Capital Investment Advisors LLC Increases Position in Citigroup Inc. (C)
Capital Investment Advisors LLC boosted its stake in Citigroup Inc. (NYSE:C) by 13.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,543 shares of the financial services provider’s stock after acquiring an additional 8,468 shares during the period. Capital Investment Advisors LLC’s holdings in Citigroup were worth $4,785,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in shares of Citigroup by 2,718.7% in the first quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock valued at $11,749,573,000 after buying an additional 189,447,104 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Citigroup by 1.0% in the first quarter. Amalgamated Bank now owns 195,156 shares of the financial services provider’s stock valued at $11,674,000 after buying an additional 1,937 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of Citigroup in the first quarter valued at about $877,000. Advisor Partners LLC raised its holdings 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 valued at $2,927,000 after buying an additional 4,685 shares during the last quarter. Finally, Brookfield Asset Management Inc. raised its holdings in shares of Citigroup by 51.8% in the first quarter. Brookfield Asset Management Inc. now owns 43,390 shares of the financial services provider’s stock valued at $2,596,000 after buying an additional 14,810 shares during the last quarter. 75.38% of the stock is owned by hedge funds and other institutional investors.
Shares of Citigroup Inc. (C) traded up 2.30% during mid-day trading on Monday, hitting $70.63. 8,621,935 shares of the company’s stock traded hands. Citigroup Inc. has a 1-year low of $45.16 and a 1-year high of $70.68. The stock has a market cap of $192.44 billion, a P/E ratio of 14.14 and a beta of 1.47. The stock has a 50 day moving average price of $67.87 and a 200-day moving average price of $63.51.
Citigroup (NYSE:C) last announced its quarterly earnings data 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. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The business’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.24 EPS. Equities research analysts anticipate that Citigroup Inc. will post $5.21 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Monday, August 7th were paid a $0.32 dividend. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $1.28 annualized dividend and a dividend yield of 1.85%. This is a boost from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s payout ratio is currently 25.55%.
Citigroup declared that its board has authorized a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 8.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of Citigroup 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 transaction, the insider now owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Francisco Aristeguieta sold 40,000 shares of Citigroup 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 completion of the transaction, the chief executive officer now directly owns 77,570 shares in the company, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.
C has been the subject of a number of research reports. BMO Capital Markets reaffirmed a “buy” rating and issued a $64.00 target price on shares of Citigroup in a report on Thursday, June 1st. Vetr raised shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $71.55 target price for the company in a report on Wednesday, June 7th. Keefe, Bruyette & Woods set a $69.00 target price on shares of Citigroup and gave the company a “buy” rating in a report on Thursday, June 8th. UBS AG raised shares of Citigroup from a “sell” rating to a “neutral” rating and upped their target price for the company from $58.00 to $64.00 in a report on Friday, June 9th. Finally, J P Morgan Chase & Co reaffirmed a “sell” rating on shares of Citigroup in a report on Friday, June 9th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $69.79.
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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