Desjardins Global Asset Management Inc. Reduces Position in Citigroup Inc. (NYSE:C)

Desjardins Global Asset Management Inc. cut its stake in shares of Citigroup Inc. (NYSE:C) by 15.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 66,934 shares of the company’s stock after selling 11,816 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Citigroup were worth $3,443,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Snider Financial Group lifted its holdings in shares of Citigroup by 96,645.9% in the first quarter. Snider Financial Group now owns 84,494,926 shares of the company’s stock worth $4,512,000 after buying an additional 84,407,589 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Citigroup by 1.5% in the first quarter. Geode Capital Management LLC now owns 35,179,006 shares of the company’s stock worth $1,646,775,000 after buying an additional 519,202 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Citigroup by 2.6% in the fourth quarter. Morgan Stanley now owns 25,852,678 shares of the company’s stock worth $1,169,317,000 after buying an additional 666,560 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Citigroup by 1.2% in the third quarter. Northern Trust Corp now owns 20,051,311 shares of the company’s stock worth $824,710,000 after buying an additional 232,652 shares in the last quarter. Finally, Pzena Investment Management LLC lifted its holdings in shares of Citigroup by 3.0% in the third quarter. Pzena Investment Management LLC now owns 16,627,430 shares of the company’s stock worth $683,886,000 after buying an additional 486,952 shares in the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

C has been the topic of a number of recent analyst reports. The Goldman Sachs Group reissued a “buy” rating on shares of Citigroup in a report on Monday, April 1st. Barclays raised their target price on shares of Citigroup from $59.00 to $63.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Oppenheimer lowered their target price on shares of Citigroup from $88.00 to $87.00 and set an “outperform” rating on the stock in a research note on Monday. Keefe, Bruyette & Woods raised their target price on shares of Citigroup from $54.00 to $66.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Finally, Piper Sandler raised their target price on shares of Citigroup from $67.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $62.91.

Citigroup Price Performance

Shares of C stock traded down $1.48 during trading hours on Tuesday, hitting $57.08. 15,341,362 shares of the company’s stock were exchanged, compared to its average volume of 17,224,064. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50. Citigroup Inc. has a 12-month low of $38.17 and a 12-month high of $63.90. The company has a market capitalization of $109.32 billion, a PE ratio of 16.99, a PEG ratio of 0.93 and a beta of 1.52. The business’s 50 day simple moving average is $57.99 and its 200-day simple moving average is $50.81.

Citigroup (NYSE:C) last issued its earnings results on Friday, April 12th. The company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.29. The firm had revenue of $21.10 billion for the quarter, compared to analysts’ expectations of $20.46 billion. Citigroup had a net margin of 4.90% and a return on equity of 6.17%. The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the business earned $1.86 earnings per share. On average, equities research analysts anticipate that Citigroup Inc. will post 5.73 earnings per share for the current year.

Citigroup Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.71%. The ex-dividend date of this dividend is Friday, May 3rd. Citigroup’s dividend payout ratio (DPR) is currently 62.72%.

Citigroup Profile

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.