Delta Global Management LP Buys 101,130 Shares of Citigroup Inc. $C

Delta Global Management LP increased its stake in Citigroup Inc. (NYSE:C) by 20.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 588,487 shares of the company’s stock after acquiring an additional 101,130 shares during the quarter. Citigroup makes up 3.1% of Delta Global Management LP’s holdings, making the stock its 2nd largest holding. Delta Global Management LP’s holdings in Citigroup were worth $68,671,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Truist Financial Corp lifted its position in shares of Citigroup by 4.7% during the 4th quarter. Truist Financial Corp now owns 375,977 shares of the company’s stock worth $43,873,000 after purchasing an additional 16,744 shares during the last quarter. Gunderson Capital Management Inc. bought a new position in Citigroup during the fourth quarter valued at about $7,165,000. Kovitz Investment Group Partners LLC increased its stake in Citigroup by 17.3% during the third quarter. Kovitz Investment Group Partners LLC now owns 663,416 shares of the company’s stock valued at $67,337,000 after acquiring an additional 98,082 shares during the period. Brighton Jones LLC grew its stake in shares of Citigroup by 166.9% in the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock valued at $1,407,000 after purchasing an additional 12,499 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in shares of Citigroup by 4.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 416,872 shares of the company’s stock valued at $42,313,000 after purchasing an additional 18,029 shares during the period. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

C has been the topic of a number of research analyst reports. Royal Bank Of Canada restated an “outperform” rating and set a $139.00 price target on shares of Citigroup in a research report on Wednesday, April 15th. JPMorgan Chase & Co. upped 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. Weiss Ratings restated a “buy (b)” rating on shares of Citigroup in a research report on Monday, April 20th. 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 report on Friday, May 8th. Finally, Wall Street Zen upgraded Citigroup from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $137.62.

Citigroup Trading Up 1.0%

Shares of C stock opened at $141.18 on Tuesday. The firm has a 50 day moving average price of $127.86 and a two-hundred day moving average price of $118.47. 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 company has a market capitalization of $240.80 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 0.62 and a beta of 1.12. Citigroup Inc. has a 12-month low of $76.95 and a 12-month high of $143.56.

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

Citigroup Dividend Announcement

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

Citigroup declared that its board has initiated a stock repurchase plan on Thursday, May 7th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 13.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the business’s 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 sale, the director owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Edward Skyler sold 25,000 shares of the business’s stock in a transaction on Wednesday, April 15th. The stock was 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 in the company, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.11% of the company’s stock.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup completed the sale of its Polish consumer banking business, marking another step in exiting non-core international consumer operations and simplifying the firm’s structure. C Sheds Polish Arm, Marks Final Exit From Nore-Core Consumer Business
• Positive Sentiment: News that Citi’s CFO sees revenue growth ahead of analyst expectations, along with expansion into blockchain-based trading for private equity clients, has added to investor interest in the stock. Citigroup (C) Stock Valuation After CFO Growth Outlook And Blockchain Trading Expansion
• Positive Sentiment: Jim Cramer said he is “very bullish” on Citigroup, which can help strengthen sentiment around the bank and its management team. Jim Cramer on Citigroup: “Very Bullish”
• Positive Sentiment: Citi-linked commentary also highlighted bullish options positioning on Citigroup, suggesting traders are still betting on continued momentum with limited downside risk. Bullish Spread Targets Citigroup Stock Momentum With Limited Risk
• Neutral Sentiment: Citi also appeared in broader market coverage about bank-stock strength and analyst comparisons, but these were more sector-focused than direct catalysts for Citigroup. Nifty Bank rallies 1000 points
• Neutral Sentiment: Citi’s decision to cut Brent oil forecasts reflects the firm’s broader research views on energy markets, but it is not a major direct driver of Citigroup’s shares. Citi cuts Brent forecasts as U.S.-Iran MoU points to Strait of Hormuz flow normalization

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.