Citigroup Inc. $C Shares Sold by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC lowered its stake in Citigroup Inc. (NYSE:C) by 42.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 378,638 shares of the company’s stock after selling 284,778 shares during the quarter. Citigroup comprises about 1.0% of Kovitz Investment Group Partners LLC’s portfolio, making the stock its 18th biggest holding. Kovitz Investment Group Partners LLC’s holdings in Citigroup were worth $44,183,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in C. Vanguard Group Inc. boosted its stake in Citigroup by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock valued at $19,048,467,000 after purchasing an additional 4,938,923 shares in the last quarter. Capital World Investors boosted its position in shares of Citigroup by 6.5% during the 3rd quarter. Capital World Investors now owns 47,262,626 shares of the company’s stock valued at $4,797,292,000 after purchasing an additional 2,871,074 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Citigroup by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company’s stock worth $5,036,712,000 after purchasing an additional 189,548 shares in the last quarter. Franklin Resources Inc. grew its position in Citigroup by 4.0% in the fourth quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company’s stock worth $3,990,422,000 after buying an additional 1,326,224 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Citigroup by 2.6% in the 4th quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company’s stock worth $3,954,307,000 after acquiring an additional 846,772 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi’s own research still expects the U.S. Federal Reserve to cut interest rates later this year, which could eventually support loan demand and market activity if inflation and employment soften in the second half. Citigroup (C) Still Expects the U.S. Federal Reserve to Cut Interest Rates This Year
• Positive Sentiment: Citigroup announced a senior hiring in its EMEA investment banking franchise, bringing in William Mansfield from Deutsche Bank to lead M&A in the region, a sign it is investing in fee-generating advisory growth. Citi hires Deutsche’s Mansfield to lead EMEA M&A -memo
• Positive Sentiment: Citigroup also launched new research with CREATE-Research on innovation in asset management, reinforcing its positioning in institutional services and client solutions. Citi and CREATE-Research Report: Innovation in Asset Management Pivots to ‘Operational Alpha’
• Neutral Sentiment: Citi’s outlook for Fed cuts was pushed back, with the bank now expecting 25-basis-point reductions in October and December rather than earlier in the year. That change is more a timing shift than a thesis break, but it suggests a less favorable near-term rate backdrop for banks. Citi Predicts Fed Rate Cuts Will Come Later Than Expected
• Neutral Sentiment: Trading activity showed unusually heavy call-option buying in Citigroup, which can indicate bullish speculation or hedging ahead of catalysts. Citigroup options activity
• Negative Sentiment: Higher-for-longer rate commentary from the Fed is a headwind for bank stocks in the near term because it can pressure funding costs and credit quality, even if it helps net interest income initially. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Negative Sentiment: Media reports about lawsuits and former-executive allegations tied to Trump-related account handling add a legal and reputational overhang for Citigroup. Citigroup faces lawsuit over alleged Trump-linked account issues

Insider Transactions at Citigroup

In other Citigroup news, insider Edward Skyler sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value of $3,285,250.00. Following the sale, the insider owned 182,022 shares of the company’s stock, valued at $23,919,511.02. This trade represents a 12.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John Cunningham Dugan sold 2,117 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was 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 of the company’s stock, valued at approximately $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.11% of the company’s stock.

Citigroup Price Performance

NYSE C opened at $143.37 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $244.52 billion, a PE ratio of 17.77, a price-to-earnings-growth ratio of 0.64 and a beta of 1.12. Citigroup Inc. has a 12-month low of $77.50 and a 12-month high of $147.96. The company has a 50 day moving average price of $129.47 and a two-hundred day moving average price of $119.32.

Citigroup (NYSE:C) last released its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 EPS 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%. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.96 earnings per share. As a group, equities analysts predict that Citigroup Inc. will post 10.68 earnings per share for the current fiscal year.

Citigroup announced that its board has initiated a stock repurchase program on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 13.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Citigroup Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, May 4th. Citigroup’s dividend payout ratio (DPR) is currently 29.74%.

Analyst Upgrades and Downgrades

A number of analysts have commented on C shares. Zacks Research lowered shares of Citigroup from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Truist Financial set a $147.00 price objective on shares of Citigroup in a research report on Friday, May 1st. Wells Fargo & Company raised their target price on Citigroup from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday. Keefe, Bruyette & Woods lifted their target price on Citigroup from $140.00 to $153.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Finally, Evercore set a $139.00 price objective on shares of Citigroup in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $137.79.

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.