Lord Abbett & CO. LLC purchased a new stake in shares of Citigroup Inc. (NYSE:C - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 328,750 shares of the company's stock, valued at approximately $23,141,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in shares of Citigroup by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 40,587,155 shares of the company's stock valued at $2,853,484,000 after acquiring an additional 667,357 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Citigroup by 2.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 38,561,690 shares of the company's stock valued at $2,714,359,000 after purchasing an additional 815,003 shares in the last quarter. FMR LLC lifted its position in Citigroup by 29.7% during the fourth 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 last quarter. Franklin Resources Inc. increased its holdings in shares of Citigroup by 9.3% in the 4th quarter. Franklin Resources Inc. now owns 32,832,063 shares of the company's stock worth $2,311,048,000 after buying an additional 2,804,850 shares during the last quarter. Finally, Capital World Investors raised its position in shares of Citigroup by 455.2% during the 4th quarter. Capital World Investors now owns 31,352,582 shares of the company's stock valued at $2,206,908,000 after buying an additional 25,705,141 shares in the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, insider Sara Wechter sold 15,125 shares of the company's 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 sale, the insider now directly owns 109,780 shares of the company's stock, valued at $8,893,277.80. This represents a 12.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Mason sold 58,465 shares of the firm's stock in a transaction 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 directly owns 217,331 shares of the company's stock, valued at $18,084,112.51. This represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,590 shares of company stock worth $8,523,149. 0.08% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several brokerages 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 report on Thursday, March 13th. Royal Bank of Canada reduced their price objective on Citigroup from $85.00 to $78.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. StockNews.com cut Citigroup from a "buy" rating to a "hold" rating in a report on Sunday, March 30th. Oppenheimer reduced their price target on shares of Citigroup from $110.00 to $102.00 and set an "outperform" rating on the stock in a research report on Friday, January 3rd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Citigroup from $85.50 to $75.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $84.61.
Check Out Our Latest Research Report on C
Citigroup Stock Performance
Shares of NYSE:C opened at $68.47 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. The company has a 50-day moving average price of $69.38 and a 200-day moving average price of $71.10. The company has a market cap of $128.88 billion, a price-to-earnings ratio of 11.51, a price-to-earnings-growth ratio of 0.64 and a beta of 1.29. 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 released its quarterly earnings results on Tuesday, April 15th. The company reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.84 by $0.12. The business had revenue of $21.60 billion during the quarter, compared to analyst estimates of $21.34 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. As a group, equities analysts anticipate that Citigroup Inc. will post 7.53 EPS for the current year.
Citigroup declared that its Board of Directors has authorized a share buyback plan on Wednesday, January 15th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the company to buy up to 13.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.
Citigroup Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Monday, May 5th. Citigroup's payout ratio is currently 35.39%.
Citigroup Profile
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Free Report)
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.
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