Cullen Frost Bankers Inc. Grows Holdings in Citigroup Inc. $C

Cullen Frost Bankers Inc. grew its stake in Citigroup Inc. (NYSE:C) by 12.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,928 shares of the company’s stock after buying an additional 25,760 shares during the period. Cullen Frost Bankers Inc.’s holdings in Citigroup were worth $27,064,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Donaldson Capital Management LLC purchased a new position in Citigroup in the 3rd quarter worth approximately $58,994,000. Kovitz Investment Group Partners LLC grew its stake in Citigroup by 17.3% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 663,416 shares of the company’s stock worth $67,337,000 after buying an additional 98,082 shares in the last quarter. Gunderson Capital Management Inc. purchased a new position in Citigroup in the 4th quarter worth approximately $7,165,000. Brighton Jones LLC grew its stake in Citigroup by 166.9% in the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after buying an additional 12,499 shares in the last quarter. Finally, Adell Harriman & Carpenter Inc. grew its stake in Citigroup by 12.7% in the 3rd quarter. Adell Harriman & Carpenter Inc. now owns 102,255 shares of the company’s stock worth $10,379,000 after buying an additional 11,512 shares in the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Trading Down 2.0%

Shares of C opened at $119.96 on Wednesday. The stock has a market capitalization of $204.60 billion, a P/E ratio of 14.87, a PEG ratio of 0.55 and a beta of 1.14. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59. The firm has a fifty day simple moving average of $120.03 and a two-hundred day simple moving average of $114.43. Citigroup Inc. has a twelve month low of $71.65 and a twelve month high of $135.29.

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

Citigroup declared that its Board of Directors has approved a stock buyback program on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 13.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Citigroup Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Monday, May 4th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, May 4th. This represents a $2.40 annualized dividend and a yield of 2.0%. Citigroup’s dividend payout ratio is presently 29.74%.

Insider Buying and Selling at Citigroup

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the completion of the sale, the director owned 12,194 shares of the company’s stock, valued at $1,527,908.20. This represents a 14.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction 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 sale, the insider directly owned 182,022 shares of the company’s stock, valued at $23,919,511.02. The trade was a 12.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Citigroup from $131.00 to $135.50 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Wall Street Zen raised shares of Citigroup from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods upped their price objective on shares of Citigroup from $140.00 to $153.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Oppenheimer reaffirmed an “outperform” rating and issued a $145.00 price objective on shares of Citigroup in a research note on Friday, May 8th. Finally, Barclays upped their price objective on shares of Citigroup from $146.00 to $154.00 and gave the company an “overweight” rating in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Citigroup has an average rating of “Moderate Buy” and an average price target of $137.62.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup launched a €15 billion private capital program with BlackRock’s HPS to expand direct lending across EMEA, a move that could strengthen fee-based revenue and deepen its presence in private credit. Article Title
• Positive Sentiment: Citi reported better April card delinquency and charge-off trends year over year, suggesting some improvement in consumer credit quality. Article Title
• Positive Sentiment: Citi received final approval to launch a wholly foreign-owned securities firm in mainland China, expanding its ability to offer investment banking and brokerage services directly in a major market. Article Title
• Positive Sentiment: Citigroup hired former UK lawmaker Chuka Umunna as managing director in its UK investment banking division, a small but notable talent win that may support its EMEA franchise. Article Title
• Neutral Sentiment: Citi’s call that 30-year Treasury yields may next focus on 5.5% reflects its macro view, but it is not a direct operating driver for the bank. Article Title
• Negative Sentiment: CFRA reportedly downgraded Citigroup to Hold, which may be tempering enthusiasm after a strong run in the shares. Article Title

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.