State of Michigan Retirement System Lowers Stock Position in Citigroup Inc. (NYSE:C)

State of Michigan Retirement System trimmed its holdings in shares of Citigroup Inc. (NYSE:C) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 572,436 shares of the company’s stock after selling 5,300 shares during the period. State of Michigan Retirement System’s holdings in Citigroup were worth $40,294,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Hemington Wealth Management raised its position in shares of Citigroup by 10.9% in the fourth quarter. Hemington Wealth Management now owns 1,387 shares of the company’s stock valued at $97,000 after purchasing an additional 136 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Citigroup by 1.7% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 8,405 shares of the company’s stock worth $592,000 after purchasing an additional 140 shares in the last quarter. Avitas Wealth Management LLC grew its stake in Citigroup by 0.6% in the 4th quarter. Avitas Wealth Management LLC now owns 22,907 shares of the company’s stock worth $1,612,000 after buying an additional 143 shares in the last quarter. NTV Asset Management LLC increased its stake in Citigroup by 2.5% in the fourth quarter. NTV Asset Management LLC now owns 6,092 shares of the company’s stock valued at $429,000 after acquiring an additional 148 shares during the last quarter. Finally, Robertson Stephens Wealth Management LLC increased its position in shares of Citigroup by 0.4% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 39,008 shares of the company’s stock valued at $2,746,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Price Performance

NYSE C opened at $77.14 on Tuesday. The firm’s fifty day simple moving average is $77.87 and its two-hundred day simple moving average is $69.49. Citigroup Inc. has a 12-month low of $53.51 and a 12-month high of $84.74. The firm has a market capitalization of $145.37 billion, a P/E ratio of 12.96, a P/E/G ratio of 0.64 and a beta of 1.44. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50.

Citigroup (NYSE:C) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.12. The firm had revenue of $19.58 billion during the quarter, compared to analysts’ expectations of $19.51 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The company’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period last year, the business posted $0.84 earnings per share. Analysts forecast that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup declared that its board has approved a stock repurchase plan on Wednesday, January 15th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 13.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Citigroup Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were given 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 yield of 2.90%. Citigroup’s dividend payout ratio is currently 37.65%.

Insider Activity

In other news, insider Sara Wechter sold 15,125 shares of Citigroup stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the transaction, the insider now owns 109,780 shares in the company, valued at $8,893,277.80. The trade was a 12.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Mason sold 58,465 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $83.21, for a total value of $4,864,872.65. Following the completion of the transaction, the chief financial officer now owns 217,331 shares in the company, valued at $18,084,112.51. This represents 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 in the last quarter. Corporate insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

C has been the topic of several analyst reports. Bank of America lifted their price objective on Citigroup from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, January 7th. Wells Fargo & Company lifted their target price on shares of Citigroup from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $83.00 price target (up from $80.00) on shares of Citigroup in a research note on Thursday, January 16th. The Goldman Sachs Group raised their target price on shares of Citigroup from $77.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods raised their price target on Citigroup from $85.00 to $92.00 and gave the company an “outperform” rating in a report on Thursday, January 16th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.93.

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.