Legal & General Group Plc Sells 3,585,471 Shares of Citigroup Inc. (NYSE:C)

Legal & General Group Plc lessened its position in Citigroup Inc. (NYSE:C - Free Report) by 21.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,413,988 shares of the company's stock after selling 3,585,471 shares during the period. Legal & General Group Plc owned 0.71% of Citigroup worth $944,211,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of C. Invesco Ltd. lifted its position in shares of Citigroup by 13.8% in the 4th quarter. Invesco Ltd. now owns 16,247,095 shares of the company's stock worth $1,143,633,000 after purchasing an additional 1,970,300 shares during the period. Cerity Partners LLC grew its holdings in shares of Citigroup by 2.7% during the 4th quarter. Cerity Partners LLC now owns 883,960 shares of the company's stock worth $58,309,000 after acquiring an additional 23,053 shares during the period. Sierra Summit Advisors LLC raised its position in shares of Citigroup by 4,319.3% in the 4th quarter. Sierra Summit Advisors LLC now owns 167,534 shares of the company's stock worth $11,793,000 after acquiring an additional 163,743 shares in the last quarter. FMR LLC lifted its stake in shares of Citigroup by 29.7% in the 4th quarter. FMR LLC now owns 34,362,176 shares of the company's stock valued at $2,418,754,000 after purchasing an additional 7,863,718 shares during the period. Finally, Prospector Partners LLC boosted its position in shares of Citigroup by 0.3% during the fourth quarter. Prospector Partners LLC now owns 247,395 shares of the company's stock valued at $17,414,000 after purchasing an additional 760 shares in the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity at Citigroup

In other Citigroup news, COO Anand Selvakesari sold 30,000 shares of the firm's stock in a transaction dated 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 trade represents a 11.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Mason sold 58,465 shares of the company's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $83.21, for a total value of $4,864,872.65. Following the completion of the transaction, the chief financial officer now directly owns 217,331 shares of the company's stock, valued at approximately $18,084,112.51. This trade represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,590 shares of company stock worth $8,523,149. Corporate insiders own 0.08% of the company's stock.

Citigroup Stock Performance

Citigroup stock traded down $2.49 during mid-day trading on Thursday, reaching $61.66. 14,926,789 shares of the stock traded hands, compared to its average volume of 14,379,383. The stock has a market capitalization of $116.05 billion, a PE ratio of 10.35, a price-to-earnings-growth ratio of 0.64 and a beta of 1.29. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. The business's 50-day moving average is $73.60 and its 200-day moving average is $70.93. 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 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 net margin of 7.43% and a return on equity of 6.62%. 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 firm posted $0.84 earnings per share. The firm's revenue was up 12.3% compared to the same quarter last year. As a group, sell-side analysts predict that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup announced that its board has initiated a stock repurchase plan on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 13.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

Citigroup Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be issued a $0.56 dividend. The ex-dividend date is Monday, May 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.63%. Citigroup's dividend payout ratio is currently 37.65%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Piper Sandler reissued an "overweight" rating and set a $83.00 price objective (up previously from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Barclays raised shares of Citigroup from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $70.00 to $95.00 in a research note on Monday, January 6th. Truist Financial cut their price target on Citigroup from $85.00 to $84.00 and set a "buy" rating on the stock in a research note on Friday, April 4th. Morgan Stanley lowered their price objective on Citigroup from $110.00 to $109.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Evercore ISI reduced their price target on Citigroup from $79.00 to $76.00 and set an "in-line" rating for the company in a report on Tuesday, April 1st. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $84.54.

Citigroup 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.