New Covenant Trust Company N.A. Invests $238,000 in Citigroup Inc. (NYSE:C)

New Covenant Trust Company N.A. bought a new position in shares of Citigroup Inc. (NYSE:C) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,380 shares of the company’s stock, valued at approximately $238,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Swedbank AB boosted its stake in Citigroup by 1.3% in the 3rd quarter. Swedbank AB now owns 4,378,833 shares of the company’s stock valued at $274,115,000 after purchasing an additional 54,782 shares during the period. Confluence Wealth Services Inc. bought a new stake in Citigroup in the 3rd quarter valued at $264,000. Van ECK Associates Corp boosted its stake in Citigroup by 23.0% in the 3rd quarter. Van ECK Associates Corp now owns 362,931 shares of the company’s stock valued at $22,901,000 after purchasing an additional 67,768 shares during the period. Intact Investment Management Inc. boosted its stake in Citigroup by 4.3% in the 3rd quarter. Intact Investment Management Inc. now owns 72,410 shares of the company’s stock valued at $4,533,000 after purchasing an additional 3,000 shares during the period. Finally, Hazlett Burt & Watson Inc. boosted its stake in Citigroup by 69.3% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 635 shares of the company’s stock valued at $39,000 after purchasing an additional 260 shares during the period. 71.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

C has been the subject of several recent research reports. Barclays upgraded Citigroup from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $70.00 to $95.00 in a research note on Monday, January 6th. Piper Sandler restated 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. Bank of America boosted their price target on Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, January 7th. Oppenheimer cut their target price on Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Finally, Morgan Stanley upped their target price on Citigroup from $104.00 to $109.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $83.93.

Citigroup Price Performance

Citigroup stock opened at $72.25 on Wednesday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96. Citigroup Inc. has a 52 week low of $53.51 and a 52 week high of $84.74. The stock has a market capitalization of $136.16 billion, a P/E ratio of 12.14, a price-to-earnings-growth ratio of 0.64 and a beta of 1.44. The stock has a fifty day moving average of $77.89 and a 200-day moving average of $69.57.

Citigroup (NYSE:C) last posted its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.12. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The company had revenue of $19.58 billion during the quarter, compared to analysts’ expectations of $19.51 billion. During the same quarter in the previous year, the firm earned $0.84 EPS. Citigroup’s revenue was up 12.3% on a year-over-year basis. On average, sell-side analysts expect that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were issued a $0.56 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 3.10%. Citigroup’s payout ratio is presently 37.65%.

Citigroup announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 15th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the company to buy up to 13.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Citigroup news, CFO Mark Mason sold 58,465 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was 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 of the company’s stock, valued at $18,084,112.51. This represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sara Wechter sold 15,125 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $81.01, for a total value of $1,225,276.25. Following the completion of the transaction, the insider now directly owns 109,780 shares of the company’s stock, valued at approximately $8,893,277.80. The trade was a 12.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,590 shares of company stock valued at $8,523,149 in the last 90 days. Corporate insiders own 0.08% of the company’s stock.

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.