Citigroup Inc. (C) Stake Increased by Murphy Capital Management Inc.
Murphy Capital Management Inc. boosted its stake in Citigroup Inc. (NYSE:C) by 11.2% during the second quarter, Holdings Channel reports. The firm owned 32,841 shares of the financial services provider’s stock after buying an additional 3,301 shares during the period. Murphy Capital Management Inc.’s holdings in Citigroup were worth $2,196,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Advisory Services Network LLC purchased a new position in shares of Citigroup during the first quarter valued at approximately $877,000. Advisor Partners LLC raised its stake in Citigroup by 10.6% in the first quarter. Advisor Partners LLC now owns 48,936 shares of the financial services provider’s stock valued at $2,927,000 after buying an additional 4,685 shares in the last quarter. Capital Advisors Inc. OK raised its stake in Citigroup by 2.1% in the first quarter. Capital Advisors Inc. OK now owns 393,431 shares of the financial services provider’s stock valued at $23,535,000 after buying an additional 8,070 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in Citigroup by 7.5% in the first quarter. Diamond Hill Capital Management Inc. now owns 9,680,474 shares of the financial services provider’s stock valued at $579,086,000 after buying an additional 672,933 shares in the last quarter. Finally, Honkamp Krueger Financial Services Inc. raised its stake in Citigroup by 6.9% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 4,386 shares of the financial services provider’s stock valued at $262,000 after buying an additional 283 shares in the last quarter. Hedge funds and other institutional investors own 74.89% of the company’s stock.
Shares of Citigroup Inc. (NYSE:C) traded down 1.1594% during trading on Thursday, hitting $67.6366. 9,961,570 shares of the company’s stock were exchanged. The stock has a market cap of $184.28 billion, a PE ratio of 13.5409 and a beta of 1.48. The stock’s 50-day moving average price is $67.03 and its 200-day moving average price is $61.79. Citigroup Inc. has a 1-year low of $44.51 and a 1-year high of $69.86.
Citigroup (NYSE:C) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.07. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The company had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.38 billion. During the same period last year, the company posted $1.24 EPS. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, equities analysts expect that Citigroup Inc. will post $5.22 earnings per share for the current fiscal year.
Citigroup announced that its board has approved a stock repurchase program on Wednesday, June 28th that allows the company to buyback $15.60 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Monday, August 7th will be paid a $0.32 dividend. This is an increase from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Thursday, August 3rd. Citigroup’s dividend payout ratio (DPR) is presently 25.55%.
Several research firms have issued reports on C. J P Morgan Chase & Co set a $73.50 price target on shares of Citigroup and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Vetr lowered shares of Citigroup from a “strong-buy” rating to a “buy” rating and set a $76.22 price target on the stock. in a research report on Monday, July 31st. Wells Fargo & Company began coverage on shares of Citigroup in a research report on Wednesday. They issued an “outperform” rating and a $90.00 price target on the stock. Deutsche Bank AG restated a “hold” rating on shares of Citigroup in a research report on Monday, July 3rd. Finally, Credit Suisse Group restated an “outperform” rating and issued a $76.00 price target (up from $70.00) on shares of Citigroup in a research report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $68.95.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the sale, the insider now directly owns 56,394 shares in the company, valued at approximately $3,889,494.18. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company 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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