Citigroup Inc. $C Stake Trimmed by Shikiar Asset Management Inc.

Shikiar Asset Management Inc. lessened its stake in shares of Citigroup Inc. (NYSE:C) by 8.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 83,865 shares of the company’s stock after selling 7,620 shares during the period. Citigroup comprises 2.7% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 5th largest holding. Shikiar Asset Management Inc.’s holdings in Citigroup were worth $9,511,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Mcguire Capital Advisors Inc. acquired a new position in shares of Citigroup in the fourth quarter worth about $25,000. Richards Merrill & Peterson Inc. acquired a new position in Citigroup in the 4th quarter worth approximately $28,000. TD Capital Management LLC acquired a new position in Citigroup in the 4th quarter worth approximately $28,000. Luken Investment Analytics LLC purchased a new position in Citigroup during the 4th quarter worth approximately $32,000. Finally, High Note Wealth LLC grew its position in Citigroup by 107.7% during the 4th quarter. High Note Wealth LLC now owns 270 shares of the company’s stock worth $32,000 after purchasing an additional 140 shares in the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on C. Morgan Stanley increased their target price on Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a report on Monday. Royal Bank Of Canada reiterated an “outperform” rating and set a $139.00 price target on shares of Citigroup in a report on Wednesday, April 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Citigroup in a research report on Monday, April 20th. JPMorgan Chase & Co. increased their price objective on Citigroup from $131.00 to $135.50 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, Jefferies Financial Group initiated coverage on Citigroup in a research report on Thursday, March 26th. They set a “buy” rating and a $135.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $139.62.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup has been highlighted for its growing use of AI to improve efficiency, lower costs, and enhance customer experience, which could support longer-term margin expansion. Citigroup Bets Big on AI to Drive Efficiency & Long-Term Growth
• Positive Sentiment: The bank also recently completed the Federal Reserve stress test and announced a $30 billion share repurchase program along with a higher dividend, signaling confidence in capital strength and shareholder returns. Should Citi’s (C) US$30 Billion Buyback and Dividend Hike Require Action From Investors?
• Neutral Sentiment: Citi’s own market commentary noted bearish flows are building in the Nasdaq and S&P 500, suggesting a more risk-off backdrop that could pressure financial stocks broadly rather than just Citigroup specifically. Citi says bearish flows are building in Nasdaq and S&P 500
• Negative Sentiment: A separate note warned that major bank stocks are already trading near highs and may be due for a pullback, which can weigh on sentiment around Citigroup even if its fundamentals remain solid. Bank Stocks Are Doing Great, but It’s Time to ‘Take the Money and Run’

Citigroup Trading Down 1.8%

Shares of NYSE:C opened at $139.97 on Wednesday. The firm has a fifty day moving average of $131.97 and a two-hundred day moving average of $121.35. 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 Inc. has a 12-month low of $84.77 and a 12-month high of $147.96. The firm has a market capitalization of $238.73 billion, a P/E ratio of 17.34, a price-to-earnings-growth ratio of 0.61 and a beta of 1.12.

Citigroup (NYSE:C) last announced its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.63 by $0.43. The business had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.Citigroup’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period last year, the company earned $1.96 earnings per share. On average, equities analysts expect that Citigroup Inc. will post 10.83 EPS for the current fiscal year.

Citigroup Announces Dividend

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

Citigroup declared that its board has authorized a share repurchase plan on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, insider Edward Skyler sold 25,000 shares of Citigroup stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the completion of the sale, the insider directly owned 182,022 shares in the company, valued at $23,919,511.02. The trade was a 12.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their position. The SEC filing for this sale provides additional information. 0.11% of the stock is owned by insiders.

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.