset Management LLC now owns 511,946 shares of the financial services provider’s stock worth $30,625,000 after buying an additional 363,819 shares during the period. ZWJ Investment Counsel Inc. bought a new stake in Citigroup during the first quarter worth $319,000. Finally, LMR Partners LLP bought a new stake in Citigroup during the first quarter worth $2,241,000. 74.92% of the stock is owned by institutional investors and hedge funds.
Shares of Citigroup Inc. (C) traded up 1.75% on Monday, reaching $67.97. The company’s stock had a trading volume of 8,020,040 shares. The stock has a market cap of $185.19 billion, a PE ratio of 13.61 and a beta of 1.48. The firm has a 50 day moving average price of $67.22 and a 200-day moving average price of $61.90. Citigroup Inc. has a 12-month low of $45.16 and a 12-month high of $69.86.
Citigroup (NYSE:C) last issued its earnings results on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.07. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The firm had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.38 billion. During the same quarter in the prior year, the business earned $1.24 earnings per share. The company’s revenue was up 2.0% compared to the same quarter last year. Equities research analysts expect that Citigroup Inc. will post $5.22 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Monday, August 7th will be paid a $0.32 dividend. This is an increase from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.92%. Citigroup’s dividend payout ratio is presently 25.55%.
Citigroup declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to buyback $15.60 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
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A number of research firms have recently weighed in on C. UBS AG raised Citigroup from a “sell” rating to a “neutral” rating and increased their price objective for the company from $58.00 to $64.00 in a research note on Friday, June 9th. Keefe, Bruyette & Woods set a $75.00 price objective on Citigroup and gave the company a “buy” rating in a research note on Sunday. Vetr raised Citigroup from a “buy” rating to a “strong-buy” rating and set a $76.34 price objective for the company in a research note on Thursday, August 3rd. Wells Fargo & Company began coverage on Citigroup in a research note on Wednesday, August 9th. They set an “outperform” rating and a $90.00 price objective for the company. Finally, BMO Capital Markets restated a “buy” rating and set a $64.00 target price on shares of Citigroup in a report on Thursday, June 1st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $69.08.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $68.97, for a total value of $344,850.00. Following the sale, the insider now owns 56,394 shares in the company, valued at $3,889,494.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is owned by corporate insiders.
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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