Franklin Resources Inc. cut its stake in shares of Citigroup Inc. (NYSE:C – Get Rating) by 60.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,996,948 shares of the company’s stock after selling 3,087,096 shares during the period. Franklin Resources Inc. owned 0.10% of Citigroup worth $91,838,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the stock. Smith Salley & Associates increased its holdings in shares of Citigroup by 11.0% during the second quarter. Smith Salley & Associates now owns 26,995 shares of the company’s stock worth $1,241,000 after purchasing an additional 2,671 shares during the period. Sandy Spring Bank increased its holdings in shares of Citigroup by 3.5% during the second quarter. Sandy Spring Bank now owns 54,156 shares of the company’s stock worth $2,490,000 after purchasing an additional 1,820 shares during the period. Pzena Investment Management LLC increased its holdings in shares of Citigroup by 28.0% during the second quarter. Pzena Investment Management LLC now owns 15,334,377 shares of the company’s stock worth $705,228,000 after purchasing an additional 3,353,371 shares during the period. Legacy Wealth Asset Management LLC increased its holdings in shares of Citigroup by 2.5% during the second quarter. Legacy Wealth Asset Management LLC now owns 14,496 shares of the company’s stock worth $667,000 after purchasing an additional 356 shares during the period. Finally, AE Wealth Management LLC increased its holdings in shares of Citigroup by 13.2% during the second quarter. AE Wealth Management LLC now owns 198,283 shares of the company’s stock worth $9,119,000 after purchasing an additional 23,050 shares during the period. 71.46% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on the stock. Credit Suisse Group set a $54.00 price objective on shares of Citigroup in a research note on Monday, October 10th. Oppenheimer decreased their price objective on shares of Citigroup to $79.00 in a research note on Thursday, October 20th. Barclays decreased their price objective on shares of Citigroup from $64.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Monday, October 17th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Citigroup from $55.00 to $52.00 and set a “hold” rating on the stock in a research note on Monday, September 12th. Finally, The Goldman Sachs Group cut shares of Citigroup from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $54.00 to $47.00 in a research note on Monday, October 3rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $58.60.
Citigroup Price Performance
Citigroup (NYSE:C – Get Rating) last issued its quarterly earnings results on Friday, October 14th. The company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. The company had revenue of $18.51 billion for the quarter, compared to analyst estimates of $18.28 billion. Citigroup had a net margin of 17.31% and a return on equity of 9.14%. Citigroup’s revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.49 earnings per share. Sell-side analysts predict that Citigroup Inc. will post 7.09 earnings per share for the current year.
Citigroup Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Monday, November 7th were issued a $0.51 dividend. The ex-dividend date was Friday, November 4th. This represents a $2.04 annualized dividend and a yield of 4.23%. Citigroup’s payout ratio is 27.95%.
Insider Activity at Citigroup
In other news, insider Citigroup Inc sold 4,614,358 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $36.25, for a total transaction of $167,270,477.50. Following the transaction, the insider now owns 15,318 shares in the company, valued at $555,277.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.08% of the stock is owned by company insiders.
Citigroup Inc, a diversified financial services holding company, provides various financial products and services to consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates in two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).
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