Manning & Napier Advisors LLC Sells 5,020 Shares of Citigroup Inc. $C

Manning & Napier Advisors LLC cut its stake in Citigroup Inc. (NYSE:C) by 3.1% during the 1st quarter, HoldingsChannel.com reports. The fund owned 155,134 shares of the company’s stock after selling 5,020 shares during the period. Manning & Napier Advisors LLC’s holdings in Citigroup were worth $17,594,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Whipplewood Advisors LLC bought a new position in Citigroup during the first quarter worth $25,000. Elevated Capital Advisors LLC boosted its position in Citigroup by 5,892.5% during the first quarter. Elevated Capital Advisors LLC now owns 4,015 shares of the company’s stock valued at $455,000 after acquiring an additional 3,948 shares during the last quarter. Waterfront Wealth Inc. grew its holdings in Citigroup by 27.2% during the 1st quarter. Waterfront Wealth Inc. now owns 15,970 shares of the company’s stock worth $1,811,000 after acquiring an additional 3,411 shares during the period. Main Street Research LLC raised its position in shares of Citigroup by 16.6% in the 1st quarter. Main Street Research LLC now owns 5,526 shares of the company’s stock worth $627,000 after acquiring an additional 786 shares in the last quarter. Finally, Ibex Wealth Advisors bought a new position in shares of Citigroup in the 1st quarter worth about $842,000. Institutional investors own 71.72% of the company’s stock.

Citigroup Stock Up 0.8%

Citigroup stock traded up $1.10 during midday trading on Friday, reaching $140.67. The stock had a trading volume of 10,510,425 shares, compared to its average volume of 12,496,730. The company has a fifty day moving average price of $133.71 and a two-hundred day moving average price of $122.85. Citigroup Inc. has a 12 month low of $85.61 and a 12 month high of $147.96. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $239.92 billion, a P/E ratio of 17.43, a PEG ratio of 0.65 and a beta of 1.11.

Citigroup (NYSE:C) last announced its quarterly earnings results 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. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The business had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. During the same quarter in the prior year, the company earned $1.96 earnings per share. The company’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, equities analysts expect that Citigroup Inc. will post 10.89 EPS for the current fiscal year.

Citigroup announced that its board has approved a stock repurchase program on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to repurchase up to 13.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction 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 directly 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 at 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 sale, the insider directly owned 182,022 shares of the company’s stock, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their position. The SEC filing for this sale provides additional information. 0.11% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

C has been the topic of several research analyst reports. Wall Street Zen upgraded Citigroup from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Morgan Stanley boosted their price target on Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Truist Financial increased their price target on Citigroup from $147.00 to $158.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Citigroup in a research report on Monday, April 20th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $139.00 target price on shares of Citigroup in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Citigroup has an average rating of “Moderate Buy” and a consensus target price of $145.00.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi is expected to collect about $70 million in fees from the SK Hynix listing, underscoring strength in its capital markets and advisory franchise. Article Title
• Positive Sentiment: Multiple pieces this week describe Citigroup (C) as one of the stronger large-bank names ahead of earnings, supported by resilient trading activity, investment banking momentum, and loan demand. Article Title
• Positive Sentiment: Analyst commentary and TV mentions have also kept Citi in the spotlight as a favored bank stock, suggesting continued institutional confidence in the name. Article Title
• Positive Sentiment: Earlier coverage said Citi’s Q1 results were the strongest among diversified banks, reinforcing the view that the company is executing well relative to peers. Article Title
• Neutral Sentiment: Citi also announced that SCB is now live with its 24/7 USD Clearing and Citi Token Services, a constructive step in digital payments infrastructure, but not a near-term earnings driver. Article Title

Citigroup Profile

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.