New York Life Investment Management LLC Trims Holdings in Citigroup Inc. $C

New York Life Investment Management LLC reduced its position in shares of Citigroup Inc. (NYSE:C) by 5.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 252,626 shares of the company’s stock after selling 15,554 shares during the period. New York Life Investment Management LLC’s holdings in Citigroup were worth $29,479,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of Citigroup by 166.9% during the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock valued at $1,407,000 after buying an additional 12,499 shares during the period. Sivia Capital Partners LLC grew its stake in Citigroup by 20.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company’s stock worth $835,000 after acquiring an additional 1,669 shares during the period. United Bank purchased a new stake in Citigroup in the 2nd quarter worth approximately $972,000. Osterweis Capital Management Inc. raised its holdings in Citigroup by 3,016.7% in the 2nd quarter. Osterweis Capital Management Inc. now owns 935 shares of the company’s stock valued at $80,000 after acquiring an additional 905 shares during the last quarter. Finally, HUB Investment Partners LLC raised its holdings in Citigroup by 26.9% in the 2nd quarter. HUB Investment Partners LLC now owns 15,287 shares of the company’s stock valued at $1,301,000 after acquiring an additional 3,238 shares during the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

C has been the topic of several analyst reports. Morgan Stanley raised their price objective on Citigroup from $140.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, April 15th. JPMorgan Chase & Co. upped their target price on Citigroup from $131.00 to $135.50 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Jefferies Financial Group began coverage on Citigroup in a research report on Thursday, March 26th. They set a “buy” rating and a $135.00 target price on the stock. Truist Financial set a $147.00 price target on Citigroup in a research note on Friday, May 1st. Finally, The Goldman Sachs Group lifted their price target on Citigroup from $137.00 to $151.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $137.62.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is getting credit for its strong earnings beat, with the bank reporting better-than-expected profit and revenue last quarter, which supports the view that operating momentum remains solid.
• Positive Sentiment: The company recently unveiled a $30 billion share buyback authorization, signaling management confidence and a larger return of capital to shareholders, which investors typically view favorably.
• Positive Sentiment: News that Citi plans to increase headcount by about 10% in its Asia-Pacific prime brokerage unit suggests continued expansion in a high-value business line and reinforces the growth narrative. Citigroup to boost Asia prime brokerage staff by 10% this year
• Positive Sentiment: Reports that Citigroup is weighing a broader Asia expansion and a bigger role in U.S.-China business show management is still focused on long-term international growth opportunities. Citigroup Weighs Asia Expansion And US China Role For Future Growth
• Neutral Sentiment: Analyst commentary and follow-up articles are mostly reflecting on Citi’s strong post-earnings run and whether the stock can sustain it, but they do not appear to be new fundamental catalysts. Citigroup (C) Down 5.8% Since Last Earnings Report: Can It Rebound?
• Neutral Sentiment: A Citigroup director sold a modest number of shares, which may mildly pressure sentiment, but the transaction was relatively small and does not materially change the investment thesis. SEC Director Sale Filing

Insiders Place Their Bets

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the transaction, the director owned 12,194 shares in the company, valued at $1,527,908.20. This trade represents a 14.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Edward Skyler sold 25,000 shares of Citigroup stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the completion of the transaction, the insider owned 182,022 shares in the company, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.11% of the stock is owned by company insiders.

Citigroup Stock Up 0.5%

Shares of C opened at $124.77 on Friday. The firm has a market cap of $212.81 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 0.56 and a beta of 1.14. The company’s fifty day moving average is $119.26 and its two-hundred day moving average is $113.97. Citigroup Inc. has a fifty-two week low of $71.65 and a fifty-two week high of $135.29. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59.

Citigroup (NYSE:C) last announced its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.43. The company had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. Citigroup’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the business earned $1.96 EPS. Analysts forecast that Citigroup Inc. will post 10.65 earnings per share for the current year.

Citigroup Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Monday, May 4th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, May 4th. Citigroup’s dividend payout ratio (DPR) is 29.74%.

Citigroup declared that its Board of Directors has authorized a share buyback plan on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 13.7% 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 is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.