Invesco Ltd. Has $1.77 Billion Stock Position in Citigroup Inc. $C

Invesco Ltd. raised its holdings in Citigroup Inc. (NYSE:C) by 6.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,139,403 shares of the company’s stock after purchasing an additional 887,430 shares during the quarter. Invesco Ltd. owned 0.85% of Citigroup worth $1,766,617,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Brighton Jones LLC lifted its position in shares of Citigroup by 166.9% during the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after buying an additional 12,499 shares during the last quarter. Sivia Capital Partners LLC grew its position in Citigroup by 20.5% in the second quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company’s stock valued at $835,000 after acquiring an additional 1,669 shares during the last quarter. United Bank acquired a new position in Citigroup during the second quarter worth about $972,000. Osterweis Capital Management Inc. lifted its holdings in shares of Citigroup by 3,016.7% in the second quarter. Osterweis Capital Management Inc. now owns 935 shares of the company’s stock worth $80,000 after acquiring an additional 905 shares during the last quarter. Finally, HUB Investment Partners LLC boosted its stake in shares of Citigroup by 26.9% in the 2nd quarter. HUB Investment Partners LLC now owns 15,287 shares of the company’s stock valued at $1,301,000 after purchasing an additional 3,238 shares in the last quarter. Institutional investors own 71.72% of the company’s stock.

Insider Activity

In related news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the transaction, the director directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the insider owned 182,022 shares in the company, valued at $23,919,511.02. The trade was a 12.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.11% of the stock is currently owned by insiders.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi’s own research still expects the U.S. Federal Reserve to cut interest rates later this year, which could eventually support loan demand and market activity if inflation and employment soften in the second half. Citigroup (C) Still Expects the U.S. Federal Reserve to Cut Interest Rates This Year
• Positive Sentiment: Citigroup announced a senior hiring in its EMEA investment banking franchise, bringing in William Mansfield from Deutsche Bank to lead M&A in the region, a sign it is investing in fee-generating advisory growth. Citi hires Deutsche’s Mansfield to lead EMEA M&A -memo
• Positive Sentiment: Citigroup also launched new research with CREATE-Research on innovation in asset management, reinforcing its positioning in institutional services and client solutions. Citi and CREATE-Research Report: Innovation in Asset Management Pivots to ‘Operational Alpha’
• Neutral Sentiment: Citi’s outlook for Fed cuts was pushed back, with the bank now expecting 25-basis-point reductions in October and December rather than earlier in the year. That change is more a timing shift than a thesis break, but it suggests a less favorable near-term rate backdrop for banks. Citi Predicts Fed Rate Cuts Will Come Later Than Expected
• Neutral Sentiment: Trading activity showed unusually heavy call-option buying in Citigroup, which can indicate bullish speculation or hedging ahead of catalysts. Citigroup options activity
• Negative Sentiment: Higher-for-longer rate commentary from the Fed is a headwind for bank stocks in the near term because it can pressure funding costs and credit quality, even if it helps net interest income initially. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Negative Sentiment: Media reports about lawsuits and former-executive allegations tied to Trump-related account handling add a legal and reputational overhang for Citigroup. Citigroup faces lawsuit over alleged Trump-linked account issues

Wall Street Analyst Weigh In

C has been the subject of a number of research analyst reports. Oppenheimer reiterated an “outperform” rating and set a $145.00 price objective on shares of Citigroup in a research report on Friday, May 8th. Wall Street Zen raised shares of Citigroup from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Royal Bank Of Canada reiterated an “outperform” rating and set a $139.00 price target on shares of Citigroup in a report on Wednesday, April 15th. Piper Sandler reiterated an “overweight” rating and issued a $145.00 price target (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. Finally, Jefferies Financial Group assumed coverage on Citigroup in a report on Thursday, March 26th. They set a “buy” rating and a $135.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.79.

Citigroup Trading Down 0.3%

C opened at $143.37 on Friday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 0.99. Citigroup Inc. has a fifty-two week low of $77.50 and a fifty-two week high of $147.96. The company’s 50 day moving average price is $129.47 and its two-hundred day moving average price is $119.32. The firm has a market capitalization of $244.52 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 0.64 and a beta of 1.12.

Citigroup (NYSE:C) last released its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.63 by $0.43. The firm had revenue of $24.63 billion during the quarter, compared to the consensus estimate of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.96 earnings per share. As a group, research analysts predict that Citigroup Inc. will post 10.68 earnings per share for the current year.

Citigroup announced that its board has authorized a stock buyback program on Thursday, May 7th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits the company to repurchase up to 13.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Citigroup Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Monday, May 4th. Citigroup’s dividend payout ratio (DPR) is currently 29.74%.

Citigroup Company 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.