Sierra Summit Advisors LLC Acquires 163,743 Shares of Citigroup Inc. (NYSE:C)

Sierra Summit Advisors LLC raised its holdings in shares of Citigroup Inc. (NYSE:C) by 4,319.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 167,534 shares of the company’s stock after purchasing an additional 163,743 shares during the period. Citigroup accounts for about 2.4% of Sierra Summit Advisors LLC’s holdings, making the stock its 14th largest holding. Sierra Summit Advisors LLC’s holdings in Citigroup were worth $11,793,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of C. Core Alternative Capital lifted its holdings 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 buying an additional 171 shares during the period. Legacy Investment Solutions LLC bought a new position in shares of Citigroup in the 3rd quarter worth approximately $31,000. Webster Bank N. A. lifted its stake in shares of Citigroup by 150.0% in the 4th quarter. Webster Bank N. A. now owns 500 shares of the company’s stock valued at $35,000 after purchasing an additional 300 shares during the period. Creative Capital Management Investments LLC bought a new stake in shares of Citigroup during the fourth quarter valued at approximately $35,000. Finally, Sierra Ocean LLC purchased a new stake in Citigroup in the fourth quarter worth $37,000. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Stock Performance

C stock opened at $58.00 on Monday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. Citigroup Inc. has a 1 year low of $53.51 and a 1 year high of $84.74. The company has a market cap of $109.17 billion, a P/E ratio of 9.75, a price-to-earnings-growth ratio of 0.64 and a beta of 1.29. The stock’s fifty day moving average price is $75.61 and its 200-day moving average price is $71.11.

Citigroup (NYSE:C) last announced its earnings results 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 business had revenue of $19.58 billion for 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 business’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same period last year, the firm posted $0.84 earnings per share. On average, equities analysts forecast that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup declared that its board has authorized a share repurchase program 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Citigroup Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $2.24 annualized dividend and a dividend yield of 3.86%. Citigroup’s dividend payout ratio (DPR) is 37.65%.

Insider Buying and Selling

In other news, CFO Mark Mason sold 58,465 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $83.21, for a total transaction of $4,864,872.65. Following the sale, the chief financial officer now directly owns 217,331 shares in the company, valued at $18,084,112.51. This trade 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 hyperlink. Also, insider Sara Wechter sold 15,125 shares of the company’s 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 completion of the transaction, the insider now directly owns 109,780 shares of the company’s stock, valued at $8,893,277.80. This represents a 12.11 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 103,590 shares of company stock valued at $8,523,149. 0.08% of the stock is owned by company insiders.

Analysts Set New Price Targets

C has been the topic of a number of recent research reports. Barclays raised shares of Citigroup from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $70.00 to $95.00 in a research report on Monday, January 6th. Bank of America cut their price objective on shares of Citigroup from $90.00 to $89.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. The Goldman Sachs Group lowered their target price on shares of Citigroup from $90.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. StockNews.com downgraded Citigroup from a “buy” rating to a “hold” rating in a research note on Sunday, March 30th. Finally, Morgan Stanley lowered their price objective on Citigroup from $110.00 to $109.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Citigroup has a consensus rating of “Moderate Buy” and an average price target of $83.23.

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.