LGT Fund Management Co Ltd. Has $3.31 Million Stock Holdings in Citigroup Inc. $C

LGT Fund Management Co Ltd. boosted its position in shares of Citigroup Inc. (NYSE:C) by 152.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,180 shares of the company’s stock after purchasing an additional 17,641 shares during the period. LGT Fund Management Co Ltd.’s holdings in Citigroup were worth $3,309,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in C. Vanguard Group Inc. raised its stake in shares of Citigroup by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock worth $19,048,467,000 after purchasing an additional 4,938,923 shares in the last quarter. Geode Capital Management LLC grew its position in Citigroup by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company’s stock worth $5,036,712,000 after buying an additional 189,548 shares in the last quarter. Franklin Resources Inc. increased its holdings in Citigroup by 4.0% in the 4th quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company’s stock valued at $3,990,422,000 after buying an additional 1,326,224 shares during the period. Fisher Asset Management LLC increased its stake in Citigroup by 2.6% in the fourth quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company’s stock valued at $3,954,307,000 after acquiring an additional 846,772 shares during the last quarter. Finally, Norges Bank acquired a new position in Citigroup during the fourth quarter worth about $2,800,944,000. 71.72% of the stock is owned by institutional investors.

Insider Transactions at Citigroup

In other 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 transaction 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 legal filing with the SEC, which is available through this hyperlink. Also, insider Edward Skyler sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the transaction, the insider owned 182,022 shares of the company’s stock, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by insiders.

Citigroup Stock Down 0.1%

Shares of Citigroup stock opened at $140.67 on Monday. Citigroup Inc. has a 12-month low of $85.61 and a 12-month high of $147.96. The company has a market cap of $239.92 billion, a P/E ratio of 17.43, a PEG ratio of 0.66 and a beta of 1.11. The company’s fifty day simple moving average is $133.71 and its two-hundred day simple moving average is $122.88. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59.

Citigroup (NYSE:C) last announced its 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. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The firm had revenue of $24.63 billion for the quarter, compared to analysts’ expectations of $22.96 billion. During the same quarter in the previous year, the business posted $1.96 EPS. The company’s quarterly revenue was up 14.1% on a year-over-year basis. Research analysts anticipate that Citigroup Inc. will post 10.89 EPS for the current year.

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

Citigroup News Roundup

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

Analysts Set New Price Targets

C has been the subject of several analyst reports. 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, June 18th. Jefferies Financial Group initiated 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 upped their price objective on Citigroup from $147.00 to $158.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Wall Street Zen raised Citigroup from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, UBS Group lifted their target price on Citigroup from $134.00 to $150.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $145.00.

Citigroup Company 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.