Citigroup Inc. (C) Shares Bought by Covington Capital Management
Covington Capital Management grew its stake in Citigroup Inc. (NYSE:C) by 40.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 156,264 shares of the financial services provider’s stock after purchasing an additional 44,615 shares during the period. Covington Capital Management’s holdings in Citigroup were worth $9,348,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Arrow Financial Corp boosted its position in shares of Citigroup by 4.7% during the 1st quarter. Arrow Financial Corp now owns 1,896 shares of the financial services provider’s stock valued at $113,000 after acquiring an additional 85 shares in the last quarter. Advantage Investment Management LLC boosted its position in shares of Citigroup by 109.3% during the 1st quarter. Advantage Investment Management LLC now owns 1,965 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 1,026 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Citigroup during the 1st quarter valued at about $123,000. Parkside Financial Bank & Trust boosted its position in shares of Citigroup by 15.0% during the 1st quarter. Parkside Financial Bank & Trust now owns 2,121 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 277 shares in the last quarter. Finally, Ruggie Capital Group acquired a new stake in shares of Citigroup during the 1st quarter valued at about $137,000. Institutional investors own 75.40% of the company’s stock.
In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of the firm’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 transaction of $344,850.00. Following the completion of the transaction, the insider now owns 56,394 shares in the company, valued at approximately $3,889,494.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Francisco Aristeguieta sold 40,000 shares of the firm’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 transaction of $2,702,000.00. Following the transaction, the chief executive officer now owns 77,570 shares of the company’s stock, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. 0.10% of the stock is owned by company insiders.
Several analysts have recently weighed in on C shares. Vetr lowered shares of Citigroup from a “strong-buy” rating to a “buy” rating and set a $70.90 target price on the stock. in a research report on Monday, June 12th. BidaskClub upgraded shares of Citigroup from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Bank of America Corporation reiterated a “buy” rating and set a $68.00 target price (up from $64.00) on shares of Citigroup in a research report on Tuesday, June 13th. Keefe, Bruyette & Woods set a $69.00 target price on shares of Citigroup and gave the company a “buy” rating in a research report on Thursday, June 8th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $64.00 target price on shares of Citigroup in a research report on Thursday, June 1st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $69.08.
Citigroup Inc. (NYSE:C) traded up 0.17% during midday trading on Friday, hitting $66.17. 13,437,956 shares of the company were exchanged. The firm’s 50-day moving average price is $67.63 and its 200-day moving average price is $63.20. The stock has a market capitalization of $180.28 billion, a PE ratio of 13.25 and a beta of 1.47. Citigroup Inc. has a one year low of $45.16 and a one year high of $69.86.
Citigroup (NYSE:C) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.07. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the business earned $1.24 EPS. Equities research analysts anticipate that Citigroup Inc. will post $5.22 earnings per share for the current year.
Citigroup declared that its board has initiated a stock repurchase program on Wednesday, June 28th that permits the company to buyback $15.60 billion in 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 generally an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Monday, August 7th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Thursday, August 3rd. This is a positive change from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s dividend payout ratio (DPR) is 25.55%.
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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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