Diversified Management Inc. Sells 10,048 Shares of Citigroup Inc. $C

Diversified Management Inc. cut its stake in shares of Citigroup Inc. (NYSE:C) by 85.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,712 shares of the company’s stock after selling 10,048 shares during the period. Diversified Management Inc.’s holdings in Citigroup were worth $240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Truist Financial Corp boosted its position in Citigroup by 4.7% during the fourth quarter. Truist Financial Corp now owns 375,977 shares of the company’s stock valued at $43,873,000 after purchasing an additional 16,744 shares during the last quarter. UniSuper Management Pty Ltd increased its position in Citigroup by 38.8% in the 4th quarter. UniSuper Management Pty Ltd now owns 1,306,851 shares of the company’s stock worth $152,496,000 after purchasing an additional 365,041 shares during the last quarter. Brighton Jones LLC raised its stake in shares of Citigroup by 166.9% during the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after purchasing an additional 12,499 shares in the last quarter. Merit Financial Group LLC raised its stake in shares of Citigroup by 15.6% during the 4th quarter. Merit Financial Group LLC now owns 96,453 shares of the company’s stock worth $11,255,000 after purchasing an additional 13,046 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Citigroup by 4.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,819,471 shares of the company’s stock valued at $453,371,000 after buying an additional 145,610 shares during the last quarter. 71.72% of the stock is owned by institutional investors.

Citigroup Price Performance

NYSE:C opened at $137.56 on Thursday. Citigroup Inc. has a 52 week low of $90.68 and a 52 week high of $147.96. The company has a market capitalization of $234.62 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 0.61 and a beta of 1.12. The company has a 50-day moving average of $137.17 and a 200-day moving average of $125.34. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99.

Citigroup (NYSE:C) last issued its earnings results on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, beating the consensus estimate of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The company had revenue of $24.77 billion during the quarter, compared to analysts’ expectations of $23.74 billion. During the same quarter in the previous year, the company posted $1.96 EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

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

Citigroup Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 3rd will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, August 3rd. This is a boost from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s payout ratio is currently 28.94%.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Healthcare banking expansion: Citigroup appointed new leadership covering biotechnology, medical technology, biopharmaceuticals and acute care. The changes position the bank to capture increased healthcare mergers-and-acquisitions and capital-markets activity, potentially supporting fee revenue. Citi Taps New Healthcare Banking Leadership as Dealmaking Heats Up
• Positive Sentiment: Strong operating momentum: Citigroup’s latest quarterly results exceeded expectations, with earnings per share of $3.15 versus a $2.74 consensus estimate and revenue of $24.77 billion versus $23.74 billion expected. Revenue rose 14.5% year over year, reinforcing the stock’s positive earnings momentum.
• Positive Sentiment: Advisory and financing activity: Citi led a $414 million financing tranche for restaurant-commerce company inKind, bringing the company’s total capital raised above $1.2 billion. The transaction highlights Citi’s ability to win large private-company financing mandates and generate investment-banking fees. inKind Secures $414 Million in Financing Led by Citi and Cross River
• Neutral Sentiment: New bond offerings: Citigroup announced fixed-income offerings, including 5.05% notes due 2030 and zero-coupon notes due 2056. The deals provide evidence of continued market access and funding flexibility, although investors may monitor borrowing costs and the effect of additional debt on margins and leverage. Is Citigroup Undervalued After Its Latest Bond Offerings?
• Neutral Sentiment: Citi research remains active: Analysts reiterated a bullish outlook for silver and raised their MongoDB price target, but these calls primarily affect Citi’s research franchise and do not materially change Citigroup’s own earnings outlook. Silver Could Surge to $90, Citi Says

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. UBS Group dropped their price objective on Citigroup from $150.00 to $142.00 and set a “neutral” rating on the stock in a report on Monday, August 3rd. Royal Bank Of Canada restated an “outperform” rating and set a $150.00 price target on shares of Citigroup in a research note on Wednesday, July 15th. Oppenheimer downgraded shares of Citigroup from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Morgan Stanley lifted their price objective on shares of Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Finally, Barclays increased their target price on shares of Citigroup from $146.00 to $154.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.22.

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.