Arizona State Retirement System Sells 16,873 Shares of Citigroup Inc. $C

Arizona State Retirement System lowered its holdings in shares of Citigroup Inc. (NYSE:C) by 3.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 473,271 shares of the company’s stock after selling 16,873 shares during the period. Arizona State Retirement System’s holdings in Citigroup were worth $66,239,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in C. Brighton Jones LLC lifted its holdings in shares of Citigroup by 166.9% in the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock valued at $1,407,000 after purchasing an additional 12,499 shares in the last quarter. Sivia Capital Partners LLC raised its position in Citigroup by 20.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company’s stock valued at $835,000 after buying an additional 1,669 shares during the last quarter. United Bank purchased a new stake in Citigroup in the 2nd quarter valued at $972,000. Osterweis Capital Management Inc. lifted its stake in Citigroup by 3,016.7% during the 2nd quarter. Osterweis Capital Management Inc. now owns 935 shares of the company’s stock valued at $80,000 after acquiring an additional 905 shares in the last quarter. Finally, HUB Investment Partners LLC lifted its stake in Citigroup by 26.9% during the 2nd quarter. HUB Investment Partners LLC now owns 15,287 shares of the company’s stock valued at $1,301,000 after acquiring an additional 3,238 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup could receive final Chinese regulatory approval as soon as September for its wholly owned mainland brokerage. Citi plans to roughly double the unit’s staff, expanding its presence in China’s technology, healthcare, consumer and financial sectors and creating a potential long-term growth opportunity. Citigroup Moves Deeper Into China’s Capital Markets
• Positive Sentiment: Citi and DBS completed a live Singapore-to-U.S. dollar payment over a weekend in minutes using tokenized bank deposits and SWIFT’s Digital Ledger. The transaction highlights Citi’s payments technology and could support its transaction-banking franchise by enabling faster, around-the-clock cross-border settlement. Citi and DBS Mark First Singapore-to-U.S. Weekend Dollar Transaction
• Neutral Sentiment: Citi’s analysts expect semiconductor stocks to rebound on data-center demand, while the bank also became more bullish on trucking stocks. These calls may benefit Citi’s investment-banking and trading activity if market sentiment improves, but they do not directly change the company’s earnings outlook. Citi’s Semiconductor Outlook
• Negative Sentiment: Analysts warn that capital-markets momentum is fading in the third quarter. Because Citi has significant investment-banking and markets exposure, softer deal activity, underwriting and trading revenue could produce uneven results and offset some benefits from the China expansion and payments initiatives. Capital Markets Momentum Fades

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on C shares. Royal Bank Of Canada reissued an “outperform” rating and set a $150.00 price target on shares of Citigroup in a research report on Wednesday, July 15th. Truist Financial decreased their price objective on shares of Citigroup from $158.00 to $154.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Wall Street Zen cut shares of Citigroup from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Morgan Stanley boosted their target price on Citigroup from $154.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Finally, Argus set a $150.00 price target on Citigroup in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Citigroup currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.22.

Citigroup Stock Performance

Citigroup stock traded down $1.08 during mid-day trading on Tuesday, reaching $136.64. The company’s stock had a trading volume of 6,470,876 shares, compared to its average volume of 12,816,758. The firm’s fifty day moving average price is $135.16 and its two-hundred day moving average price is $127.72. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99. Citigroup Inc. has a 12-month low of $93.66 and a 12-month high of $147.96. The company has a market capitalization of $233.05 billion, a P/E ratio of 14.76, a PEG ratio of 0.62 and a beta of 1.12.

Citigroup (NYSE:C) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, beating the consensus estimate of $2.74 by $0.41. The firm had revenue of $24.77 billion for the quarter, compared to analysts’ expectations of $23.74 billion. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The company’s revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.96 earnings per share. Sell-side analysts predict that Citigroup Inc. will post 11.21 EPS for the current fiscal year.

Citigroup Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Monday, August 3rd were issued a dividend of $0.67 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s payout ratio is presently 28.94%.

Citigroup Profile

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.