Citigroup Inc. (NYSE:C) Stake Raised by RWC Asset Management LLP
RWC Asset Management LLP boosted its position in Citigroup Inc. (NYSE:C) by 62.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 176,518 shares of the financial services provider’s stock after buying an additional 67,963 shares during the period. RWC Asset Management LLP’s holdings in Citigroup were worth $10,559,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Arrow Financial Corp boosted its stake in Citigroup by 4.7% in the first quarter. Arrow Financial Corp now owns 1,896 shares of the financial services provider’s stock worth $113,000 after buying an additional 85 shares during the last quarter. Advantage Investment Management LLC boosted its stake in Citigroup by 109.3% in the first quarter. Advantage Investment Management LLC now owns 1,965 shares of the financial services provider’s stock worth $118,000 after buying an additional 1,026 shares during the last quarter. Pinnacle Bank bought a new stake in Citigroup during the first quarter worth approximately $123,000. Signature Estate & Investment Advisors LLC bought a new stake in Citigroup during the first quarter worth approximately $123,000. Finally, Reilly Financial Advisors LLC boosted its stake in Citigroup by 60.4% in the first quarter. Reilly Financial Advisors LLC now owns 2,087 shares of the financial services provider’s stock worth $125,000 after buying an additional 786 shares during the last quarter. 74.89% of the stock is owned by institutional investors and hedge funds.
Citigroup Inc. (NYSE:C) opened at 69.04 on Tuesday. Citigroup Inc. has a 52 week low of $44.51 and a 52 week high of $69.62. The company’s 50-day moving average is $66.26 and its 200 day moving average is $61.34. The stock has a market cap of $188.10 billion, a PE ratio of 13.82 and a beta of 1.48.
Citigroup (NYSE:C) last released its earnings results on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.07. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. During the same quarter last year, the business earned $1.24 EPS. The firm’s revenue was up 2.0% compared to the same quarter last year. On average, analysts expect that Citigroup Inc. will post $5.23 earnings per share for the current fiscal year.
Citigroup announced that its board has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $15.60 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Monday, August 7th will be paid a dividend of $0.32 per share. This is a boost from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, August 3rd. This represents a $1.28 dividend on an annualized basis and a yield of 1.85%. Citigroup’s dividend payout ratio (DPR) is presently 25.55%.
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A number of equities research analysts have commented on the stock. Zacks Investment Research upgraded shares of Citigroup from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Jefferies Group LLC restated a “hold” rating and issued a $68.00 price target on shares of Citigroup in a report on Friday, July 7th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $78.00 price target (up from $77.00) on shares of Citigroup in a report on Thursday, May 4th. BMO Capital Markets cut shares of Citigroup from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $67.43 to $65.00 in a report on Monday, July 31st. They noted that the move was a valuation call. Finally, BidaskClub upgraded shares of Citigroup from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Citigroup presently has a consensus rating of “Buy” and an average price target of $68.04.
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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