Allstate Corp Makes New Investment in Citigroup Inc. (NYSE:C)

Allstate Corp acquired a new stake in shares of Citigroup Inc. (NYSE:C) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 56,370 shares of the company’s stock, valued at approximately $3,968,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in C. D.A. Davidson & CO. increased its stake in Citigroup by 6.6% during the 3rd quarter. D.A. Davidson & CO. now owns 56,877 shares of the company’s stock valued at $3,561,000 after purchasing an additional 3,536 shares in the last quarter. Cadence Bank increased its position in shares of Citigroup by 14.5% during the third quarter. Cadence Bank now owns 4,011 shares of the company’s stock worth $251,000 after acquiring an additional 507 shares in the last quarter. Glenmede Trust Co. NA raised its holdings in shares of Citigroup by 8.3% in the 3rd quarter. Glenmede Trust Co. NA now owns 192,927 shares of the company’s stock worth $12,077,000 after acquiring an additional 14,858 shares during the last quarter. CreativeOne Wealth LLC lifted its position in Citigroup by 216.3% in the 3rd quarter. CreativeOne Wealth LLC now owns 11,986 shares of the company’s stock valued at $750,000 after acquiring an additional 8,197 shares in the last quarter. Finally, Financial Counselors Inc. boosted its stake in Citigroup by 11.3% during the 3rd quarter. Financial Counselors Inc. now owns 3,668 shares of the company’s stock valued at $230,000 after purchasing an additional 372 shares during the last quarter. Institutional investors own 71.72% of the company’s stock.

Insider Transactions at Citigroup

In related news, COO Anand Selvakesari sold 30,000 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total value of $2,433,000.00. Following the sale, the chief operating officer now owns 229,180 shares in the company, valued at approximately $18,586,498. This trade represents a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Mason sold 58,465 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $83.21, for a total value of $4,864,872.65. Following the transaction, the chief financial officer now owns 217,331 shares of the company’s stock, valued at approximately $18,084,112.51. The trade was a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,590 shares of company stock valued at $8,523,149 over the last three months. Company insiders own 0.08% of the company’s stock.

Citigroup Stock Down 2.2 %

C stock opened at $70.28 on Friday. The stock has a fifty day moving average of $77.06 and a 200-day moving average of $70.63. Citigroup Inc. has a fifty-two week low of $53.51 and a fifty-two week high of $84.74. The company has a market capitalization of $132.28 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 0.64 and a beta of 1.43. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96.

Citigroup (NYSE:C) last issued its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.12. The firm had revenue of $19.58 billion during the quarter, compared to analyst estimates of $19.51 billion. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The company’s quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the business earned $0.84 earnings per share. As a group, equities research analysts predict that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup announced that its Board of Directors has initiated a share buyback plan on Wednesday, January 15th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the company to reacquire up to 13.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Citigroup Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were given a dividend of $0.56 per share. The ex-dividend date was Monday, February 3rd. This represents a $2.24 annualized dividend and a dividend yield of 3.19%. Citigroup’s dividend payout ratio is currently 37.65%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on C. Evercore ISI raised their target price on Citigroup from $69.00 to $79.00 and gave the company an “in-line” rating in a report on Thursday, January 16th. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price objective (up from $80.00) on shares of Citigroup in a report on Thursday, January 16th. Oppenheimer reduced their target price on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Morgan Stanley dropped their price target on shares of Citigroup from $110.00 to $109.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Truist Financial started coverage on shares of Citigroup in a research report on Tuesday, January 7th. They issued a “buy” rating and a $85.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $84.50.

Citigroup Profile

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.