Pinnacle Associates Ltd. Cuts Stake in Citigroup Inc. $C

Pinnacle Associates Ltd. cut its stake in Citigroup Inc. (NYSE:C) by 1.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 340,145 shares of the company’s stock after selling 5,025 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Citigroup were worth $28,953,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Amplius Wealth Advisors LLC purchased a new stake in shares of Citigroup during the second quarter worth about $294,000. Simon Quick Advisors LLC increased its position in shares of Citigroup by 615.9% during the second quarter. Simon Quick Advisors LLC now owns 81,000 shares of the company’s stock worth $6,895,000 after acquiring an additional 69,686 shares during the last quarter. Adell Harriman & Carpenter Inc. increased its position in shares of Citigroup by 10.6% during the second quarter. Adell Harriman & Carpenter Inc. now owns 90,743 shares of the company’s stock worth $7,724,000 after acquiring an additional 8,676 shares during the last quarter. Amalgamated Bank increased its position in shares of Citigroup by 0.5% during the second quarter. Amalgamated Bank now owns 368,890 shares of the company’s stock worth $31,400,000 after acquiring an additional 1,947 shares during the last quarter. Finally, Field & Main Bank increased its position in shares of Citigroup by 3.3% during the second quarter. Field & Main Bank now owns 9,943 shares of the company’s stock worth $846,000 after acquiring an additional 315 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Citigroup Stock Performance

Shares of C stock opened at $100.11 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.62. The business has a 50 day moving average of $98.50 and a two-hundred day moving average of $87.09. Citigroup Inc. has a 52 week low of $55.51 and a 52 week high of $105.59. The company has a market cap of $184.30 billion, a P/E ratio of 14.06, a PEG ratio of 0.83 and a beta of 1.37.

Citigroup (NYSE:C) last issued its earnings results on Tuesday, October 14th. The company reported $1.86 EPS for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.03). Citigroup had a net margin of 8.73% and a return on equity of 7.91%. The company had revenue of $22.09 billion during the quarter, compared to analyst estimates of $20.92 billion. During the same quarter in the previous year, the firm earned $1.51 earnings per share. The business’s revenue was up 9.3% on a year-over-year basis. Citigroup has set its FY 2025 guidance at EPS. As a group, analysts anticipate that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Monday, November 3rd will be given a dividend of $0.60 per share. The ex-dividend date is Monday, November 3rd. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. Citigroup’s payout ratio is currently 33.71%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on C. Barclays lifted their target price on Citigroup from $100.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. UBS Group reissued a “neutral” rating and issued a $89.00 price objective on shares of Citigroup in a report on Tuesday, July 15th. Truist Financial boosted their price objective on Citigroup from $105.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Cowen reissued a “hold” rating and issued a $110.00 price objective on shares of Citigroup in a report on Wednesday, October 15th. Finally, Morgan Stanley boosted their price objective on Citigroup from $129.00 to $134.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $107.63.

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.