Letko Brosseau & Associates Inc. Has $71.58 Million Stake in Citigroup Inc. (NYSE:C)

Letko Brosseau & Associates Inc. trimmed its stake in shares of Citigroup Inc. (NYSE:C) by 15.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,008,287 shares of the company’s stock after selling 190,575 shares during the quarter. Citigroup accounts for 1.5% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 26th largest holding. Letko Brosseau & Associates Inc.’s holdings in Citigroup were worth $71,578,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Brighton Jones LLC boosted its holdings in shares of Citigroup by 166.9% in the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after acquiring an additional 12,499 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in shares of Citigroup by 74.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 49,019 shares of the company’s stock worth $3,591,000 after buying an additional 20,918 shares during the period. Clearbridge Investments LLC boosted its stake in Citigroup by 23.6% in the fourth quarter. Clearbridge Investments LLC now owns 176,029 shares of the company’s stock valued at $12,391,000 after acquiring an additional 33,641 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Citigroup by 6.4% during the 4th quarter. Alliancebernstein L.P. now owns 4,256,282 shares of the company’s stock worth $299,600,000 after acquiring an additional 254,264 shares during the period. Finally, Summit Financial LLC raised its position in shares of Citigroup by 9.3% during the 4th quarter. Summit Financial LLC now owns 14,926 shares of the company’s stock valued at $1,051,000 after acquiring an additional 1,264 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Citigroup Price Performance

Shares of NYSE C opened at $94.51 on Wednesday. The company has a fifty day moving average price of $83.13 and a 200 day moving average price of $76.58. The firm has a market cap of $176.52 billion, a PE ratio of 13.96, a PEG ratio of 0.82 and a beta of 1.34. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $96.90.

Citigroup (NYSE:C) last posted its quarterly earnings data on Tuesday, July 15th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.35. The company had revenue of $21.67 billion during the quarter, compared to analysts’ expectations of $20.75 billion. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. Citigroup’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.52 earnings per share. Research analysts predict that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Monday, August 4th will be issued a $0.60 dividend. The ex-dividend date is Monday, August 4th. This is an increase from Citigroup’s previous quarterly dividend of $0.56. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.54%. Citigroup’s dividend payout ratio (DPR) is 33.09%.

Insider Activity at Citigroup

In related news, Director Peter B. Henry sold 3,000 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $90.40, for a total transaction of $271,200.00. Following the completion of the transaction, the director owned 2,140 shares in the company, valued at approximately $193,456. This represents a 58.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. TD Cowen raised their price target on Citigroup from $85.00 to $95.00 and gave the stock a “hold” rating in a research report on Wednesday, July 16th. JPMorgan Chase & Co. reduced their target price on Citigroup from $85.50 to $75.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Truist Financial upped their price target on Citigroup from $93.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, July 16th. Cowen initiated coverage on shares of Citigroup in a research report on Wednesday, May 14th. They issued a “hold” rating on the stock. Finally, Morgan Stanley boosted their price objective on shares of Citigroup from $103.00 to $107.00 and gave the company an “overweight” rating in a report on Wednesday, July 16th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $96.46.

About Citigroup

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.