Loews Corp Has $1.09 Million Position in Citigroup Inc. (C)
Loews Corp increased its position in shares of Citigroup Inc. (NYSE:C) by 122.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,218 shares of the financial services provider’s stock after buying an additional 99,380 shares during the period. Loews Corp’s holdings in Citigroup were worth $1,090,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisory Services Network LLC acquired a new stake in shares of Citigroup during the first quarter worth $877,000. Advisor Partners LLC raised its stake in shares of Citigroup by 10.6% in the first quarter. Advisor Partners LLC now owns 48,936 shares of the financial services provider’s stock worth $2,927,000 after buying an additional 4,685 shares during the period. Capital Advisors Inc. OK raised its stake in shares of Citigroup by 2.1% in the first quarter. Capital Advisors Inc. OK now owns 393,431 shares of the financial services provider’s stock worth $23,535,000 after buying an additional 8,070 shares during the period. Diamond Hill Capital Management Inc. raised its stake in shares of Citigroup by 7.5% in the first quarter. Diamond Hill Capital Management Inc. now owns 9,680,474 shares of the financial services provider’s stock worth $579,086,000 after buying an additional 672,933 shares during the period. Finally, Wetherby Asset Management Inc. raised its stake in shares of Citigroup by 3.4% in the first quarter. Wetherby Asset Management Inc. now owns 41,868 shares of the financial services provider’s stock worth $2,505,000 after buying an additional 1,361 shares during the period. 74.92% of the stock is owned by institutional investors.
Citigroup Inc. (NYSE C) traded up 0.12% during midday trading on Friday, reaching $67.77. The company’s stock had a trading volume of 4,413,662 shares. The firm has a 50 day moving average of $67.50 and a 200 day moving average of $62.57. The firm has a market cap of $184.64 billion, a P/E ratio of 13.57 and a beta of 1.48. Citigroup Inc. has a 52-week low of $45.16 and a 52-week high of $69.86.
Citigroup (NYSE:C) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.07. The company had revenue of $17.90 billion for 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 quarter in the prior year, the business posted $1.24 EPS. Analysts anticipate that Citigroup Inc. will post $5.22 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Monday, August 7th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $1.28 annualized dividend and a dividend yield of 1.89%. This is an increase from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s dividend payout ratio is presently 25.55%.
Citigroup declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
C has been the subject of a number of research reports. Keefe, Bruyette & Woods set a $75.00 price objective on Citigroup and gave the stock a “buy” rating in a research report on Sunday, August 13th. HSBC Holdings plc set a $74.00 price objective on Citigroup and gave the stock a “hold” rating in a research report on Friday, August 11th. Wells Fargo & Company initiated coverage on Citigroup in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $90.00 price objective for the company. Vetr upgraded Citigroup from a “buy” rating to a “strong-buy” rating and set a $76.34 price objective for the company in a research report on Thursday, August 3rd. Finally, J P Morgan Chase & Co set a $73.50 price objective on Citigroup and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $69.08.
In related news, CEO Francisco Aristeguieta sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $67.55, for a total value of $2,702,000.00. Following the transaction, the chief executive officer now directly owns 77,570 shares of the company’s stock, valued at approximately $5,239,853.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey R. Walsh sold 5,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $3,889,494.18. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.
Citigroup Company Profile
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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