Coronation Fund Managers Ltd. acquired a new stake in Citigroup Inc. (NYSE:C) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 119,134 shares of the financial services provider’s stock, valued at approximately $7,968,000.
Several other hedge funds have also recently made changes to their positions in C. Waldron LP boosted its stake in shares of Citigroup by 21.2% in the first quarter. Waldron LP now owns 7,301 shares of the financial services provider’s stock worth $436,000 after buying an additional 1,276 shares during the last quarter. 1ST Source Bank boosted its stake in shares of Citigroup by 11.6% in the first quarter. 1ST Source Bank now owns 21,413 shares of the financial services provider’s stock worth $1,281,000 after buying an additional 2,234 shares during the last quarter. Narwhal Capital Management boosted its stake in shares of Citigroup by 10.5% in the first quarter. Narwhal Capital Management now owns 103,515 shares of the financial services provider’s stock worth $6,192,000 after buying an additional 9,825 shares during the last quarter. Greystone Investment Management LLC purchased a new stake in shares of Citigroup in the first quarter worth about $6,224,000. Finally, Financial Architects Inc boosted its position in Citigroup by 83.6% during the first quarter. Financial Architects Inc now owns 10,520 shares of the financial services provider’s stock worth $629,000 after purchasing an additional 4,791 shares in the last quarter. 75.40% of the stock is currently owned by institutional investors and hedge funds.
In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the completion of the transaction, the insider now directly owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Francisco Aristeguieta sold 40,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the completion of the transaction, the chief executive officer now directly owns 77,570 shares of the company’s stock, valued at $5,239,853.50. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.
Citigroup Inc. (NYSE C) opened at 66.17 on Monday. The company has a 50-day moving average price of $67.63 and a 200-day moving average price of $63.20. The stock has a market capitalization of $180.28 billion, a price-to-earnings ratio of 13.25 and a beta of 1.47. Citigroup Inc. has a 12-month low of $45.16 and a 12-month high of $69.86.
Citigroup (NYSE:C) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.07. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.24 EPS. On average, equities research analysts forecast that Citigroup Inc. will post $5.22 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Monday, August 7th were given a $0.32 dividend. This is a boost from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date was Thursday, August 3rd. Citigroup’s dividend payout ratio is presently 25.55%.
Citigroup declared that its board has authorized a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $15.60 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
A number of brokerages have issued reports on C. UBS AG upgraded Citigroup from a “sell” rating to a “neutral” rating and increased their price target for the stock from $58.00 to $64.00 in a research report on Friday, June 9th. Vetr downgraded Citigroup from a “strong-buy” rating to a “buy” rating and set a $73.42 price target on the stock. in a research report on Monday, July 3rd. Keefe, Bruyette & Woods set a $69.00 price target on Citigroup and gave the stock a “buy” rating in a research report on Thursday, June 8th. Bank of America Corporation reiterated a “buy” rating and set a $68.00 price target (up previously from $64.00) on shares of Citigroup in a research report on Tuesday, June 13th. Finally, HSBC Holdings plc set a $74.00 price target on Citigroup and gave the stock a “hold” rating in a research report on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $69.08.
Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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