Summit Securities Group LLC Boosts Stake in Citigroup Inc. (NYSE:C)

Summit Securities Group LLC lifted its holdings in shares of Citigroup Inc. (NYSE:C) by 291.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 23,100 shares of the company’s stock after acquiring an additional 17,200 shares during the quarter. Citigroup accounts for about 0.3% of Summit Securities Group LLC’s investment portfolio, making the stock its 29th largest holding. Summit Securities Group LLC’s holdings in Citigroup were worth $1,626,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Brookstone Capital Management increased its position in shares of Citigroup by 340.6% during the fourth quarter. Brookstone Capital Management now owns 36,034 shares of the company’s stock valued at $2,536,000 after acquiring an additional 27,856 shares during the last quarter. Inspire Trust Co. N.A. increased its holdings in Citigroup by 34.8% in the 3rd quarter. Inspire Trust Co. N.A. now owns 77,506 shares of the company’s stock valued at $4,852,000 after purchasing an additional 20,000 shares during the last quarter. FNY Investment Advisers LLC lifted its stake in Citigroup by 168.7% during the fourth quarter. FNY Investment Advisers LLC now owns 19,560 shares of the company’s stock worth $1,376,000 after purchasing an additional 12,280 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Citigroup by 2.4% during the third quarter. HighTower Advisors LLC now owns 354,294 shares of the company’s stock worth $22,236,000 after buying an additional 8,301 shares during the period. Finally, Candriam S.C.A. grew its stake in shares of Citigroup by 12.7% in the fourth quarter. Candriam S.C.A. now owns 200,860 shares of the company’s stock valued at $14,139,000 after buying an additional 22,657 shares in the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Anand Selvakesari sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $81.10, for a total value of $2,433,000.00. Following 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 through the SEC website. Also, CFO Mark Mason sold 58,465 shares of the business’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $83.21, for a total value of $4,864,872.65. Following the completion of the transaction, the chief financial officer now directly owns 217,331 shares of the company’s stock, valued at approximately $18,084,112.51. This trade represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,590 shares of company stock worth $8,523,149. Company insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on C shares. Oppenheimer dropped their target price on Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 target price (up from $80.00) on shares of Citigroup in a research note on Thursday, January 16th. Truist Financial began coverage on shares of Citigroup in a research report on Tuesday, January 7th. They issued a “buy” rating and a $85.00 price target for the company. Morgan Stanley cut their price objective on Citigroup from $110.00 to $109.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Barclays raised Citigroup from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $70.00 to $95.00 in a research note on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Citigroup has a consensus rating of “Moderate Buy” and a consensus target price of $84.50.

Citigroup Stock Performance

Shares of Citigroup stock opened at $70.28 on Friday. The stock has a market capitalization of $132.28 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 0.64 and a beta of 1.43. The firm’s fifty day simple moving average is $77.06 and its 200-day simple moving average is $70.72. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. Citigroup Inc. has a 12 month low of $53.51 and a 12 month high of $84.74.

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

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

Citigroup Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend was Monday, February 3rd. Citigroup’s dividend payout ratio is presently 37.65%.

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.