Resona Asset Management Co. Ltd. Invests $44.66 Million in Citigroup Inc. (NYSE:C)

Resona Asset Management Co. Ltd. bought a new stake in shares of Citigroup Inc. (NYSE:C - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 633,767 shares of the company's stock, valued at approximately $44,659,000.

Several other institutional investors also recently bought and sold shares of C. American Century Companies Inc. raised its position in shares of Citigroup by 3.4% in the 4th quarter. American Century Companies Inc. now owns 352,948 shares of the company's stock valued at $24,844,000 after purchasing an additional 11,674 shares during the last quarter. Brookstone Capital Management increased its stake in Citigroup by 340.6% during the 4th quarter. Brookstone Capital Management now owns 36,034 shares of the company's stock valued at $2,536,000 after purchasing an additional 27,856 shares in the last quarter. Inspire Trust Co. N.A. raised its holdings in shares of Citigroup by 34.8% in the third quarter. Inspire Trust Co. N.A. now owns 77,506 shares of the company's stock worth $4,852,000 after buying an additional 20,000 shares during the last quarter. FNY Investment Advisers LLC lifted its stake in shares of Citigroup by 168.7% during the fourth quarter. FNY Investment Advisers LLC now owns 19,560 shares of the company's stock worth $1,376,000 after buying an additional 12,280 shares during the period. Finally, HighTower Advisors LLC grew its holdings in shares of Citigroup by 2.4% during the third quarter. HighTower Advisors LLC now owns 354,294 shares of the company's stock valued at $22,236,000 after buying an additional 8,301 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

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Citigroup Price Performance

Shares of NYSE:C traded down $1.84 during midday trading on Wednesday, reaching $56.93. 10,945,950 shares of the company's stock traded hands, compared to its average volume of 14,207,763. The company has a fifty day simple moving average of $74.30 and a two-hundred day simple moving average of $70.97. Citigroup Inc. has a 1 year low of $53.51 and a 1 year high of $84.74. The company has a market cap of $107.15 billion, a P/E ratio of 9.53, a PEG ratio of 0.64 and a beta of 1.29. 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 (NYSE:C - Get Free Report) last announced its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, beating 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 business had revenue of $19.58 billion for the quarter, compared to analyst estimates of $19.51 billion. During the same quarter last 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. Equities analysts predict that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Announces Dividend

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 paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend is Monday, May 5th. Citigroup's dividend payout ratio is presently 37.65%.

Citigroup declared that its board has approved a stock repurchase program 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 programs are often an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently commented on C shares. Barclays raised Citigroup from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $70.00 to $95.00 in a report on Monday, January 6th. The Goldman Sachs Group cut their price objective on shares of Citigroup from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, March 19th. Truist Financial reduced their target price on shares of Citigroup from $85.00 to $84.00 and set a "buy" rating for the company in a report on Friday, April 4th. Evercore ISI cut their price target on Citigroup from $79.00 to $76.00 and set an "in-line" rating on the stock in a research report on Tuesday, April 1st. Finally, JPMorgan Chase & Co. reduced their price objective on Citigroup from $85.50 to $75.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $84.54.

Insider Buying and Selling

In related news, COO Anand Selvakesari sold 30,000 shares of the company's stock in a transaction dated Thursday, February 13th. The shares were 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. This represents a 11.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sara Wechter sold 15,125 shares of the firm's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the completion of the transaction, the insider now directly owns 109,780 shares in the company, valued at $8,893,277.80. This trade represents a 12.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 103,590 shares of company stock worth $8,523,149. 0.08% of the stock is owned by corporate insiders.

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.