David R. Rahn & Associates Inc. Purchases Shares of 37,258 Citigroup Inc. (C)
David R. Rahn & Associates Inc. purchased a new stake in Citigroup Inc. (NYSE:C) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 37,258 shares of the financial services provider’s stock, valued at approximately $2,492,000. Citigroup makes up approximately 1.8% of David R. Rahn & Associates Inc.’s portfolio, making the stock its 20th largest holding.
Other hedge funds have also added to or reduced their stakes in the company. CAPROCK Group Inc. grew its stake in Citigroup by 2.4% during the second quarter. CAPROCK Group Inc. now owns 15,583 shares of the financial services provider’s stock worth $1,042,000 after buying an additional 363 shares in the last quarter. Lourd Capital LLC grew its stake in Citigroup by 22.5% during the second quarter. Lourd Capital LLC now owns 5,740 shares of the financial services provider’s stock worth $384,000 after buying an additional 1,055 shares in the last quarter. Palouse Capital Management Inc. grew its stake in Citigroup by 0.9% during the second quarter. Palouse Capital Management Inc. now owns 64,584 shares of the financial services provider’s stock worth $4,319,000 after buying an additional 575 shares in the last quarter. CIBC Asset Management Inc grew its stake in Citigroup by 2.5% during the second quarter. CIBC Asset Management Inc now owns 354,812 shares of the financial services provider’s stock worth $23,730,000 after buying an additional 8,636 shares in the last quarter. Finally, Coronation Fund Managers Ltd. acquired a new stake in Citigroup during the second quarter worth about $7,968,000. Institutional investors and hedge funds own 75.40% of the company’s stock.
In other Citigroup news, CEO Francisco Aristeguieta sold 40,000 shares of the business’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 completion of the sale, the chief executive officer now owns 77,570 shares in the company, valued at $5,239,853.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey R. Walsh sold 5,000 shares of the business’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 sale, the insider now owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.
A number of equities research analysts have issued reports on the stock. Credit Suisse Group reiterated a “buy” rating and set a $73.00 price objective on shares of Citigroup in a research note on Wednesday. Societe Generale upgraded shares of Citigroup from a “sell” rating to a “hold” rating and increased their price objective for the stock from $63.00 to $70.00 in a research note on Monday. ValuEngine upgraded shares of Citigroup from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Keefe, Bruyette & Woods set a $75.00 price objective on shares of Citigroup and gave the stock a “buy” rating in a research note on Sunday, August 13th. Finally, HSBC Holdings plc set a $74.00 price objective on shares of Citigroup and gave the stock a “hold” rating in a research note on Friday, August 11th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Citigroup currently has a consensus rating of “Buy” and an average target price of $68.99.
Citigroup Inc. (C) opened at 68.79 on Wednesday. The firm’s 50-day moving average is $67.68 and its 200 day moving average is $63.29. Citigroup Inc. has a 12-month low of $45.16 and a 12-month high of $69.86. The company has a market cap of $187.42 billion, a price-to-earnings ratio of 13.77 and a beta of 1.47.
Citigroup (NYSE:C) last issued its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.07. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.38 billion. During the same quarter in the prior year, the firm earned $1.24 earnings per share. Citigroup’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities analysts expect that Citigroup Inc. will post $5.22 earnings per share for the current fiscal year.
Citigroup announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $15.60 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The business 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. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $1.28 annualized dividend and a yield of 1.86%. This is an increase from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s payout ratio is presently 25.55%.
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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