Pzena Investment Management LLC Sells 386,495 Shares of Citigroup Inc. $C

Pzena Investment Management LLC lessened its stake in shares of Citigroup Inc. (NYSE:C) by 7.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,162,294 shares of the company’s stock after selling 386,495 shares during the period. Citigroup comprises about 2.0% of Pzena Investment Management LLC’s holdings, making the stock its 22nd biggest position. Pzena Investment Management LLC owned about 0.30% of Citigroup worth $668,414,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. CFS Investment Advisory Services LLC grew its position in shares of Citigroup by 0.4% during the 1st quarter. CFS Investment Advisory Services LLC now owns 20,596 shares of the company’s stock valued at $2,336,000 after acquiring an additional 79 shares during the period. Grove Bank & Trust raised its holdings in shares of Citigroup by 1.8% in the 3rd quarter. Grove Bank & Trust now owns 4,549 shares of the company’s stock worth $589,000 after purchasing an additional 79 shares during the period. American Trust raised its holdings in shares of Citigroup by 3.6% in the 2nd quarter. American Trust now owns 2,331 shares of the company’s stock worth $326,000 after purchasing an additional 80 shares during the period. Invst LLC lifted its stake in Citigroup by 0.8% in the second quarter. Invst LLC now owns 9,601 shares of the company’s stock valued at $1,344,000 after purchasing an additional 80 shares during the last quarter. Finally, Tsfg LLC lifted its stake in Citigroup by 4.9% in the second quarter. Tsfg LLC now owns 1,701 shares of the company’s stock valued at $238,000 after purchasing an additional 80 shares during the last quarter. Institutional investors own 71.72% of the company’s stock.

Citigroup News Roundup

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Argus set a $150.00 price objective on Citigroup in a report on Wednesday, July 15th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Citigroup in a research note on Wednesday, October 14th. JPMorgan Chase & Co. upped their price target on Citigroup from $147.00 to $148.50 and gave the company an “overweight” rating in a research report on Friday, October 30th. Zacks Research downgraded Citigroup from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 14th. Finally, HSBC assumed coverage on Citigroup in a report on Monday, September 28th. They issued a “buy” rating and a $164.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Citigroup presently has a consensus rating of “Moderate Buy” and an average price target of $150.87.

Citigroup Stock Up 1.6%

C opened at $124.72 on Thursday. The company has a 50 day moving average of $129.50 and a 200 day moving average of $126.57. The company has a market cap of $212.73 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 0.54 and a beta of 1.18. Citigroup Inc. has a 12 month low of $95.83 and a 12 month high of $147.96. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 1.78.

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

Citigroup Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Monday, November 2nd will be given a $0.67 dividend. The ex-dividend date is Monday, November 2nd. This represents a $2.68 annualized dividend and a dividend yield of 2.1%. Citigroup’s payout ratio is 26.15%.

About Citigroup

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.