Citigroup Inc. $C Position Decreased by Patient Capital Management LLC

Patient Capital Management LLC cut its holdings in Citigroup Inc. (NYSE:C) by 0.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,403,477 shares of the company’s stock after selling 10,393 shares during the period. Citigroup comprises approximately 6.4% of Patient Capital Management LLC’s portfolio, making the stock its 2nd biggest holding. Patient Capital Management LLC’s holdings in Citigroup were worth $196,431,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of C. Norges Bank purchased a new position in Citigroup in the fourth quarter worth $2,800,944,000. Bank of New York Mellon Corp bought a new position in Citigroup in the 2nd quarter valued at $3,244,602,000. Vanguard Group Inc. increased its position 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 valued at $19,048,467,000 after purchasing an additional 4,938,923 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Citigroup during the 4th quarter valued at $298,082,000. Finally, SEB Asset Management AB bought a new stake in shares of Citigroup during the 1st quarter worth $252,972,000. 71.72% of the stock is owned by hedge funds and other institutional investors.

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

Citigroup Stock Performance

Shares of C opened at $131.46 on Monday. Citigroup Inc. has a 1 year low of $92.84 and a 1 year high of $147.96. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. The stock’s fifty day moving average price is $137.20 and its two-hundred day moving average price is $126.36. The firm has a market cap of $224.22 billion, a PE ratio of 14.20, a PEG ratio of 0.59 and a beta of 1.12.

Citigroup (NYSE:C) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share 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 company had revenue of $24.77 billion during the quarter, compared to the consensus estimate of $23.74 billion. During the same quarter in the prior year, the company earned $1.96 EPS. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, equities research analysts forecast that Citigroup Inc. will post 11.2 EPS for the current year.

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

Citigroup Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Argus set a $150.00 price target on shares of Citigroup in a report on Wednesday, July 15th. Royal Bank Of Canada restated an “outperform” rating and set a $150.00 price objective on shares of Citigroup in a report on Wednesday, July 15th. Wells Fargo & Company lifted their price objective on shares of Citigroup from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, June 18th. Evercore set a $143.00 target price on shares of Citigroup in a research note on Monday, July 6th. Finally, UBS Group reduced their target price on shares of Citigroup from $150.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, August 3rd. Two investment 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. Based on data from MarketBeat, Citigroup has a consensus rating of “Moderate Buy” and a consensus price target of $145.22.

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.