Penobscot Investment Management Company Inc. Acquires 11,438 Shares of Citigroup Inc. $C

Penobscot Investment Management Company Inc. boosted its holdings in Citigroup Inc. (NYSE:C) by 15.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 85,224 shares of the company’s stock after buying an additional 11,438 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Citigroup were worth $9,665,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of C. Vanguard Group Inc. raised its holdings in shares of Citigroup by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock valued at $19,048,467,000 after purchasing an additional 4,938,923 shares during the last quarter. Capital World Investors boosted its holdings in Citigroup by 6.5% in the third quarter. Capital World Investors now owns 47,262,626 shares of the company’s stock worth $4,797,292,000 after purchasing an additional 2,871,074 shares during the last quarter. Geode Capital Management LLC grew its position in Citigroup by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company’s stock worth $5,036,712,000 after purchasing an additional 189,548 shares during the period. Franklin Resources Inc. raised its stake in Citigroup by 4.0% during the 4th quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company’s stock valued at $3,990,422,000 after buying an additional 1,326,224 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Citigroup by 2.6% during the 4th quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company’s stock valued at $3,954,307,000 after buying an additional 846,772 shares during the period. Institutional investors own 71.72% of the company’s stock.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Bank of America and UBS both raised their price targets on Citigroup, and JPMorgan also lifted its target while keeping an overweight view, reinforcing bullish expectations ahead of earnings.
• Positive Sentiment: Wall Street is expecting strong second-quarter results from big banks, with analysts citing better trading and investment-banking revenue and potential earnings upside for Citigroup.
• Positive Sentiment: Citigroup expanded its precious-metals franchise by becoming a clearing member of London Precious Metals Clearing Limited, which broadens its gold, silver, platinum, and palladium settlement services.
• Positive Sentiment: Citi was also named depositary bank for Vicore Pharma’s ADR program, adding another piece of issuer-services business that supports fee generation.
• Neutral Sentiment: The bank is set to report quarterly earnings next week, and investors are positioning around whether Citigroup can deliver an earnings beat and confirm the recent positive analyst revisions. Article Title
• Negative Sentiment: A podcast-style consumer complaint about an elderly widow’s credit-card debt mentioned Citi cards and could add a small reputational overhang, though it is unlikely to move the stock much on its own. Article Title

Insider Activity at Citigroup

In other Citigroup news, insider Edward Skyler sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the completion of the transaction, the insider directly owned 182,022 shares in the company, valued at $23,919,511.02. This represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the completion of the sale, the director directly owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on C. Royal Bank Of Canada restated an “outperform” rating and issued a $139.00 price target on shares of Citigroup in a research note on Wednesday, April 15th. Barclays increased their target price on Citigroup from $146.00 to $154.00 and gave the company an “overweight” rating in a report on Wednesday, April 15th. Oppenheimer downgraded Citigroup from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Piper Sandler reaffirmed an “overweight” rating and set a $145.00 price target (up from $125.00) on shares of Citigroup in a research report on Wednesday, April 15th. Finally, Bank of America raised their price objective on shares of Citigroup from $170.00 to $176.00 and gave the stock a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Citigroup presently has an average rating of “Moderate Buy” and an average price target of $145.00.

Citigroup Price Performance

NYSE C opened at $140.75 on Wednesday. The business’s fifty day moving average is $133.05 and its 200 day moving average is $122.37. Citigroup Inc. has a fifty-two week low of $85.48 and a fifty-two week high of $147.96. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $240.05 billion, a PE ratio of 17.44, a price-to-earnings-growth ratio of 0.62 and a beta of 1.11.

Citigroup (NYSE:C) last issued its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $2.63 by $0.43. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The business had revenue of $24.63 billion during the quarter, compared to analysts’ expectations of $22.96 billion. During the same quarter in the prior year, the business posted $1.96 earnings per share. The business’s quarterly revenue was up 14.1% on a year-over-year basis. Sell-side analysts predict that Citigroup Inc. will post 10.83 earnings per share for the current year.

Citigroup announced that its board has approved a share buyback plan on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 13.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.