Korea Investment CORP Sells 765,776 Shares of Citigroup Inc. $C

Korea Investment CORP reduced its stake in Citigroup Inc. (NYSE:C) by 32.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,616,727 shares of the company’s stock after selling 765,776 shares during the period. Korea Investment CORP’s holdings in Citigroup were worth $188,656,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Truist Financial Corp grew its stake in Citigroup by 4.7% in the 4th quarter. Truist Financial Corp now owns 375,977 shares of the company’s stock worth $43,873,000 after acquiring an additional 16,744 shares in the last quarter. 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 acquiring an additional 98,082 shares in the last quarter. Gunderson Capital Management Inc. bought a new position in Citigroup in the 4th quarter worth about $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 acquiring an additional 12,499 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in Citigroup by 4.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 416,872 shares of the company’s stock worth $42,313,000 after acquiring an additional 18,029 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Citigroup in a research note on Monday, April 20th. Wall Street Zen upgraded shares of Citigroup from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. 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 note on Wednesday, April 15th. 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 note on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods increased 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $137.62.

Insider Activity at Citigroup

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

Citigroup Price Performance

NYSE C opened at $139.68 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. The firm’s 50 day moving average price is $127.34 and its 200-day moving average price is $118.06. Citigroup Inc. has a 52-week low of $76.11 and a 52-week high of $141.12. The company has a market cap of $238.23 billion, a PE ratio of 17.31, a P/E/G ratio of 0.62 and a beta of 1.12.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share (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 firm had revenue of $24.63 billion for the quarter, compared to the consensus estimate of $22.96 billion. During the same period last year, the firm earned $1.96 earnings per share. The company’s quarterly revenue was up 14.1% on a year-over-year basis. Sell-side analysts forecast that Citigroup Inc. will post 10.68 EPS for the current fiscal year.

Citigroup Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.7%. The ex-dividend date was Monday, May 4th. Citigroup’s dividend payout ratio (DPR) is 29.74%.

Citigroup announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 7th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup launched tokenized Digital Depositary Receipts, creating a new blockchain-based way for clients to gain exposure to private companies and for issuers to tap liquidity, reinforcing Citi’s push into next-generation capital markets. Citigroup Is Rolling Out Tokenized Shares of Private Companies
• Positive Sentiment: Related coverage said Citi is expanding access to private markets with tokenized private-share trading, which could open a new fee-generating business line and strengthen its innovation story with large clients. Citigroup Expands Access to Private Markets With Tokenized Depositary Receipts
• Positive Sentiment: Trump praised Citigroup and CEO Jane Fraser as a top M&A adviser, which helped fuel momentum and reinforced confidence in Citi’s investment banking comeback. Citigroup shares outperform down market after Trump endorsement
• Positive Sentiment: Citi also continued building out its consumer and retail investment banking franchise with a new managing director hire, suggesting management is still investing in growth areas. Citi hires Ryan Beaupré as MD in consumer and retail investment banking push
• Neutral Sentiment: Citi completed the sale of its Polish consumer banking business, continuing its multi-year retreat from underperforming overseas markets. This supports simplification, but it also shows ongoing shrinkage in some international operations. Citi’s overseas retreat advances with sale of Polish business
• Neutral Sentiment: Reports that regulators are probing banks’ use of AI could raise compliance scrutiny for the sector, but there was no Citi-specific issue mentioned. Bank Regulators Probe Industry Use of AI

Citigroup Company Profile

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.