Candriam S.C.A. Acquires 40,632 Shares of Citigroup Inc. $C

Candriam S.C.A. increased its holdings in shares of Citigroup Inc. (NYSE:C) by 11.8% during the first quarter, Holdings Channel reports. The fund owned 383,662 shares of the company’s stock after acquiring an additional 40,632 shares during the quarter. Candriam S.C.A.’s holdings in Citigroup were worth $43,511,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Whipplewood Advisors LLC acquired a new stake in shares of Citigroup during the 1st quarter worth about $25,000. Mcguire Capital Advisors Inc. bought a new position in Citigroup in the 4th quarter valued at about $25,000. Richards Merrill & Peterson Inc. bought a new position in Citigroup in the 4th quarter valued at about $28,000. TD Capital Management LLC acquired a new stake in Citigroup during the fourth quarter worth approximately $28,000. Finally, Luken Investment Analytics LLC bought a new stake in shares of Citigroup during the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 71.72% of the company’s stock.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi is expected to collect about $70 million in fees from the SK Hynix listing, underscoring strength in its capital markets and advisory franchise. Article Title
• Positive Sentiment: Multiple pieces this week describe Citigroup (C) as one of the stronger large-bank names ahead of earnings, supported by resilient trading activity, investment banking momentum, and loan demand. Article Title
• Positive Sentiment: Analyst commentary and TV mentions have also kept Citi in the spotlight as a favored bank stock, suggesting continued institutional confidence in the name. Article Title
• Positive Sentiment: Earlier coverage said Citi’s Q1 results were the strongest among diversified banks, reinforcing the view that the company is executing well relative to peers. Article Title
• Neutral Sentiment: Citi also announced that SCB is now live with its 24/7 USD Clearing and Citi Token Services, a constructive step in digital payments infrastructure, but not a near-term earnings driver. Article Title

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the transaction, the director owned 12,194 shares of the company’s stock, valued at $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Edward Skyler sold 25,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.11% of the company’s stock.

Citigroup Stock Up 0.8%

NYSE C opened at $140.67 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. The company has a market cap of $239.92 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 0.65 and a beta of 1.11. The company has a 50 day moving average of $133.71 and a 200-day moving average of $122.85. Citigroup Inc. has a 1-year low of $85.61 and a 1-year high of $147.96.

Citigroup (NYSE:C) last issued its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (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 for the quarter, compared to the consensus estimate of $22.96 billion. During the same quarter in the prior year, the business posted $1.96 earnings per share. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, equities research analysts expect that Citigroup Inc. will post 10.89 earnings per share for the current fiscal year.

Citigroup announced that its Board of Directors has authorized a share buyback program on Thursday, May 7th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits the company to reacquire up to 13.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on C shares. Oppenheimer downgraded Citigroup from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Jefferies Financial Group assumed coverage on Citigroup in a report on Thursday, March 26th. They issued a “buy” rating and a $135.00 price objective on the stock. Truist Financial increased their price objective on Citigroup from $147.00 to $158.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Bank of America lifted their target price on Citigroup from $170.00 to $176.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Citigroup from $135.50 to $149.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $145.00.

Citigroup Profile

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.