Pictet Asset Management Holding SA Sells 36,116 Shares of Citigroup Inc. (NYSE:C)

Pictet Asset Management Holding SA trimmed its position in Citigroup Inc. (NYSE:C - Free Report) by 3.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 883,777 shares of the company's stock after selling 36,116 shares during the quarter. Pictet Asset Management Holding SA's holdings in Citigroup were worth $62,209,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Nomura Asset Management Co. Ltd. raised its stake in Citigroup by 19.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 874,714 shares of the company's stock valued at $61,571,000 after buying an additional 145,218 shares during the period. New Age Alpha Advisors LLC raised its stake in Citigroup by 40,603.0% in the 4th quarter. New Age Alpha Advisors LLC now owns 66,753 shares of the company's stock valued at $4,699,000 after acquiring an additional 66,589 shares during the period. Providence Capital Advisors LLC raised its stake in Citigroup by 319,310.3% in the 4th quarter. Providence Capital Advisors LLC now owns 92,629 shares of the company's stock valued at $6,520,000 after acquiring an additional 92,600 shares during the period. Easterly Investment Partners LLC lifted its holdings in Citigroup by 20.6% during the 4th quarter. Easterly Investment Partners LLC now owns 257,428 shares of the company's stock valued at $18,120,000 after purchasing an additional 44,024 shares during the last quarter. Finally, Norges Bank bought a new position in Citigroup during the fourth quarter worth $1,935,599,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on C. Morgan Stanley cut their target price on shares of Citigroup from $110.00 to $109.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Evercore ISI decreased their target price on Citigroup from $79.00 to $76.00 and set an "in-line" rating on the stock in a research report on Tuesday. The Goldman Sachs Group decreased their price objective on Citigroup from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, March 19th. Truist Financial started coverage on shares of Citigroup in a research report on Tuesday, January 7th. They set a "buy" rating and a $85.00 price target on the stock. Finally, StockNews.com downgraded shares of Citigroup from a "buy" rating to a "hold" rating in a report on Sunday. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $83.30.

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Insider Activity

In related news, insider Sara Wechter sold 15,125 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.01, for a total value of $1,225,276.25. Following the completion of the sale, the insider now directly owns 109,780 shares in the company, valued at $8,893,277.80. This represents a 12.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Anand Selvakesari sold 30,000 shares of Citigroup stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $81.10, for a total value of $2,433,000.00. Following the transaction, the chief operating officer now directly owns 229,180 shares in the company, valued at $18,586,498. The trade was a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,590 shares of company stock valued at $8,523,149 over the last quarter. 0.08% of the stock is owned by company insiders.

Citigroup Price Performance

Shares of Citigroup stock traded down $7.71 during midday trading on Thursday, hitting $64.05. 16,889,511 shares of the company traded hands, compared to its average volume of 15,752,619. The stock has a market cap of $120.55 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 0.64 and a beta of 1.43. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96. The firm's fifty day moving average price is $76.46 and its 200-day moving average price is $71.01. 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 announced its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.12. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The company had revenue of $19.58 billion during the quarter, compared to the consensus estimate of $19.51 billion. During the same period in the prior year, the business earned $0.84 earnings per share. The company's revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 3rd were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend was Monday, February 3rd. Citigroup's payout ratio is 37.65%.

Citigroup declared that its board has initiated a stock repurchase program on Wednesday, January 15th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the company to reacquire up to 13.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.

Citigroup Company Profile

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.