Clearwave Capital LLC Invests $446,000 in Citigroup Inc. $C

Clearwave Capital LLC bought a new stake in Citigroup Inc. (NYSE:C) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,934 shares of the company’s stock, valued at approximately $446,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mcguire Capital Advisors Inc. purchased a new stake in shares of Citigroup in the 4th quarter valued at $25,000. Richards Merrill & Peterson Inc. acquired a new position in Citigroup in the 4th quarter valued at $28,000. TD Capital Management LLC purchased a new position in shares of Citigroup during the 4th quarter worth $28,000. Luken Investment Analytics LLC purchased a new stake in Citigroup in the fourth quarter valued at $32,000. Finally, High Note Wealth LLC raised its position in Citigroup by 107.7% in the fourth quarter. High Note Wealth LLC now owns 270 shares of the company’s stock valued at $32,000 after purchasing an additional 140 shares during the period. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Trading Down 2.2%

Citigroup stock opened at $140.75 on Wednesday. Citigroup Inc. has a 52 week low of $85.48 and a 52 week high of $147.96. The stock has a 50-day moving average price of $133.05 and a 200 day moving average price of $122.37. 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 stock has a market cap of $240.05 billion, a PE ratio of 17.44, a P/E/G ratio of 0.62 and a beta of 1.11.

Citigroup (NYSE:C) last released its earnings results on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $22.96 billion. During the same period in the prior year, the firm posted $1.96 earnings per share. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. Equities research analysts predict that Citigroup Inc. will post 10.83 earnings per share for the current fiscal year.

Citigroup announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to buy up to 13.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director John Cunningham Dugan sold 2,117 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the sale, the director owned 12,194 shares of the company’s stock, valued at $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 sale, the insider owned 182,022 shares of the company’s stock, valued at $23,919,511.02. This represents a 12.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.11% of the company’s stock.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Bank of America and UBS both raised their price targets on Citigroup, and JPMorgan also lifted its target while keeping an overweight view, reinforcing bullish expectations ahead of earnings.
• Positive Sentiment: Wall Street is expecting strong second-quarter results from big banks, with analysts citing better trading and investment-banking revenue and potential earnings upside for Citigroup.
• Positive Sentiment: Citigroup expanded its precious-metals franchise by becoming a clearing member of London Precious Metals Clearing Limited, which broadens its gold, silver, platinum, and palladium settlement services.
• Positive Sentiment: Citi was also named depositary bank for Vicore Pharma’s ADR program, adding another piece of issuer-services business that supports fee generation.
• Neutral Sentiment: The bank is set to report quarterly earnings next week, and investors are positioning around whether Citigroup can deliver an earnings beat and confirm the recent positive analyst revisions. Article Title
• Negative Sentiment: A podcast-style consumer complaint about an elderly widow’s credit-card debt mentioned Citi cards and could add a small reputational overhang, though it is unlikely to move the stock much on its own. Article Title

Wall Street Analysts Forecast Growth

Several research analysts recently commented on C shares. Evercore set a $143.00 target price on Citigroup in a research note on Monday. Truist Financial raised their target price on shares of Citigroup from $147.00 to $158.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. The Goldman Sachs Group boosted their price target on Citigroup from $137.00 to $151.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Royal Bank Of Canada restated an “outperform” rating and issued a $139.00 target price on shares of Citigroup in a research note on Wednesday, April 15th. Finally, Jefferies Financial Group initiated coverage on Citigroup in a research report on Thursday, March 26th. They issued a “buy” rating and a $135.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.00.

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.