Gemmer Asset Management LLC Trims Position in Citigroup Inc. (C)
Gemmer Asset Management LLC lessened its position in shares of Citigroup Inc. (NYSE:C) by 29.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,601 shares of the financial services provider’s stock after selling 664 shares during the quarter. Gemmer Asset Management LLC’s holdings in Citigroup were worth $107,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of C. Waldron LP increased its position in Citigroup by 21.2% during the first quarter. Waldron LP now owns 7,301 shares of the financial services provider’s stock valued at $436,000 after acquiring an additional 1,276 shares during the last quarter. Canada Pension Plan Investment Board increased its position in Citigroup by 82.6% in the first quarter. Canada Pension Plan Investment Board now owns 5,097,386 shares of the financial services provider’s stock worth $304,926,000 after buying an additional 2,306,300 shares in the last quarter. Advisor Partners LLC increased its position in Citigroup by 10.6% in the first quarter. Advisor Partners LLC now owns 48,936 shares of the financial services provider’s stock worth $2,927,000 after buying an additional 4,685 shares in the last quarter. Wright Investors Service Inc. increased its position in Citigroup by 15.1% in the first quarter. Wright Investors Service Inc. now owns 31,211 shares of the financial services provider’s stock worth $1,867,000 after buying an additional 4,100 shares in the last quarter. Finally, Delta Capital Management LLC increased its position in Citigroup by 34.2% in the first quarter. Delta Capital Management LLC now owns 88,871 shares of the financial services provider’s stock worth $5,316,000 after buying an additional 22,625 shares in the last quarter. Institutional investors own 75.38% of the company’s stock.
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Citigroup Inc. (C) traded down 0.50% during midday trading on Friday, hitting $71.40. The stock had a trading volume of 10,446,623 shares. The company has a market cap of $194.53 billion, a PE ratio of 14.29 and a beta of 1.47. The firm has a 50-day moving average of $68.04 and a 200-day moving average of $63.70. Citigroup Inc. has a 12-month low of $45.16 and a 12-month high of $71.70.
Citigroup (NYSE:C) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.07. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The company had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.38 billion. During the same period in the previous year, the business earned $1.24 EPS. Citigroup’s quarterly revenue was up 2.0% on a year-over-year basis. Equities research analysts forecast that Citigroup Inc. will post $5.21 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Monday, August 7th were paid a dividend of $0.32 per share. 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 1.79%. The ex-dividend date of this dividend was Thursday, August 3rd. Citigroup’s payout ratio is 25.55%.
Citigroup declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $15.60 billion in outstanding shares. This buyback authorization authorizes 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 stock is undervalued.
C has been the subject of a number of analyst reports. Zacks Investment Research upgraded Citigroup from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. Vetr upgraded Citigroup from a “buy” rating to a “strong-buy” rating and set a $76.34 price target for the company in a research report on Thursday, August 3rd. BMO Capital Markets restated a “buy” rating and issued a $64.00 price target on shares of Citigroup in a research report on Thursday, June 1st. Buckingham Research restated a “buy” rating and issued a $81.00 price target (up previously from $70.00) on shares of Citigroup in a research report on Monday, July 10th. Finally, Credit Suisse Group restated an “outperform” rating and issued a $72.00 price target (up previously from $64.00) on shares of Citigroup in a research report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $70.08.
In other news, CEO Francisco Aristeguieta sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the transaction, the chief executive officer now directly owns 77,570 shares in the company, valued at approximately $5,239,853.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jeffrey R. Walsh sold 5,000 shares of the business’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 transaction, the insider now owns 56,394 shares in the company, valued at $3,889,494.18. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by 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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