Scotia Capital Inc. cut its holdings in shares of Citigroup Inc. (NYSE:C - Free Report) by 34.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 253,550 shares of the company's stock after selling 134,819 shares during the quarter. Scotia Capital Inc.'s holdings in Citigroup were worth $17,849,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in Citigroup in the 4th quarter worth about $1,935,599,000. FMR LLC boosted its position in shares of Citigroup by 29.7% in the fourth quarter. FMR LLC now owns 34,362,176 shares of the company's stock valued at $2,418,754,000 after acquiring an additional 7,863,718 shares during the period. Franklin Resources Inc. grew its stake in Citigroup by 18.5% during the third quarter. Franklin Resources Inc. now owns 30,027,213 shares of the company's stock valued at $1,998,976,000 after acquiring an additional 4,680,713 shares in the last quarter. Swedbank AB increased its holdings in Citigroup by 90.2% during the 4th quarter. Swedbank AB now owns 8,326,745 shares of the company's stock worth $586,120,000 after acquiring an additional 3,947,912 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Citigroup in the 4th quarter worth approximately $198,231,000. Institutional investors own 71.72% of the company's stock.
Insider Activity at Citigroup
In related news, CFO Mark Mason sold 58,465 shares of the firm's stock in a transaction on 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 sale, the chief financial officer now owns 217,331 shares of the company's stock, 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 SEC, which is available through this link. Also, insider Sara Wechter sold 15,125 shares of the business's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the transaction, the insider now directly owns 109,780 shares in the company, valued at approximately $8,893,277.80. The trade was a 12.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,590 shares of company stock worth $8,523,149 in the last three months. 0.08% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on C shares. StockNews.com lowered shares of Citigroup from a "buy" rating to a "hold" rating in a research report on Sunday, March 30th. Morgan Stanley reduced their target price on Citigroup from $110.00 to $109.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Keefe, Bruyette & Woods raised their price target on Citigroup from $85.00 to $92.00 and gave the company an "outperform" rating in a report on Thursday, January 16th. Evercore ISI cut their price objective on Citigroup from $79.00 to $76.00 and set an "in-line" rating for the company in a report on Tuesday, April 1st. Finally, Truist Financial lowered their target price on shares of Citigroup from $85.00 to $84.00 and set a "buy" rating on the stock in a research note on Friday, April 4th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $84.54.
Read Our Latest Stock Analysis on Citigroup
Citigroup Trading Up 3.1 %
Citigroup stock traded up $1.89 during mid-day trading on Monday, hitting $63.53. The company's stock had a trading volume of 15,791,854 shares, compared to its average volume of 14,399,237. The business has a 50 day moving average price of $72.91 and a 200-day moving average price of $71.01. Citigroup Inc. has a 12 month low of $53.51 and a 12 month high of $84.74. The stock has a market cap of $119.57 billion, a price-to-earnings ratio of 10.68, 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.
Citigroup (NYSE:C - Get Free Report) last posted 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 return on equity of 6.62% and a net margin of 7.43%. The business had revenue of $19.58 billion for the quarter, compared to analyst estimates of $19.51 billion. During the same period last year, the company earned $0.84 EPS. Citigroup's revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, analysts forecast that Citigroup Inc. will post 7.53 EPS for the current year.
Citigroup declared that its Board of Directors 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 reacquire up to 13.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.
Citigroup Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Monday, May 5th. Citigroup's payout ratio is 37.65%.
About Citigroup
(
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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