Citigroup Inc. $C Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its stake in shares of Citigroup Inc. (NYSE:C) by 0.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,434,785 shares of the company’s stock after selling 117,215 shares during the period. Citigroup accounts for 0.5% of Bank of New York Mellon Corp’s investment portfolio, making the stock its 29th biggest position. Bank of New York Mellon Corp’s holdings in Citigroup were worth $2,657,739,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in C. Vanguard Group Inc. increased its position in 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 stake in 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 acquiring an additional 189,548 shares during the period. Franklin Resources Inc. grew its stake in Citigroup by 4.0% in the 4th quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company’s stock worth $3,990,422,000 after acquiring an additional 1,326,224 shares during the period. Fisher Asset Management LLC raised its holdings in Citigroup by 2.6% in the 4th 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 stake in shares of Citigroup during the fourth quarter worth $2,800,944,000. 71.72% of the stock is owned by institutional investors and hedge funds.

Citigroup Trading Up 1.3%

NYSE C opened at $135.03 on Thursday. The stock has a market cap of $230.31 billion, a P/E ratio of 14.58, a PEG ratio of 0.62 and a beta of 1.11. The company’s fifty day simple moving average is $134.21 and its 200-day simple moving average is $123.21. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. Citigroup Inc. has a 52 week low of $87.94 and a 52 week high of $147.96.

Citigroup (NYSE:C) last released its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, topping the consensus estimate of $2.74 by $0.41. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The business had revenue of $24.75 billion for the quarter, compared to analysts’ expectations of $23.74 billion. During the same quarter in the previous year, the firm posted $1.96 earnings per share. The company’s revenue was up 14.5% compared to the same quarter last year. Equities research analysts predict that Citigroup Inc. will post 10.89 EPS for the current fiscal year.

Citigroup declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 7th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits the company to buy up to 13.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup posted a major Q2 earnings beat, with EPS of $3.15 versus $2.74 expected and revenue of about $24.8 billion versus $23.7 billion expected, helped by strong fixed income trading, investment banking, and broad-based strength across its businesses. Article Title
• Positive Sentiment: Management said Citi’s strong quarter reflects a stronger franchise and that it is accelerating investments to support more durable returns, reinforcing the turnaround narrative for the bank. Article Title
• Positive Sentiment: Analysts were upbeat after the report, with RBC reaffirming an outperform rating and a $150 price target, while Truist also kept a buy rating despite trimming its target to $154. Article Title
• Neutral Sentiment: Some valuation commentary said Citigroup may still be near fair value after a strong multi-year rally, suggesting upside is increasingly tied to continued execution rather than just multiple expansion. Article Title
• Negative Sentiment: Despite the earnings beat, shares slipped at times because investors focused on Citi’s higher expense outlook, including accelerated hiring and other investment spending that could pressure second-half profitability. Article Title
• Negative Sentiment: Reports also highlighted possible layoffs and faster job cuts, which may signal ongoing restructuring costs even as the bank tries to complete its transformation. Article Title

Analysts Set New Price Targets

A number of research analysts have recently commented on C shares. UBS Group upped their price objective on shares of Citigroup from $134.00 to $150.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Bank of America boosted their target price on shares of Citigroup from $170.00 to $176.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Oppenheimer lowered shares of Citigroup from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods increased their price target on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Finally, Truist Financial decreased their price target on shares of Citigroup from $158.00 to $154.00 and set a “buy” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $145.67.

Insider Activity at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.11% of the company’s stock.

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.