DNB Asset Management AS Grows Position in Citigroup Inc. $C

DNB Asset Management AS grew its stake in shares of Citigroup Inc. (NYSE:C) by 4.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,793,006 shares of the company’s stock after buying an additional 78,862 shares during the period. Citigroup accounts for 0.7% of DNB Asset Management AS’s investment portfolio, making the stock its 24th biggest position. DNB Asset Management AS’s holdings in Citigroup were worth $209,226,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Richards Merrill & Peterson Inc. purchased a new position in Citigroup during the fourth quarter worth $28,000. Wolff Wiese Magana LLC increased its position in Citigroup by 87.6% during the third quarter. Wolff Wiese Magana LLC now owns 257 shares of the company’s stock worth $26,000 after buying an additional 120 shares in the last quarter. Luken Investment Analytics LLC purchased a new position in Citigroup during the fourth quarter worth $32,000. Maseco LLP purchased a new position in Citigroup during the fourth quarter worth $35,000. Finally, MH & Associates Securities Management Corp ADV purchased a new position in Citigroup during the fourth quarter worth $35,000. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup plans to increase headcount in its Asia-Pacific prime brokerage business by about 10%, signaling confidence in rising hedge fund activity and an opportunity to capture more trading and financing revenue. Article: C to Expand Asia Prime Brokerage Team by 10%, Eyes Hedge Fund Growth
• Positive Sentiment: Separate reports suggest Citigroup is continuing to push its Asia expansion strategy, including potential licensing progress in China and a broader push to strengthen its regional investment-banking and markets presence. Article: Citigroup to Get License for Wholly Owned China Securities Firm as CEO Joins Trump Visit
• Positive Sentiment: Citigroup has also been highlighted in analysis for adopting AI in ways that may generate returns, reinforcing the view that the bank’s technology investments could help support efficiency and profitability. Article: Citigroup: Not Only Adopting AI But Also Generating Returns
• Neutral Sentiment: Bloomberg reported that Citi said African borrowers are becoming more creative in debt sales, which is informative on market conditions but does not clearly change the near-term earnings picture. Article: Citi Says African Borrowers Are Turning Creative on Debt Sales
• Negative Sentiment: Some investors remain focused on whether Citigroup can sustain its post-earnings momentum, with recent commentary noting the stock has already pulled back from the strong rally seen after its latest quarterly results. Article: After a 63.3% Surge in a Year, Is C Stock Worth Holding on to Now?

Citigroup Price Performance

Shares of Citigroup stock opened at $123.39 on Friday. Citigroup Inc. has a twelve month low of $71.65 and a twelve month high of $135.29. The stock has a market capitalization of $210.46 billion, a P/E ratio of 15.29, a PEG ratio of 0.56 and a beta of 1.14. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. The business’s fifty day moving average price is $119.50 and its 200 day moving average price is $114.04.

Citigroup (NYSE:C) last issued its earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.43. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The firm had revenue of $24.63 billion for the quarter, compared to analysts’ expectations of $22.96 billion. During the same quarter last year, the firm earned $1.96 earnings per share. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, research analysts anticipate that Citigroup Inc. will post 10.65 earnings per share for the current year.

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

Citigroup Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Monday, May 4th will be issued a $0.60 dividend. The ex-dividend date is Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a yield of 1.9%. Citigroup’s dividend payout ratio (DPR) is presently 29.74%.

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the transaction, the director owned 12,194 shares in the company, valued at approximately $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edward Skyler sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the completion of the transaction, the insider directly owned 182,022 shares in the company, valued at $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by company insiders.

Analyst Ratings Changes

C has been the topic of several analyst reports. Royal Bank Of Canada restated an “outperform” rating and set a $139.00 price objective on shares of Citigroup in a report on Wednesday, April 15th. Jefferies Financial Group initiated coverage on Citigroup in a report on Thursday, March 26th. They set a “buy” rating and a $135.00 price objective on the stock. Wells Fargo & Company raised their price objective on Citigroup from $160.00 to $162.00 and gave the stock an “overweight” rating in a report on Wednesday, April 29th. Oppenheimer restated an “outperform” rating and set a $145.00 price objective on shares of Citigroup in a report on Friday, May 8th. Finally, Morgan Stanley raised their price objective on Citigroup from $140.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $137.62.

Citigroup Profile

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.