The Manufacturers Life Insurance Company Reduces Position in Citigroup Inc. $C

The Manufacturers Life Insurance Company trimmed its stake in Citigroup Inc. (NYSE:C) by 13.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,872,525 shares of the company’s stock after selling 293,492 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.11% of Citigroup worth $212,363,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Whipplewood Advisors LLC acquired a new stake in shares of Citigroup during the 1st quarter worth about $25,000. Mcguire Capital Advisors Inc. purchased a new stake in shares of Citigroup during the fourth quarter worth about $25,000. Richards Merrill & Peterson Inc. acquired a new position in shares of Citigroup in the fourth quarter valued at approximately $28,000. TD Capital Management LLC acquired a new position in shares of Citigroup in the fourth quarter valued at approximately $28,000. Finally, IMG Wealth Management Inc. lifted its stake in shares of Citigroup by 197.6% during the first quarter. IMG Wealth Management Inc. now owns 244 shares of the company’s stock valued at $28,000 after buying an additional 162 shares during the period. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Insider Activity

In related news, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the completion of the sale, the director owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.11% of the company’s stock.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup launched Citi Consolidate, an invoice-processing and payables solution integrated with Infor Nexus. The platform digitizes purchase orders, invoice approvals and payments for corporate clients, potentially strengthening Citi’s transaction-banking relationships and adding recurring fee revenue. Citi Is Now Live With a Trade Digitization Solution Integrating Supply Chain Solutions
• Positive Sentiment: Wall Street strategists identified large banks, including Citigroup, as overlooked beneficiaries of the AI investment cycle. Banks could gain from financing data-center construction, managing payments and providing capital-markets services, broadening Citi’s exposure beyond traditional lending. Wall Street Banks Eyed as Overlooked Beneficiaries of AI Trade
• Positive Sentiment: Analyst commentary remains supportive after Citi’s strong second-quarter performance. The bank’s record results, transformation plan and shareholder-return prospects are being cited as reasons the stock may still offer upside despite its recent rerating. Is Citigroup Stock Still a Buy After Its Blockbuster Q2 Performance?
• Neutral Sentiment: Citigroup expects the Federal Reserve to hold interest rates at its upcoming meeting, while assigning a 33% probability to a hike. A stable-rate outlook could support net interest income, but the possibility of tighter policy keeps investors focused on inflation and credit conditions. Citigroup Expects Fed to Maintain Rates Amid 33% Hike Probability
• Negative Sentiment: Broader concerns that massive AI spending may prove unsustainable represent a risk to banks positioned to finance the buildout. A pullback in AI investment could reduce loan demand, deal activity and market sentiment toward financial stocks. Singapore’s MAS Flags AI Pullback as Threat to Global Markets

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on C shares. Keefe, Bruyette & Woods raised their target price on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. UBS Group boosted their price target on Citigroup from $134.00 to $150.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Citigroup in a research note on Friday, July 17th. Piper Sandler restated an “overweight” rating and set a $145.00 price objective (up from $125.00) on shares of Citigroup in a report on Wednesday, April 15th. Finally, Morgan Stanley lifted their price objective on Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $145.67.

Citigroup Stock Down 0.4%

Shares of NYSE C opened at $132.53 on Wednesday. The stock has a market capitalization of $226.04 billion, a PE ratio of 14.31, a P/E/G ratio of 0.60 and a beta of 1.11. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71. The firm has a fifty day moving average of $135.48 and a 200-day moving average of $123.98. Citigroup Inc. has a 52-week low of $87.94 and a 52-week high of $147.96.

Citigroup (NYSE:C) last issued its earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.74 by $0.41. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The firm had revenue of $24.75 billion for the quarter, compared to analysts’ expectations of $23.74 billion. During the same quarter last year, the firm earned $1.96 earnings per share. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, analysts anticipate that Citigroup Inc. will post 11.2 EPS for the current year.

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

Citigroup Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 3rd will be paid a $0.67 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. This is an increase from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s dividend payout ratio is presently 25.92%.

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.