APG Asset Management N.V. Reduces Position in Citigroup Inc. (C)
APG Asset Management N.V. lowered its position in shares of Citigroup Inc. (NYSE:C) by 0.7% during the second quarter, Holdings Channel reports. The firm owned 9,120,636 shares of the financial services provider’s stock after selling 67,900 shares during the period. Citigroup accounts for 1.1% of APG Asset Management N.V.’s investment portfolio, making the stock its 9th largest position. APG Asset Management N.V.’s holdings in Citigroup were worth $609,988,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Sheets Smith Wealth Management bought a new position in shares of Citigroup during the first quarter valued at about $2,956,000. Augustine Asset Management Inc. boosted its position in shares of Citigroup by 14.0% in the first quarter. Augustine Asset Management Inc. now owns 95,906 shares of the financial services provider’s stock valued at $5,737,000 after buying an additional 11,752 shares during the last quarter. Nexus Investment Management Inc. boosted its position in shares of Citigroup by 0.3% in the first quarter. Nexus Investment Management Inc. now owns 372,625 shares of the financial services provider’s stock valued at $22,290,000 after buying an additional 1,250 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of Citigroup by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 6,626 shares of the financial services provider’s stock valued at $385,000 after buying an additional 467 shares during the last quarter. Finally, Carroll Financial Associates Inc. boosted its position in shares of Citigroup by 9.7% in the first quarter. Carroll Financial Associates Inc. now owns 5,686 shares of the financial services provider’s stock valued at $340,000 after buying an additional 503 shares during the last quarter. Institutional investors own 74.89% of the company’s stock.
Citigroup Inc. (NYSE C) traded down 0.222% on Friday, hitting $67.071. The stock had a trading volume of 8,450,507 shares. The company’s 50 day moving average price is $67.13 and its 200-day moving average price is $61.83. Citigroup Inc. has a 12-month low of $45.16 and a 12-month high of $69.86. The company has a market cap of $182.74 billion, a price-to-earnings ratio of 13.428 and a beta of 1.48.
Citigroup (NYSE:C) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.07. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.24 EPS. Equities research analysts anticipate that Citigroup Inc. will post $5.22 EPS for the current year.
Citigroup announced that its board has approved a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase plans 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 given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.90%. This is a boost from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, August 3rd. Citigroup’s dividend payout ratio is presently 25.55%.
Several equities analysts have recently issued reports on the company. J P Morgan Chase & Co set a $73.50 price objective on Citigroup and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Vetr cut Citigroup from a “strong-buy” rating to a “buy” rating and set a $76.22 price objective for the company. in a research note on Monday, July 31st. Wells Fargo & Company assumed coverage on Citigroup in a research note on Wednesday. They issued an “outperform” rating and a $90.00 price objective for the company. Deutsche Bank AG reiterated a “hold” rating on shares of Citigroup in a research note on Monday, July 3rd. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $76.00 price objective (up previously from $70.00) on shares of Citigroup in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $69.08.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $68.97, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is currently owned by corporate insiders.
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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