Citigroup Inc. (NYSE:C) Stake Increased by Kovitz Investment Group Partners LLC
Kovitz Investment Group Partners LLC boosted its stake in Citigroup Inc. (NYSE:C) by 8.7% during the first quarter, Holdings Channel reports. The institutional investor owned 600,496 shares of the financial services provider’s stock after buying an additional 47,892 shares during the period. Citigroup accounts for 2.0% of Kovitz Investment Group Partners LLC’s portfolio, making the stock its 24th largest position. Kovitz Investment Group Partners LLC’s holdings in Citigroup were worth $35,922,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kempner Capital Management Inc. boosted its stake in 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 during the period. Pennsylvania Trust Co boosted its stake in 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 during the period. E&G Advisors LP boosted its stake in 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 during the period. Horan Capital Management boosted its stake in 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 during the period. Finally, Banced Corp boosted its stake in 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 during the period. Hedge funds and other institutional investors own 74.89% of the company’s stock.
Citigroup Inc. (NYSE C) traded down 0.62% during midday trading on Friday, reaching $66.80. The company had a trading volume of 15,172,831 shares. The company has a market capitalization of $182.00 billion, a P/E ratio of 13.37 and a beta of 1.48. The firm has a 50-day moving average of $67.22 and a 200 day moving average of $61.90. Citigroup Inc. has a 1-year low of $45.16 and a 1-year high of $69.86.
Citigroup (NYSE:C) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, topping the consensus estimate of $1.21 by $0.07. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. Citigroup’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period last year, the company earned $1.24 earnings per share. On average, equities research analysts forecast that Citigroup Inc. will post $5.22 EPS for the current year.
Citigroup announced that its Board of Directors 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Monday, August 7th will be issued a $0.32 dividend. This is a positive change from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Thursday, August 3rd. Citigroup’s dividend payout ratio (DPR) is presently 25.55%.
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C has been the topic of several recent analyst reports. Nomura reiterated a “buy” rating and issued a $69.00 price target on shares of Citigroup in a report on Monday, April 17th. Vetr cut shares of Citigroup from a “strong-buy” rating to a “buy” rating and set a $66.90 price target on the stock. in a report on Tuesday, April 25th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $78.00 price target (up previously from $77.00) on shares of Citigroup in a report on Thursday, May 4th. Jefferies Group LLC reiterated a “hold” rating and issued a $68.00 price target on shares of Citigroup in a report on Friday, May 5th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $64.00 price target on shares of Citigroup in a report on Thursday, June 1st. Two equities 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 issued a strong buy rating to the stock. Citigroup presently has a consensus rating of “Buy” and a consensus target price of $69.08.
In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was 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 of the company’s stock, valued at $3,889,494.18. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.10% of the stock is currently owned by company insiders.
Citigroup Company Profile
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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