Forsta AP Fonden lowered its position in Citigroup Inc. (NYSE:C) by 4.9% during the second quarter, Holdings Channel reports. The firm owned 970,544 shares of the financial services provider’s stock after selling 50,000 shares during the period. Citigroup makes up approximately 1.8% of Forsta AP Fonden’s investment portfolio, making the stock its 3rd largest position. Forsta AP Fonden’s holdings in Citigroup were worth $64,910,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the company. Wright Investors Service Inc. raised its position in shares of Citigroup by 15.8% in the second quarter. Wright Investors Service Inc. now owns 36,146 shares of the financial services provider’s stock worth $2,417,000 after buying an additional 4,935 shares in the last quarter. Cornerstone Financial Partners LLC raised its position in shares of Citigroup by 120.1% in the second quarter. Cornerstone Financial Partners LLC now owns 10,413 shares of the financial services provider’s stock worth $698,000 after buying an additional 5,681 shares in the last quarter. Schmidt P J Investment Management Inc. raised its position in shares of Citigroup by 9.8% in the second quarter. Schmidt P J Investment Management Inc. now owns 36,066 shares of the financial services provider’s stock worth $2,412,000 after buying an additional 3,212 shares in the last quarter. Washington Trust Bank raised its position in shares of Citigroup by 6.6% in the second quarter. Washington Trust Bank now owns 20,991 shares of the financial services provider’s stock worth $1,404,000 after buying an additional 1,298 shares in the last quarter. Finally, Doyle Wealth Management raised its position in shares of Citigroup by 5.6% in the second quarter. Doyle Wealth Management now owns 159,628 shares of the financial services provider’s stock worth $10,676,000 after buying an additional 8,414 shares in the last quarter. 74.89% of the stock is owned by hedge funds and other institutional investors.
Citigroup Inc. (NYSE C) traded down 1.17% on Thursday, reaching $67.63. 9,960,670 shares of the company’s stock traded hands. The firm’s 50-day moving average is $67.03 and its 200 day moving average is $61.79. Citigroup Inc. has a 52-week low of $44.51 and a 52-week high of $69.86. The stock has a market capitalization of $184.26 billion, a PE ratio of 13.54 and a beta of 1.48.
Citigroup (NYSE:C) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.07. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.38 billion. During the same period last year, the firm posted $1.24 EPS. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. Analysts forecast that Citigroup Inc. will post $5.22 EPS for the current year.
Citigroup declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $15.60 billion in shares. This buyback authorization permits the financial services provider to purchase up to 8.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Monday, August 7th will be issued a dividend of $0.32 per share. This is an increase from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, August 3rd. Citigroup’s dividend payout ratio (DPR) is currently 25.55%.
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C has been the topic of a number of recent analyst reports. Vetr lowered shares of Citigroup from a “strong-buy” rating to a “buy” rating and set a $66.90 price objective on the stock. in a report on Tuesday, April 25th. Zacks Investment Research upgraded shares of Citigroup from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Jefferies Group LLC reiterated a “hold” rating and issued a $68.00 price objective on shares of Citigroup in a report on Monday, May 15th. BMO Capital Markets reiterated a “buy” rating and issued a $64.00 price objective on shares of Citigroup in a report on Thursday, June 1st. Finally, Buckingham Research reiterated a “buy” rating and issued a $81.00 price objective (up previously from $70.00) on shares of Citigroup in a report on Monday, July 10th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $68.95.
In related news, insider Jeffrey R. Walsh sold 5,000 shares of Citigroup stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total transaction of $344,850.00. Following the completion of the transaction, the insider now directly owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.10% of the company’s stock.
Citigroup Company Profile
Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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