Citigroup Inc. (C) Shares Sold by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. cut its stake in shares of Citigroup Inc. (NYSE:C) by 2.0% during the first quarter, Holdings Channel reports. The institutional investor owned 10,754,088 shares of the financial services provider’s stock after selling 214,723 shares during the period. Citigroup makes up about 0.6% of Schwab Charles Investment Management Inc.’s portfolio, making the stock its 26th largest position. Schwab Charles Investment Management Inc.’s holdings in Citigroup were worth $643,310,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in C. Banced Corp raised its stake in shares of Citigroup by 5.8% in the first quarter. Banced Corp now owns 9,317 shares of the financial services provider’s stock valued at $557,000 after buying an additional 514 shares in the last quarter. Horan Capital Management raised its stake in shares of Citigroup by 3.2% in the first quarter. Horan Capital Management now owns 265,989 shares of the financial services provider’s stock valued at $15,911,000 after buying an additional 8,142 shares in the last quarter. E&G Advisors LP raised its stake in shares of Citigroup by 38.1% in the first quarter. E&G Advisors LP now owns 31,180 shares of the financial services provider’s stock valued at $1,865,000 after buying an additional 8,600 shares in the last quarter. Pennsylvania Trust Co raised its stake in shares of Citigroup by 3.0% in the first quarter. Pennsylvania Trust Co now owns 11,652 shares of the financial services provider’s stock valued at $697,000 after buying an additional 335 shares in the last quarter. Finally, Kempner Capital Management Inc. raised its stake in shares of Citigroup by 12.4% in the first quarter. Kempner Capital Management Inc. now owns 109,676 shares of the financial services provider’s stock valued at $6,561,000 after buying an additional 12,100 shares in the last quarter. 74.89% of the stock is owned by hedge funds and other institutional investors.
Shares of Citigroup Inc. (NYSE:C) traded down 0.85% during midday trading on Thursday, reaching $67.85. 3,830,453 shares of the company were exchanged. The stock has a 50-day moving average price of $67.03 and a 200 day moving average price of $61.79. The company has a market capitalization of $184.86 billion, a P/E ratio of 13.58 and a beta of 1.48. Citigroup Inc. has a 52-week low of $44.51 and a 52-week high of $69.86.
Citigroup (NYSE:C) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.07. The company had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The company’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.24 EPS. Equities research analysts expect that Citigroup Inc. will post $5.22 EPS for the current fiscal year.
Citigroup announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $15.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Monday, August 7th will be issued a dividend of $0.32 per share. This is an increase from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $1.28 annualized dividend and a dividend yield of 1.87%. Citigroup’s payout ratio is presently 25.55%.
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Several brokerages recently weighed in on C. J P Morgan Chase & Co set a $73.50 price objective on Citigroup and gave the company a “buy” rating in a report on Wednesday, August 2nd. Vetr downgraded Citigroup from a “strong-buy” rating to a “buy” rating and set a $76.22 target price for the company. in a research note on Monday, July 31st. Wells Fargo & Company started coverage on Citigroup in a research note on Wednesday. They issued an “outperform” rating and a $90.00 target price for the company. Deutsche Bank AG restated a “hold” rating on shares of Citigroup in a research note on Monday, July 3rd. Finally, Credit Suisse Group restated an “outperform” rating and issued a $76.00 target price (up from $70.00) on shares of Citigroup in a research note on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $68.95.
In related news, insider Jeffrey R. Walsh sold 5,000 shares of Citigroup stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total transaction of $344,850.00. Following the completion of the sale, the insider now owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.10% of the company’s stock.
Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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