Connective Portfolio Management LLC Grows Position in Citigroup Inc. (NYSE:C)

Connective Portfolio Management LLC lifted its position in shares of Citigroup Inc. (NYSE:C) by 347.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 17,000 shares of the company’s stock after buying an additional 13,200 shares during the period. Citigroup makes up 1.8% of Connective Portfolio Management LLC’s holdings, making the stock its 24th largest holding. Connective Portfolio Management LLC’s holdings in Citigroup were worth $1,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Sendero Wealth Management LLC acquired a new stake in shares of Citigroup in the fourth quarter worth approximately $211,000. Armstrong Advisory Group Inc. raised its holdings in shares of Citigroup by 18.8% during the 4th quarter. Armstrong Advisory Group Inc. now owns 1,316 shares of the company’s stock valued at $93,000 after buying an additional 208 shares during the period. Advisors Management Group Inc. ADV lifted its position in shares of Citigroup by 1.9% during the fourth quarter. Advisors Management Group Inc. ADV now owns 30,552 shares of the company’s stock worth $2,151,000 after purchasing an additional 570 shares in the last quarter. Apella Capital LLC acquired a new stake in shares of Citigroup during the fourth quarter valued at about $229,000. Finally, Park Avenue Securities LLC increased its holdings in Citigroup by 12.9% during the 4th quarter. Park Avenue Securities LLC now owns 65,883 shares of the company’s stock worth $4,637,000 after purchasing an additional 7,514 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Stock Performance

Shares of C stock opened at $78.48 on Thursday. The company has a market capitalization of $148.43 billion, a P/E ratio of 22.75, a price-to-earnings-growth ratio of 0.80 and a beta of 1.43. Citigroup Inc. has a 52 week low of $50.51 and a 52 week high of $79.25. The company’s 50 day moving average price is $70.60 and its two-hundred day moving average price is $65.22. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.96 and a current ratio of 0.96.

Citigroup (NYSE:C) last issued 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 return on equity of 6.19% and a net margin of 4.70%. The firm had revenue of $19.58 billion during the quarter, compared to analysts’ expectations of $19.51 billion. During the same period in the prior year, the firm posted $0.84 earnings per share. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. On average, analysts expect that Citigroup Inc. will post 5.86 earnings per share for the current fiscal year.

Citigroup declared that its Board of Directors has approved a stock repurchase plan on Wednesday, January 15th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the company to repurchase up to 13.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Citigroup Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Monday, February 3rd will be issued a dividend of $0.56 per share. The ex-dividend date is Monday, February 3rd. This represents a $2.24 annualized dividend and a yield of 2.85%. Citigroup’s payout ratio is currently 64.93%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Truist Financial initiated coverage on Citigroup in a report on Tuesday, January 7th. They set a “buy” rating and a $85.00 target price on the stock. Keefe, Bruyette & Woods increased their price objective on Citigroup from $82.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Barclays upgraded shares of Citigroup from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $70.00 to $95.00 in a research report on Monday, January 6th. Bank of America upped their price objective on Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, January 7th. Finally, Oppenheimer reduced their target price on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $80.13.

About Citigroup

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.