Summit Global Investments Grows Holdings in Citigroup Inc. (NYSE:C)

Summit Global Investments grew its stake in Citigroup Inc. (NYSE:C) by 104.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,604 shares of the company’s stock after buying an additional 31,964 shares during the period. Summit Global Investments’ holdings in Citigroup were worth $4,407,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of C. Wayfinding Financial LLC purchased a new stake in shares of Citigroup in the 4th quarter valued at $250,000. AllSquare Wealth Management LLC boosted its stake in shares of Citigroup by 77.5% in the 4th quarter. AllSquare Wealth Management LLC now owns 2,748 shares of the company’s stock valued at $193,000 after purchasing an additional 1,200 shares in the last quarter. DCF Advisers LLC boosted its stake in shares of Citigroup by 12.5% in the 4th quarter. DCF Advisers LLC now owns 45,000 shares of the company’s stock valued at $3,168,000 after purchasing an additional 5,000 shares in the last quarter. HUB Investment Partners LLC boosted its stake in shares of Citigroup by 36.5% in the 4th quarter. HUB Investment Partners LLC now owns 15,022 shares of the company’s stock valued at $1,057,000 after purchasing an additional 4,013 shares in the last quarter. Finally, Whittier Trust Co. boosted its stake in shares of Citigroup by 14.6% in the 4th quarter. Whittier Trust Co. now owns 41,212 shares of the company’s stock valued at $2,900,000 after purchasing an additional 5,260 shares in the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Analysts Set New Price Targets

C has been the subject of a number of research reports. StockNews.com raised shares of Citigroup from a “hold” rating to a “buy” rating in a research note on Saturday. Piper Sandler reissued an “overweight” rating and set a $83.00 price target (up previously from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Morgan Stanley dropped their price target on shares of Citigroup from $110.00 to $109.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Oppenheimer dropped their price target on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Finally, Truist Financial began coverage on shares of Citigroup in a research report on Tuesday, January 7th. They set a “buy” rating and a $85.00 price target for the company. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Citigroup has an average rating of “Moderate Buy” and a consensus target price of $83.53.

Citigroup Trading Up 0.2 %

NYSE:C opened at $71.93 on Friday. The company has a 50-day moving average price of $77.46 and a 200-day moving average price of $70.20. Citigroup Inc. has a 12 month low of $53.51 and a 12 month high of $84.74. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. The stock has a market cap of $135.56 billion, a price-to-earnings ratio of 12.09, a P/E/G ratio of 0.64 and a beta of 1.43.

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

Citigroup Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 3rd were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 3.11%. Citigroup’s dividend payout ratio (DPR) is currently 37.65%.

Citigroup announced that its board has authorized a share repurchase plan on Wednesday, January 15th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the company to purchase up to 13.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Citigroup

In other Citigroup news, CFO Mark Mason sold 58,465 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $83.21, for a total transaction of $4,864,872.65. Following the completion of the sale, the chief financial officer now directly owns 217,331 shares in the company, valued at approximately $18,084,112.51. This trade represents a 21.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Anand Selvakesari sold 30,000 shares of the firm’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the sale, the chief operating officer now owns 229,180 shares of the company’s stock, valued at approximately $18,586,498. This represents a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,590 shares of company stock valued at $8,523,149 in the last three months. Company insiders own 0.08% of the company’s stock.

Citigroup 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.