Mystic Asset Management Inc. Boosts Stake in Citigroup Inc. (NYSE:C)

Mystic Asset Management Inc. lifted its stake in shares of Citigroup Inc. (NYSE:C) by 26.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,950 shares of the company’s stock after buying an additional 6,037 shares during the period. Mystic Asset Management Inc.’s holdings in Citigroup were worth $2,038,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Core Alternative Capital increased its holdings in Citigroup by 83.4% in the 4th quarter. Core Alternative Capital now owns 376 shares of the company’s stock worth $26,000 after buying an additional 171 shares during the period. Legacy Investment Solutions LLC purchased a new stake in shares of Citigroup in the 3rd quarter valued at $31,000. Webster Bank N. A. increased its stake in shares of Citigroup by 150.0% in the fourth quarter. Webster Bank N. A. now owns 500 shares of the company’s stock worth $35,000 after acquiring an additional 300 shares during the period. Creative Capital Management Investments LLC purchased a new position in shares of Citigroup during the fourth quarter worth $35,000. Finally, Sierra Ocean LLC acquired a new position in Citigroup during the fourth quarter valued at $37,000. 71.72% of the stock is owned by hedge funds and other institutional investors.

Citigroup Stock Up 1.7 %

C stock opened at $69.96 on Tuesday. Citigroup Inc. has a 52 week low of $53.51 and a 52 week high of $84.74. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.50. The firm has a 50-day simple moving average of $77.58 and a 200-day simple moving average of $70.06. The stock has a market capitalization of $131.84 billion, a P/E ratio of 11.76, a P/E/G ratio of 0.64 and a beta of 1.43.

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

Citigroup Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 3rd were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.20%. The ex-dividend date was Monday, February 3rd. Citigroup’s dividend payout ratio is currently 37.65%.

Citigroup announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 15th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 13.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on C. Evercore ISI increased their price target on Citigroup from $69.00 to $79.00 and gave the stock an “in-line” rating in a research report on Thursday, January 16th. Oppenheimer dropped their target price on Citigroup from $110.00 to $102.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Piper Sandler reissued an “overweight” rating and issued a $83.00 price target (up from $80.00) on shares of Citigroup in a report on Thursday, January 16th. The Goldman Sachs Group raised their price objective on shares of Citigroup from $77.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Finally, Bank of America boosted their target price on shares of Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $83.93.

Insider Activity at Citigroup

In other news, COO Anand Selvakesari sold 30,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 229,180 shares in the company, valued at $18,586,498. This represents a 11.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sara Wechter sold 15,125 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $81.01, for a total value of $1,225,276.25. Following the completion of the sale, the insider now directly owns 109,780 shares of the company’s stock, valued at approximately $8,893,277.80. This represents a 12.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,590 shares of company stock valued at $8,523,149. 0.08% of the stock is owned by insiders.

Citigroup Company 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.