Clear Harbor Asset Management LLC Sells 8,717 Shares of Citigroup Inc. $C

Clear Harbor Asset Management LLC reduced its holdings in Citigroup Inc. (NYSE:C) by 11.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 65,297 shares of the company’s stock after selling 8,717 shares during the period. Clear Harbor Asset Management LLC’s holdings in Citigroup were worth $9,139,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in C. Paladin Partners LLC acquired a new position in shares of Citigroup during the 2nd quarter worth about $27,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Citigroup in the fourth quarter valued at about $25,000. Whipplewood Advisors LLC bought a new stake in Citigroup during the first quarter worth about $25,000. TD Capital Management LLC bought a new stake in Citigroup during the fourth quarter worth about $28,000. Finally, IMG Wealth Management Inc. boosted its position in Citigroup by 197.6% during the first quarter. IMG Wealth Management Inc. now owns 244 shares of the company’s stock valued at $28,000 after purchasing an additional 162 shares during the last quarter. 71.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

C has been the subject of a number of analyst reports. Zacks Research upgraded Citigroup from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Evercore set a $143.00 price objective on Citigroup in a report on Monday, July 6th. Morgan Stanley raised their target price on shares of Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Oppenheimer downgraded shares of Citigroup from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Citigroup from $135.50 to $149.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.22.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
• Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
• Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
• Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C’s July Card Delinquencies Tick Up

Citigroup Price Performance

Shares of NYSE C opened at $131.46 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71. The business’s 50 day moving average price is $137.20 and its two-hundred day moving average price is $126.29. The company has a market cap of $224.22 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 0.59 and a beta of 1.12. Citigroup Inc. has a twelve month low of $92.84 and a twelve month high of $147.96.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.74 by $0.41. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The company had revenue of $24.77 billion during the quarter, compared to analysts’ expectations of $23.74 billion. During the same period last year, the firm posted $1.96 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. On average, analysts predict that Citigroup Inc. will post 11.2 EPS for the current year.

Citigroup declared that its board has approved a stock buyback plan on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 3rd will be issued a dividend of $0.67 per share. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $2.68 annualized dividend and a yield of 2.0%. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s payout ratio is 28.94%.

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.