Citigroup Inc. $C Shares Sold by Korea Investment CORP

Korea Investment CORP lessened its holdings in Citigroup Inc. (NYSE:C) by 11.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,283,736 shares of the company’s stock after selling 158,338 shares during the quarter. Korea Investment CORP’s holdings in Citigroup were worth $179,672,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of C. Whipplewood Advisors LLC acquired a new position in shares of Citigroup during the 1st quarter worth about $25,000. Mcguire Capital Advisors Inc. purchased a new position in shares of Citigroup in the 4th quarter valued at $25,000. Paladin Partners LLC acquired a new stake in Citigroup during the 2nd quarter worth $27,000. TD Capital Management LLC purchased a new position in shares of Citigroup during the fourth quarter worth about $28,000. Finally, IMG Wealth Management Inc. increased its position in shares of Citigroup by 197.6% during the first quarter. IMG Wealth Management Inc. now owns 244 shares of the company’s stock worth $28,000 after purchasing an additional 162 shares in the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Citigroup Stock Up 1.4%

Shares of NYSE:C opened at $131.46 on Friday. The company has a market cap of $224.22 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 0.58 and a beta of 1.12. The firm’s 50-day simple moving average is $137.20 and its 200-day simple moving average is $126.29. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71. Citigroup Inc. has a fifty-two week low of $92.84 and a fifty-two week high of $147.96.

Citigroup (NYSE:C) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.41. The firm had revenue of $24.77 billion during the quarter, compared to analysts’ expectations of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.96 earnings per share. As a group, equities research analysts predict that Citigroup Inc. will post 11.2 earnings per share for the current year.

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

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 3rd will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Monday, August 3rd. This is an increase from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s payout ratio is presently 28.94%.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
• Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
• Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
• Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C’s July Card Delinquencies Tick Up

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on C. Wells Fargo & Company increased their price objective on Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Thursday, June 18th. Bank of America increased their price target on shares of Citigroup from $170.00 to $176.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods raised their price objective on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Morgan Stanley lifted their price objective on shares of Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Finally, UBS Group decreased their target price on shares of Citigroup from $150.00 to $142.00 and set a “neutral” rating for the company in a research note on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $145.22.

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.