Cannell Peter B & Co. Inc. Acquires Shares of 79,970 Citigroup Inc (C)
Cannell Peter B & Co. Inc. acquired a new stake in Citigroup Inc (NYSE:C) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 79,970 shares of the financial services provider’s stock, valued at approximately $5,737,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. ValueAct Holdings L.P. increased its holdings in Citigroup by 55.4% in the second quarter. ValueAct Holdings L.P. now owns 25,175,500 shares of the financial services provider’s stock valued at $1,684,744,000 after buying an additional 8,975,500 shares during the last quarter. FMR LLC increased its holdings in Citigroup by 2.1% in the second quarter. FMR LLC now owns 107,588,759 shares of the financial services provider’s stock valued at $7,199,839,000 after buying an additional 2,247,392 shares during the last quarter. Royal London Asset Management Ltd. purchased a new position in Citigroup in the second quarter valued at $71,423,000. Kahn Brothers Group Inc. DE purchased a new position in Citigroup in the third quarter valued at $66,650,000. Finally, Bessemer Group Inc. increased its holdings in Citigroup by 19.7% in the second quarter. Bessemer Group Inc. now owns 5,012,434 shares of the financial services provider’s stock valued at $335,432,000 after buying an additional 824,301 shares during the last quarter. Institutional investors and hedge funds own 74.79% of the company’s stock.
Several equities analysts recently commented on the company. BMO Capital Markets increased their target price on Citigroup from $76.00 to $85.00 and gave the company a “market perform” rating in a report on Monday, July 16th. Oppenheimer increased their target price on Citigroup from $89.00 to $91.00 and gave the company an “outperformer” rating in a report on Monday, July 16th. Zacks Investment Research raised Citigroup from a “hold” rating to a “buy” rating and set a $78.00 target price on the stock in a report on Tuesday, October 16th. Goldman Sachs Group set a $78.00 target price on Citigroup and gave the company a “neutral” rating in a report on Friday, July 20th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $85.00 target price on shares of Citigroup in a report on Monday, July 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $82.91.
Citigroup (NYSE:C) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.07. The company had revenue of $18.39 billion for the quarter, compared to analyst estimates of $18.43 billion. Citigroup had a positive return on equity of 9.42% and a negative net margin of 4.81%. During the same quarter last year, the company posted $1.42 earnings per share. Analysts predict that Citigroup Inc will post 6.69 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Monday, November 5th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, November 2nd. Citigroup’s payout ratio is 33.77%.
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Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment offers traditional banking services to retail customers through retail banking, commercial banking, Citi-branded cards, and Citi retail services.
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