4,005 Shares in Citigroup Inc. $C Purchased by Drive Wealth Management LLC

Drive Wealth Management LLC purchased a new position in Citigroup Inc. (NYSE:C) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,005 shares of the company’s stock, valued at approximately $467,000.

A number of other hedge funds also recently bought and sold shares of the company. Hosking Partners LLP boosted its stake in Citigroup by 1.9% in the 4th quarter. Hosking Partners LLP now owns 1,222,746 shares of the company’s stock worth $142,682,000 after purchasing an additional 23,218 shares in the last quarter. ABN AMRO Bank N.V. boosted its holdings in shares of Citigroup by 1.4% during the 4th quarter. ABN AMRO Bank N.V. now owns 141,347 shares of the company’s stock valued at $16,454,000 after acquiring an additional 1,935 shares during the last quarter. Pure Financial Advisors LLC boosted its holdings in shares of Citigroup by 22.1% during the 4th quarter. Pure Financial Advisors LLC now owns 7,221 shares of the company’s stock valued at $843,000 after acquiring an additional 1,307 shares during the last quarter. Income Insurance Ltd purchased a new stake in shares of Citigroup during the 4th quarter valued at about $643,000. Finally, D Orazio & Associates Inc. boosted its holdings in shares of Citigroup by 3.7% during the 4th quarter. D Orazio & Associates Inc. now owns 5,635 shares of the company’s stock valued at $658,000 after acquiring an additional 202 shares during the last quarter. Institutional investors own 71.72% of the company’s stock.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup strategists said U.S. stock market outperformance, led by a narrow group of large-cap tech names, still has room to run. That view can be favorable for Citigroup’s trading and investment-banking activity if equity markets remain resilient. Citi’s Manthey Says US Stock Outperformance Has Further to Run
• Positive Sentiment: Citigroup was highlighted by Investors.com as being in a “buy zone,” with a bullish options spread described as attractive. That kind of commentary can support sentiment around the stock. With Citigroup In A Buy Zone, This Bullish Spread Looks Attractive
• Neutral Sentiment: Goldman Sachs and Bank of America pushed back expectations for Federal Reserve rate cuts after stronger jobs and inflation data. A more “higher-for-longer” rate environment is mixed for Citigroup, as it can support net interest income but also keep pressure on credit conditions and borrowing demand. Goldman, BofA Delay Fed Cut Calls After ‘Last Straw’ Jobs Data
• Neutral Sentiment: Citigroup’s recent earnings backdrop remains constructive, with the bank having beaten quarterly EPS and revenue estimates previously. That supports the stock’s broader uptrend, though it is not fresh news.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on C. Evercore set a $139.00 price objective on shares of Citigroup in a research report on Wednesday, April 15th. JPMorgan Chase & Co. increased their price objective on shares of Citigroup from $131.00 to $135.50 and gave the company an “overweight” rating in a research report on Thursday, April 30th. The Goldman Sachs Group increased their price objective on shares of Citigroup from $137.00 to $151.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Weiss Ratings restated a “buy (b)” rating on shares of Citigroup in a research report on Monday, April 20th. Finally, Barclays increased their price objective on shares of Citigroup from $146.00 to $154.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $137.62.

Insider Buying and Selling

In other Citigroup news, insider Edward Skyler sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the completion of the sale, the insider directly owned 182,022 shares of the company’s stock, valued at approximately $23,919,511.02. This represents a 12.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Cantu Ernesto Torres sold 43,173 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $111.09, for a total transaction of $4,796,088.57. Following the sale, the insider directly owned 45,835 shares of the company’s stock, valued at approximately $5,091,810.15. This represents a 48.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 92,318 shares of company stock valued at $10,764,814. 0.11% of the stock is owned by corporate insiders.

Citigroup Stock Performance

Shares of NYSE C opened at $125.85 on Tuesday. Citigroup Inc. has a 12-month low of $71.65 and a 12-month high of $135.29. The firm has a market capitalization of $215.81 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 0.56 and a beta of 1.14. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. The firm has a 50 day moving average of $118.40 and a 200 day moving average of $113.39.

Citigroup (NYSE:C) last announced its earnings results on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.63 by $0.43. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business had revenue of $24.63 billion during the quarter, compared to analysts’ expectations of $22.96 billion. During the same period in the prior year, the company earned $1.96 earnings per share. The firm’s revenue was up 14.1% on a year-over-year basis. On average, research analysts anticipate that Citigroup Inc. will post 10.65 earnings per share for the current year.

Citigroup Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Monday, May 4th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Monday, May 4th. Citigroup’s dividend payout ratio is currently 29.74%.

Citigroup announced that its board has initiated a stock buyback program on Thursday, May 7th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the company to purchase up to 13.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.