Morningstar Investment Services LLC Grows Holdings in Citigroup Inc. (C)
Morningstar Investment Services LLC raised its position in shares of Citigroup Inc. (NYSE:C) by 4.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 214,281 shares of the financial services provider’s stock after purchasing an additional 9,008 shares during the period. Morningstar Investment Services LLC’s holdings in Citigroup were worth $14,331,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Endurance Wealth Management Inc. raised its position in Citigroup by 0.3% during the first quarter. Endurance Wealth Management Inc. now owns 9,837 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 25 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV increased its holdings in shares of Citigroup by 0.8% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,359 shares of the financial services provider’s stock worth $358,000 after buying an additional 40 shares during the period. Regal Investment Advisors LLC increased its holdings in shares of Citigroup by 2.0% in the first quarter. Regal Investment Advisors LLC now owns 3,800 shares of the financial services provider’s stock worth $227,000 after buying an additional 74 shares during the period. Davis R M Inc. increased its holdings in shares of Citigroup by 2.2% in the second quarter. Davis R M Inc. now owns 4,250 shares of the financial services provider’s stock worth $284,000 after buying an additional 92 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in shares of Citigroup by 2.1% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,425 shares of the financial services provider’s stock worth $265,000 after buying an additional 93 shares during the period. Institutional investors and hedge funds own 75.38% of the company’s stock.
Several research firms have recently commented on C. UBS AG upgraded Citigroup from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $58.00 to $64.00 in a report on Friday, June 9th. Keefe, Bruyette & Woods set a $75.00 price objective on Citigroup and gave the stock a “buy” rating in a report on Sunday, August 13th. Wells Fargo & Company reiterated a “buy” rating on shares of Citigroup in a report on Monday, October 2nd. Raymond James Financial, Inc. reiterated an “underperform” rating on shares of Citigroup in a report on Wednesday, September 27th. Finally, Atlantic Securities reiterated an “overweight” rating and issued a $85.00 price objective (up previously from $75.00) on shares of Citigroup in a report on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $71.65.
Shares of Citigroup Inc. (NYSE C) opened at 75.64 on Friday. Citigroup Inc. has a 1-year low of $47.54 and a 1-year high of $76.02. The company has a 50 day moving average price of $69.77 and a 200 day moving average price of $64.77. The company has a market capitalization of $206.09 billion, a PE ratio of 15.14 and a beta of 1.45. Citigroup also was the target of some unusual options trading activity on Thursday. Investors purchased 71,029 call options on the stock. This represents an increase of approximately 192% compared to the average volume of 24,344 call options.
Citigroup (NYSE:C) last announced its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.07. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.38 billion. During the same quarter last year, the business earned $1.24 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities analysts predict that Citigroup Inc. will post $5.21 EPS for the current fiscal year.
Citigroup declared that its board has authorized a share repurchase program on Wednesday, June 28th that allows the company to buyback $15.60 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 8.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of Citigroup stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the sale, the insider now owns 56,394 shares in the company, valued at $3,889,494.18. The sale 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 Citigroup stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $67.55, for a total transaction 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 approximately $5,239,853.50. The disclosure for this sale can be found here. 0.10% of the stock is owned by company insiders.
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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