Congress Wealth Management LLC DE Trims Position in Citigroup Inc. (NYSE:C)

Congress Wealth Management LLC DE reduced its stake in Citigroup Inc. (NYSE:C) by 52.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 96,972 shares of the company’s stock after selling 107,081 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Citigroup were worth $6,826,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Core Alternative Capital grew its stake in Citigroup by 83.4% in the fourth quarter. Core Alternative Capital now owns 376 shares of the company’s stock worth $26,000 after purchasing an additional 171 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Citigroup during the 3rd quarter worth $31,000. Webster Bank N. A. increased its stake in shares of Citigroup by 150.0% during the fourth quarter. Webster Bank N. A. now owns 500 shares of the company’s stock valued at $35,000 after buying an additional 300 shares during the period. Creative Capital Management Investments LLC bought a new stake in shares of Citigroup in the fourth quarter valued at about $35,000. Finally, Sierra Ocean LLC purchased a new stake in Citigroup in the fourth quarter worth about $37,000. 71.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on C. Bank of America boosted their price target on shares of Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, January 7th. Truist Financial began coverage on Citigroup in a report on Tuesday, January 7th. They issued a “buy” rating and a $85.00 price target on the stock. Oppenheimer decreased their price objective on Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. StockNews.com upgraded Citigroup from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Piper Sandler reissued an “overweight” rating and set a $83.00 price target (up from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.53.

Insider Buying and Selling

In related news, COO Anand Selvakesari sold 30,000 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the sale, the chief operating officer now directly owns 229,180 shares of the company’s stock, valued at approximately $18,586,498. This represents a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Sara Wechter sold 15,125 shares of Citigroup stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $81.01, for a total transaction 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 $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 over the last 90 days. Insiders own 0.08% of the company’s stock.

Citigroup Stock Performance

Shares of C stock opened at $74.43 on Wednesday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day moving average of $77.50 and a 200 day moving average of $70.53. The firm has a market capitalization of $140.09 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. Citigroup Inc. has a 1 year low of $53.51 and a 1 year high of $84.74.

Citigroup (NYSE:C) last released its 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 firm had revenue of $19.58 billion during the quarter, compared to the consensus estimate of $19.51 billion. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s revenue was up 12.3% compared to the same quarter last year. As a group, research analysts expect that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 3rd were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend was Monday, February 3rd. Citigroup’s dividend payout ratio (DPR) is currently 37.65%.

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

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.