Citigroup Inc. $C Shares Sold by Te Ahumairangi Investment Management Ltd

Te Ahumairangi Investment Management Ltd cut its stake in Citigroup Inc. (NYSE:C) by 16.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,753 shares of the company’s stock after selling 13,008 shares during the period. Citigroup comprises approximately 1.4% of Te Ahumairangi Investment Management Ltd’s portfolio, making the stock its 19th largest position. Te Ahumairangi Investment Management Ltd’s holdings in Citigroup were worth $8,923,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in C. Norges Bank purchased a new position in Citigroup during the 4th quarter worth approximately $2,800,944,000. Bank of New York Mellon Corp acquired a new position in Citigroup in the second quarter valued at $3,244,602,000. Vanguard Group Inc. raised its holdings in shares of Citigroup by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock valued at $19,048,467,000 after buying an additional 4,938,923 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Citigroup during the fourth quarter worth about $298,082,000. Finally, SEB Asset Management AB purchased a new position in shares of Citigroup during the first quarter worth about $252,972,000. Institutional investors and hedge funds own 71.72% of the company’s stock.

More Citigroup News

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 Down 0.1%

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

Citigroup (NYSE:C) last released its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, beating the consensus estimate of $2.74 by $0.41. The business had revenue of $24.77 billion for the quarter, compared to analyst estimates of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.96 earnings per share. Analysts anticipate that Citigroup Inc. will post 11.2 EPS for the current fiscal year.

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

Citigroup Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on C shares. Evercore set a $143.00 price objective on Citigroup in a research report on Monday, July 6th. Morgan Stanley increased their price target on Citigroup from $154.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. JPMorgan Chase & Co. lifted their target price on shares of Citigroup from $135.50 to $149.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Bank of America boosted 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. Finally, Keefe, Bruyette & Woods lifted their price objective on Citigroup from $140.00 to $153.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.