MHI Funds LLC Buys New Stake in Citigroup Inc (C)

MHI Funds LLC bought a new stake in shares of Citigroup Inc (NYSE:C) in the 3rd quarter, Holdings Channel reports. The firm bought 31,339 shares of the financial services provider’s stock, valued at approximately $2,248,000.

Several other large investors have also made changes to their positions in C. ValueAct Holdings L.P. boosted its holdings in shares of Citigroup by 55.4% in the second quarter. ValueAct Holdings L.P. now owns 25,175,500 shares of the financial services provider’s stock valued at $1,684,744,000 after purchasing an additional 8,975,500 shares during the period. FMR LLC boosted its holdings in shares of Citigroup by 2.1% in the second quarter. FMR LLC now owns 107,588,759 shares of the financial services provider’s stock valued at $7,199,839,000 after purchasing an additional 2,247,392 shares during the period. Royal London Asset Management Ltd. purchased a new stake in shares of Citigroup in the second quarter valued at approximately $71,423,000. Bessemer Group Inc. boosted its holdings in shares of Citigroup by 19.7% in the second quarter. Bessemer Group Inc. now owns 5,012,434 shares of the financial services provider’s stock valued at $335,432,000 after purchasing an additional 824,301 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Citigroup by 4.5% in the second quarter. Dimensional Fund Advisors LP now owns 16,802,064 shares of the financial services provider’s stock valued at $1,124,412,000 after purchasing an additional 726,738 shares during the period. Institutional investors and hedge funds own 74.84% of the company’s stock.

C has been the subject of a number of research reports. Royal Bank of Canada reiterated a “buy” rating and issued a $85.00 price target on shares of Citigroup in a report on Monday, July 16th. ValuEngine lowered Citigroup from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. BMO Capital Markets upped their target price on Citigroup to $92.00 and gave the stock a “market perform” rating in a report on Monday, October 15th. Wells Fargo & Co set a $100.00 target price on Citigroup and gave the stock a “buy” rating in a report on Monday, August 27th. Finally, Deutsche Bank upped their target price on Citigroup from $76.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, September 27th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $82.91.

Shares of C stock opened at $64.35 on Tuesday. The firm has a market cap of $165.02 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 0.84 and a beta of 1.46. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.00 and a current ratio of 1.00. Citigroup Inc has a 12-month low of $63.18 and a 12-month high of $80.70.

Citigroup (NYSE:C) last issued its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.07. The business had revenue of $18.39 billion for the quarter, compared to the consensus estimate of $18.43 billion. Citigroup had a positive return on equity of 9.42% and a negative net margin of 4.81%. During the same period in the prior year, the firm posted $1.42 earnings per share. On average, analysts predict that Citigroup Inc will post 6.69 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Monday, November 5th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date is Friday, November 2nd. Citigroup’s payout ratio is presently 33.77%.

In other news, CEO Francisco Aristeguieta sold 15,000 shares of the company’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $72.36, for a total transaction of $1,085,400.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.11% of the company’s stock.

About Citigroup

Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment offers traditional banking services to retail customers through retail banking, commercial banking, Citi-branded cards, and Citi retail services.

Further Reading: Understanding Stock Ratings

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Institutional Ownership by Quarter for Citigroup (NYSE:C)

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