Corebridge Financial Inc. Reduces Position in Citigroup Inc. (NYSE:C)

Corebridge Financial Inc. lowered its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 5.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 434,672 shares of the company's stock after selling 24,808 shares during the quarter. Corebridge Financial Inc.'s holdings in Citigroup were worth $30,597,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Geode Capital Management LLC raised its stake in Citigroup by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 39,919,798 shares of the company's stock worth $2,492,238,000 after buying an additional 791,758 shares during the period. Franklin Resources Inc. raised its position in shares of Citigroup by 18.5% during the third quarter. Franklin Resources Inc. now owns 30,027,213 shares of the company's stock worth $1,998,976,000 after purchasing an additional 4,680,713 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Citigroup by 3.6% in the 4th quarter. Fisher Asset Management LLC now owns 30,014,183 shares of the company's stock worth $2,112,698,000 after purchasing an additional 1,043,826 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Citigroup by 9.8% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 15,676,463 shares of the company's stock worth $981,347,000 after purchasing an additional 1,404,120 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Citigroup by 2.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,703,215 shares of the company's stock valued at $670,021,000 after buying an additional 240,628 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods raised their target price on Citigroup from $85.00 to $92.00 and gave the company an "outperform" rating in a research report on Thursday, January 16th. Oppenheimer decreased their price objective on shares of Citigroup from $110.00 to $102.00 and set an "outperform" rating for the company in a report on Friday, January 3rd. Truist Financial began coverage on shares of Citigroup in a research report on Tuesday, January 7th. They set a "buy" rating and a $85.00 target price for the company. StockNews.com upgraded Citigroup from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Barclays raised Citigroup from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $70.00 to $95.00 in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $83.53.

Citigroup Price Performance

NYSE C traded up $0.39 on Tuesday, hitting $74.43. The stock had a trading volume of 10,917,979 shares, compared to its average volume of 13,309,911. The firm has a 50-day moving average of $77.50 and a 200-day moving average of $70.53. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96. Citigroup Inc. has a 52-week low of $53.51 and a 52-week high of $84.74. The company has a market capitalization of $140.26 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings data on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.22 by $0.12. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The company had revenue of $19.58 billion for the quarter, compared to the consensus estimate of $19.51 billion. During the same quarter last year, the business posted $0.84 earnings per share. The firm's revenue was up 12.3% compared to the same quarter last year. Equities analysts expect that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 3rd were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend was Monday, February 3rd. Citigroup's payout ratio is 37.65%.

Citigroup declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 13.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other Citigroup news, CFO Mark Mason sold 58,465 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $83.21, for a total transaction of $4,864,872.65. Following the transaction, the chief financial officer now directly owns 217,331 shares in the company, valued at $18,084,112.51. This trade represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Anand Selvakesari sold 30,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 229,180 shares of the company's stock, valued at approximately $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 a total of 103,590 shares of company stock valued at $8,523,149 in the last quarter. Corporate insiders own 0.08% of the company's stock.

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.