Edgestream Partners L.P. Lowers Holdings in Citigroup Inc. $C

Edgestream Partners L.P. trimmed its stake in shares of Citigroup Inc. (NYSE:C) by 71.2% during the 1st quarter, Holdings Channel reports. The fund owned 14,765 shares of the company’s stock after selling 36,524 shares during the quarter. Edgestream Partners L.P.’s holdings in Citigroup were worth $1,674,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of C. Whipplewood Advisors LLC acquired a new stake in shares of Citigroup during the 1st quarter worth approximately $25,000. Mcguire Capital Advisors Inc. acquired a new position in shares of Citigroup in the 4th quarter valued at $25,000. Richards Merrill & Peterson Inc. purchased a new stake in Citigroup during the fourth quarter worth $28,000. TD Capital Management LLC purchased a new stake in Citigroup during the fourth quarter worth $28,000. Finally, IMG Wealth Management Inc. grew its position in Citigroup by 197.6% during the first quarter. IMG Wealth Management Inc. now owns 244 shares of the company’s stock valued at $28,000 after buying an additional 162 shares during the period. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the sale, the director directly owned 12,194 shares of the company’s stock, valued at $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.11% of the stock is owned by corporate insiders.

Citigroup Stock Up 0.8%

C stock opened at $133.51 on Tuesday. Citigroup Inc. has a 52 week low of $89.68 and a 52 week high of $147.96. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71. The firm has a 50-day simple moving average of $135.99 and a 200-day simple moving average of $124.33. The stock has a market capitalization of $227.72 billion, a P/E ratio of 14.42, a P/E/G ratio of 0.60 and a beta of 1.12.

Citigroup (NYSE:C) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm had revenue of $24.75 billion for the quarter, compared to analyst estimates of $23.74 billion. During the same period last year, the company posted $1.96 EPS. Citigroup’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities analysts forecast that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

Citigroup announced that its Board of Directors has initiated a stock repurchase program on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 13.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Citigroup Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 3rd will be given a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. This is a boost from Citigroup’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. Citigroup’s dividend payout ratio (DPR) is 25.92%.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup hired Bank of America veteran Rohan Sen to lead technology-services coverage in its investment-banking division. The appointment supports Citi’s broader investment-banking hiring push and could help expand fee-generating advisory and capital-markets activity. Citi Recruits Bank of America Vet Rohan Sen Amid Investment Banking Hiring Spree
• Positive Sentiment: Citi, American Airlines and Mastercard unveiled enhanced benefits for the Citi/AAdvantage Executive World Elite Mastercard, including Admirals Club access and a faster path to airline status. The refresh may improve card acquisition, customer retention and credit-card revenue. American Airlines and Citi Elevate Premium Travel With Enhanced Citi / AAdvantage Executive World Legend Mastercard
• Neutral Sentiment: Citi strategists said a stronger yen could lift other Asian currencies, highlighting the bank’s ongoing influence in global foreign-exchange research. The commentary is unlikely to materially change Citi’s earnings outlook but reinforces its market presence. Yen Surge Will Drive Up Other Asian Currencies, Strategists Say
• Neutral Sentiment: Citi is reportedly playing a larger role in hedging risks associated with leveraged ETFs and discussions surrounding Treasury participation in the repo market. The developments could create trading opportunities, but they also place greater attention on the bank’s funding, derivatives and financial-stability exposures. Citigroup Takes On A Bigger Role In Leveraged ETF Risk
• Negative Sentiment: Citi’s $0.67-per-share dividend went ex-dividend on August 3. While the payment supports the shareholder-return story, the ex-dividend adjustment can temporarily weigh on the stock and reduces near-term trading support. Citigroup Inc’s Dividend Analysis

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on C. JPMorgan Chase & Co. lifted their price objective 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 raised their target price on Citigroup from $170.00 to $176.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Zacks Research upgraded Citigroup from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. The Goldman Sachs Group upped their price target on Citigroup from $137.00 to $151.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Finally, Argus set a $150.00 price target on Citigroup in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price 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.