Citigroup Inc. $C Stock: Provenance Wealth Advisors LLC Grows Position

Provenance Wealth Advisors LLC boosted its stake in Citigroup Inc. (NYSE:C) by 2,708.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,224 shares of the company’s stock after buying an additional 5,038 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Citigroup were worth $676,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Whipplewood Advisors LLC acquired a new position in shares of Citigroup in the first quarter worth $25,000. Paladin Partners LLC acquired a new stake in Citigroup during the second quarter valued at $27,000. Balance Wealth Partners LLC acquired a new stake in Citigroup during the third quarter valued at $27,000. IMG Wealth Management Inc. boosted its position in Citigroup by 197.6% during the first quarter. IMG Wealth Management Inc. now owns 244 shares of the company’s stock valued at $28,000 after purchasing an additional 162 shares during the last quarter. Finally, Scarborough Advisors LLC purchased a new position in Citigroup in the first quarter valued at about $29,000. Institutional investors and hedge funds own 71.72% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on C. Argus set a $150.00 target price on Citigroup in a research report on Wednesday, July 15th. Weiss Ratings lowered Citigroup from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, October 2nd. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Citigroup in a research note on Wednesday, October 14th. JPMorgan Chase & Co. boosted their price target on Citigroup from $147.00 to $148.50 and gave the company an “overweight” rating in a research note on Friday, October 30th. Finally, HSBC started coverage on Citigroup in a report on Monday, September 28th. They issued a “buy” rating and a $164.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Citigroup presently has an average rating of “Moderate Buy” and an average target price of $150.87.

Citigroup Trading Up 1.6%

Citigroup stock opened at $124.72 on Thursday. Citigroup Inc. has a one year low of $95.83 and a one year high of $147.96. The company’s fifty day moving average price is $129.50 and its two-hundred day moving average price is $126.57. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.00 and a quick ratio of 0.99. The company has a market capitalization of $212.73 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 0.54 and a beta of 1.18.

Citigroup (NYSE:C) last announced its quarterly earnings results on Tuesday, October 13th. The company reported $2.85 earnings per share for the quarter, topping analysts’ consensus estimates of $2.66 by $0.19. The company had revenue of $23.84 billion during the quarter, compared to analysts’ expectations of $23.74 billion. Citigroup had a return on equity of 10.57% and a net margin of 10.97%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.86 earnings per share. On average, analysts forecast that Citigroup Inc. will post 11.44 earnings per share for the current fiscal year.

Citigroup Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Monday, November 2nd will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, November 2nd. Citigroup’s dividend payout ratio (DPR) is presently 26.15%.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: China approved Citi’s wholly owned securities company, which is expected to offer brokerage, underwriting and research services. The move expands Citi’s presence in China’s capital markets and could create longer-term business opportunities. Why Is Citigroup Building A Bigger China Business Through A New Securities Unit?
• Positive Sentiment: A report on Citi’s workforce reductions, restructuring and AI investments said the initiatives target $2 billion to $2.5 billion in annual savings, which could support profitability if the bank delivers on the plan. Will Citigroup’s Cost-Cut Initiatives Boost Long-Term Profitability?
• Negative Sentiment: Media reports described a police response, including SWAT teams, to a reported shooting at Citi’s Tampa campus and urged the public to stay away. The available report did not establish further details or any effect on Citi’s operations. Citi Tampa shooting report

Citigroup Company Profile

Citigroup Inc is a global financial services company headquartered in New York City and operates under the Citi brand. The company provides banking, lending, investment, wealth management and other financial services to individuals, businesses, institutions and governments.

Citi’s consumer offerings include checking and savings accounts, credit cards, mortgages, personal lending and wealth management services. Through its institutional businesses, the company provides investment banking, commercial banking, securities brokerage, markets and trading, cash management, trade finance and custody services.