Advent Capital Management DE Purchases Shares of 40,000 Citigroup Inc. (NYSE:C)

Advent Capital Management DE purchased a new stake in shares of Citigroup Inc. (NYSE:C - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 40,000 shares of the company's stock, valued at approximately $2,816,000.

Several other hedge funds have also made changes to their positions in C. Advisory Resource Group increased its stake in shares of Citigroup by 3.7% during the 3rd quarter. Advisory Resource Group now owns 72,947 shares of the company's stock worth $4,566,000 after purchasing an additional 2,590 shares during the last quarter. Te Ahumairangi Investment Management Ltd lifted its position in shares of Citigroup by 6.7% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 202,691 shares of the company's stock worth $12,617,000 after buying an additional 12,810 shares during the last quarter. Anchor Investment Management LLC boosted its stake in shares of Citigroup by 24.4% during the 3rd quarter. Anchor Investment Management LLC now owns 2,557 shares of the company's stock worth $160,000 after acquiring an additional 501 shares in the last quarter. World Investment Advisors LLC raised its stake in shares of Citigroup by 36.6% in the 3rd quarter. World Investment Advisors LLC now owns 21,527 shares of the company's stock valued at $1,348,000 after acquiring an additional 5,763 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB boosted its position in Citigroup by 432.6% during the third quarter. Wilmington Savings Fund Society FSB now owns 38,191 shares of the company's stock worth $2,391,000 after purchasing an additional 31,020 shares during the period. Hedge funds and other institutional investors own 71.72% of the company's stock.

Citigroup Trading Up 1.8 %

Shares of NYSE:C traded up $1.13 during midday trading on Friday, hitting $63.23. The company had a trading volume of 14,653,830 shares, compared to its average volume of 14,424,032. The firm has a fifty day simple moving average of $71.12 and a 200 day simple moving average of $70.98. The stock has a market cap of $119.01 billion, a price-to-earnings ratio of 10.63, a PEG ratio of 0.64 and a beta of 1.29. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. Citigroup Inc. has a 12 month low of $53.51 and a 12 month high of $84.74.

Citigroup (NYSE:C - Get Free Report) last posted its earnings results on Tuesday, April 15th. The company reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.12. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The company had revenue of $21.60 billion during the quarter, compared to analyst estimates of $21.34 billion. On average, analysts predict that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup declared that its Board of Directors has authorized a stock repurchase program on Wednesday, January 15th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the company to purchase up to 13.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its shares are undervalued.

Citigroup Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.54%. The ex-dividend date of this dividend is Monday, May 5th. Citigroup's dividend payout ratio (DPR) is 35.39%.

Insider Activity at Citigroup

In other Citigroup news, CFO Mark Mason sold 58,465 shares of Citigroup stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $83.21, for a total value of $4,864,872.65. Following the transaction, the chief financial officer now owns 217,331 shares of the company's stock, valued at approximately $18,084,112.51. The trade was a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Anand Selvakesari sold 30,000 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the sale, the chief operating officer now directly owns 229,180 shares of the company's stock, valued at $18,586,498. This represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,590 shares of company stock worth $8,523,149 in the last quarter. Corporate insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on C. Royal Bank of Canada dropped their target price on shares of Citigroup from $85.00 to $78.00 and set an "outperform" rating on the stock in a report on Wednesday. StockNews.com downgraded Citigroup from a "buy" rating to a "hold" rating in a research report on Sunday, March 30th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $92.00 target price (down previously from $96.00) on shares of Citigroup in a research report on Wednesday. Truist Financial cut their price objective on shares of Citigroup from $84.00 to $79.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Bank of America lowered their price target on shares of Citigroup from $90.00 to $89.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $84.61.

About Citigroup

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.