Wedge Capital Management L L P NC Reduces Position in Citigroup Inc. (NYSE:C)

Wedge Capital Management L L P NC lowered its position in Citigroup Inc. (NYSE:C - Free Report) by 11.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 558,013 shares of the company's stock after selling 72,565 shares during the period. Wedge Capital Management L L P NC's holdings in Citigroup were worth $39,279,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Lifestyle Asset Management Inc. lifted its position in shares of Citigroup by 4.5% in the 3rd quarter. Lifestyle Asset Management Inc. now owns 3,730 shares of the company's stock worth $233,000 after purchasing an additional 160 shares during the period. Grove Bank & Trust increased its stake in shares of Citigroup by 7.1% in the 3rd quarter. Grove Bank & Trust now owns 2,564 shares of the company's stock valued at $161,000 after acquiring an additional 170 shares in the last quarter. MWA Asset Management increased its stake in shares of Citigroup by 1.4% in the 3rd quarter. MWA Asset Management now owns 12,585 shares of the company's stock valued at $788,000 after acquiring an additional 173 shares in the last quarter. Bridge Creek Capital Management LLC increased its stake in shares of Citigroup by 0.3% in the 3rd quarter. Bridge Creek Capital Management LLC now owns 67,236 shares of the company's stock valued at $4,209,000 after acquiring an additional 175 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its stake in shares of Citigroup by 9.3% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,048 shares of the company's stock valued at $128,000 after acquiring an additional 175 shares in the last quarter. Institutional investors and hedge funds own 71.72% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Citigroup from $77.00 to $86.00 and gave the company a "buy" rating in a research note on Thursday. Bank of America lifted their price objective on shares of Citigroup from $90.00 to $95.00 and gave the company a "buy" rating in a research note on Tuesday, January 7th. Morgan Stanley lifted their price objective on shares of Citigroup from $104.00 to $109.00 and gave the company an "overweight" rating in a research note on Thursday. Piper Sandler restated an "overweight" rating and set a $83.00 price target (up previously from $80.00) on shares of Citigroup in a research note on Thursday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Citigroup from $85.00 to $92.00 and gave the company an "outperform" rating in a research note on Thursday. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $83.93.

Citigroup Stock Performance

Shares of NYSE:C traded up $1.54 during midday trading on Friday, reaching $80.05. The company had a trading volume of 22,070,430 shares, compared to its average volume of 10,393,282. The company's 50 day moving average price is $71.22 and its 200 day moving average price is $65.52. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.55. The stock has a market cap of $151.40 billion, a P/E ratio of 23.20, a P/E/G ratio of 0.59 and a beta of 1.43. Citigroup Inc. has a 52-week low of $50.51 and a 52-week high of $80.45.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.22 by $0.12. The company had revenue of $19.58 billion for the quarter, compared to the consensus estimate of $19.51 billion. Citigroup had a net margin of 4.70% and a return on equity of 6.19%. The firm's quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.84 EPS. As a group, sell-side analysts anticipate that Citigroup Inc. will post 5.88 EPS for the current fiscal year.

Citigroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Monday, February 3rd will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.80%. The ex-dividend date is Monday, February 3rd. Citigroup's dividend payout ratio (DPR) is presently 64.93%.

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

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.