Rhumbline Advisers cut its stake in shares of Citi Trends, Inc. (NASDAQ:CTRN) by 14.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 16,122 shares of the company’s stock after selling 2,800 shares during the quarter. Rhumbline Advisers’ holdings in Citi Trends were worth $427,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. First Trust Advisors LP acquired a new position in shares of Citi Trends during the third quarter worth $216,000. Wells Fargo & Company MN increased its holdings in shares of Citi Trends by 129.7% during the third quarter. Wells Fargo & Company MN now owns 22,617 shares of the company’s stock worth $449,000 after buying an additional 12,770 shares in the last quarter. Alambic Investment Management L.P. acquired a new position in shares of Citi Trends during the fourth quarter worth $450,000. Prudential Financial Inc. acquired a new position in shares of Citi Trends during the third quarter worth $503,000. Finally, Chicago Equity Partners LLC acquired a new position in shares of Citi Trends during the fourth quarter worth $950,000. Institutional investors own 88.82% of the company’s stock.
NASDAQ CTRN opened at $32.00 on Friday. The firm has a market capitalization of $437.20, a P/E ratio of 25.25 and a beta of 0.22. Citi Trends, Inc. has a twelve month low of $15.54 and a twelve month high of $32.30.
Citi Trends announced that its Board of Directors has authorized a share buyback program on Friday, March 16th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 20th. Investors of record on Tuesday, March 6th were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 5th. This represents a $0.32 dividend on an annualized basis and a yield of 1.00%. Citi Trends’s payout ratio is 25.40%.
In other Citi Trends news, SVP Christina Short sold 2,752 shares of the stock in a transaction dated Thursday, March 29th. The stock was sold at an average price of $30.91, for a total transaction of $85,064.32. Following the completion of the sale, the senior vice president now directly owns 50,078 shares in the company, valued at approximately $1,547,910.98. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Ivy D. Council sold 4,156 shares of the stock in a transaction dated Tuesday, April 3rd. The stock was sold at an average price of $30.71, for a total value of $127,630.76. Following the sale, the vice president now owns 80,984 shares of the company’s stock, valued at $2,487,018.64. The disclosure for this sale can be found here. Corporate insiders own 4.60% of the company’s stock.
A number of analysts recently weighed in on the company. MKM Partners upgraded Citi Trends from a “neutral” rating to a “buy” rating and increased their price objective for the company from $25.00 to $32.00 in a report on Tuesday, March 20th. BidaskClub upgraded Citi Trends from a “sell” rating to a “hold” rating in a report on Thursday, March 15th.
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About Citi Trends
Citi Trends, Inc is a retailer of urban fashion apparel and accessories. The Company’s segment is retail operations. The Company operates approximately 520 stores in both urban and rural markets in over 30 states. The Company offers products under its brands, such as Citi Steps and Red Ape. The Company’s merchandise includes apparel, accessories and home.
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