Summit Global Investments Sells 4,274 Shares of Citigroup Inc. (NYSE:C)

Summit Global Investments lessened its stake in Citigroup Inc. (NYSE:C) by 34.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,253 shares of the company’s stock after selling 4,274 shares during the quarter. Summit Global Investments’ holdings in Citigroup were worth $425,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Carmel Capital Partners LLC purchased a new stake in Citigroup in the third quarter worth $25,000. Orion Capital Management LLC purchased a new stake in Citigroup in the 4th quarter worth about $26,000. AlphaMark Advisors LLC lifted its holdings in Citigroup by 75.0% during the third quarter. AlphaMark Advisors LLC now owns 700 shares of the company’s stock valued at $29,000 after purchasing an additional 300 shares during the last quarter. OFI Invest Asset Management bought a new position in Citigroup during the third quarter worth about $35,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Citigroup in the fourth quarter worth about $35,000. Institutional investors own 71.72% of the company’s stock.

Citigroup Price Performance

Shares of NYSE:C opened at $61.52 on Monday. The company has a market cap of $117.83 billion, a PE ratio of 18.20, a price-to-earnings-growth ratio of 0.92 and a beta of 1.49. Citigroup Inc. has a twelve month low of $38.17 and a twelve month high of $63.90. The company’s 50 day moving average is $59.70 and its 200 day moving average is $52.79. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50.

Citigroup (NYSE:C) last issued its quarterly earnings results on Friday, April 12th. The company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.29. Citigroup had a return on equity of 6.17% and a net margin of 4.90%. The company had revenue of $21.10 billion for the quarter, compared to the consensus estimate of $20.46 billion. During the same quarter in the prior year, the business posted $1.86 earnings per share. Citigroup’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, sell-side analysts forecast that Citigroup Inc. will post 5.98 EPS for the current year.

Citigroup Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $2.12 dividend on an annualized basis and a yield of 3.45%. Citigroup’s dividend payout ratio (DPR) is presently 62.72%.

Analysts Set New Price Targets

A number of research firms have commented on C. Evercore ISI boosted their price target on shares of Citigroup from $58.00 to $60.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. HSBC boosted their price target on Citigroup from $61.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Morgan Stanley raised shares of Citigroup from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $46.00 to $65.00 in a research report on Tuesday, January 30th. Jefferies Financial Group increased their price objective on Citigroup from $56.00 to $65.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Citigroup in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Citigroup presently has an average rating of “Moderate Buy” and a consensus price target of $62.85.

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.