Sit Investment Associates Inc. Purchases 39,045 Shares of Citigroup Inc. (NYSE:C)

Sit Investment Associates Inc. increased its stake in Citigroup Inc. (NYSE:C - Free Report) by 53.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 112,075 shares of the company's stock after buying an additional 39,045 shares during the quarter. Sit Investment Associates Inc.'s holdings in Citigroup were worth $7,889,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Blake Schutter Theil Wealth Advisors LLC grew its position in Citigroup by 1.6% in the 4th quarter. Blake Schutter Theil Wealth Advisors LLC now owns 8,637 shares of the company's stock valued at $608,000 after purchasing an additional 135 shares during the period. Hemington Wealth Management grew its position in Citigroup by 10.9% in the 4th quarter. Hemington Wealth Management now owns 1,387 shares of the company's stock worth $97,000 after purchasing an additional 136 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its position in shares of Citigroup by 3.4% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 4,112 shares of the company's stock valued at $289,000 after acquiring an additional 137 shares during the last quarter. Rakuten Securities Inc. increased its position in shares of Citigroup by 2.4% during the 4th quarter. Rakuten Securities Inc. now owns 5,953 shares of the company's stock valued at $419,000 after purchasing an additional 139 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its position in Citigroup by 1.7% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 8,405 shares of the company's stock worth $592,000 after acquiring an additional 140 shares during the period. Institutional investors own 71.72% of the company's stock.

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Insiders Place Their Bets

In related news, 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Anand Selvakesari sold 30,000 shares of Citigroup stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $81.10, for a total value of $2,433,000.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,590 shares of company stock worth $8,523,149. Company insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

C has been the topic of a number of research reports. Keefe, Bruyette & Woods boosted their price objective on Citigroup from $85.00 to $92.00 and gave the company an "outperform" rating in a research note on Thursday, January 16th. Barclays upgraded shares of Citigroup from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $70.00 to $95.00 in a research report on Monday, January 6th. Piper Sandler reiterated an "overweight" rating and issued a $83.00 price objective (up from $80.00) on shares of Citigroup in a report on Thursday, January 16th. Evercore ISI reduced their target price on shares of Citigroup from $79.00 to $76.00 and set an "in-line" rating on the stock in a report on Tuesday, April 1st. Finally, JPMorgan Chase & Co. decreased their price target on Citigroup from $85.50 to $75.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Citigroup presently has an average rating of "Moderate Buy" and an average target price of $84.54.

Citigroup Stock Up 9.4 %

Shares of C traded up $5.51 during mid-day trading on Wednesday, reaching $64.28. The company had a trading volume of 49,404,578 shares, compared to its average volume of 14,374,610. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a 50-day moving average price of $73.60 and a 200 day moving average price of $70.93. 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 $120.98 billion, a price-to-earnings ratio of 10.80, a price-to-earnings-growth ratio of 0.64 and a beta of 1.29.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $19.58 billion for the quarter, compared to analysts' expectations of $19.51 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The firm's quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.84 EPS. On average, sell-side analysts forecast that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup announced that its board has authorized a share repurchase program on Wednesday, January 15th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 13.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Citigroup Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.48%. Citigroup's dividend payout ratio is currently 37.65%.

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.