Invesco Ltd. Has $1.77 Billion Position in Citigroup Inc. $C

Invesco Ltd. lifted its holdings in Citigroup Inc. (NYSE:C) by 6.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 15,139,403 shares of the company’s stock after buying an additional 887,430 shares during the period. Invesco Ltd.’s holdings in Citigroup were worth $1,766,617,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Brighton Jones LLC grew its stake in Citigroup by 166.9% during the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after purchasing an additional 12,499 shares during the period. Sivia Capital Partners LLC lifted its stake in Citigroup by 20.5% in the second 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 period. United Bank acquired a new position in Citigroup in the second quarter valued at approximately $972,000. Osterweis Capital Management Inc. boosted its holdings in shares of Citigroup by 3,016.7% during the 2nd quarter. Osterweis Capital Management Inc. now owns 935 shares of the company’s stock worth $80,000 after buying an additional 905 shares in the last quarter. Finally, HUB Investment Partners LLC grew its position in shares of Citigroup by 26.9% during the 2nd quarter. HUB Investment Partners LLC now owns 15,287 shares of the company’s stock worth $1,301,000 after buying an additional 3,238 shares during the period. 71.72% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi’s own research still expects the U.S. Federal Reserve to cut interest rates later this year, which could eventually support loan demand and market activity if inflation and employment soften in the second half. Citigroup (C) Still Expects the U.S. Federal Reserve to Cut Interest Rates This Year
• Positive Sentiment: Citigroup announced a senior hiring in its EMEA investment banking franchise, bringing in William Mansfield from Deutsche Bank to lead M&A in the region, a sign it is investing in fee-generating advisory growth. Citi hires Deutsche’s Mansfield to lead EMEA M&A -memo
• Positive Sentiment: Citigroup also launched new research with CREATE-Research on innovation in asset management, reinforcing its positioning in institutional services and client solutions. Citi and CREATE-Research Report: Innovation in Asset Management Pivots to ‘Operational Alpha’
• Neutral Sentiment: Citi’s outlook for Fed cuts was pushed back, with the bank now expecting 25-basis-point reductions in October and December rather than earlier in the year. That change is more a timing shift than a thesis break, but it suggests a less favorable near-term rate backdrop for banks. Citi Predicts Fed Rate Cuts Will Come Later Than Expected
• Neutral Sentiment: Trading activity showed unusually heavy call-option buying in Citigroup, which can indicate bullish speculation or hedging ahead of catalysts. Citigroup options activity
• Negative Sentiment: Higher-for-longer rate commentary from the Fed is a headwind for bank stocks in the near term because it can pressure funding costs and credit quality, even if it helps net interest income initially. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Negative Sentiment: Media reports about lawsuits and former-executive allegations tied to Trump-related account handling add a legal and reputational overhang for Citigroup. Citigroup faces lawsuit over alleged Trump-linked account issues

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Jefferies Financial Group began coverage on shares of Citigroup in a research report on Thursday, March 26th. They set a “buy” rating and a $135.00 target price on the stock. The Goldman Sachs Group raised their price target on shares of Citigroup from $137.00 to $151.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Wells Fargo & Company lifted their price target on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday. Wall Street Zen raised shares of Citigroup from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Citigroup in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $137.79.

Citigroup Stock Performance

NYSE C opened at $143.37 on Friday. The company has a market cap of $244.52 billion, a P/E ratio of 17.77, a PEG ratio of 0.64 and a beta of 1.12. The company has a fifty day simple moving average of $129.47 and a 200 day simple moving average of $119.32. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. Citigroup Inc. has a 12-month low of $77.50 and a 12-month high of $147.96.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.43. The firm had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period last year, the firm earned $1.96 earnings per share. Sell-side analysts predict that Citigroup Inc. will post 10.68 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were given a $0.60 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $2.40 annualized dividend and a yield of 1.7%. Citigroup’s dividend payout ratio (DPR) is presently 29.74%.

Citigroup announced that its board has initiated a stock buyback program on Thursday, May 7th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the company to buy up to 13.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Citigroup

In other news, insider Edward Skyler sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value of $3,285,250.00. Following the transaction, the insider owned 182,022 shares in the company, valued at $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Cunningham Dugan sold 2,117 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the sale, the director owned 12,194 shares of the company’s stock, valued at $1,527,908.20. This trade represents a 14.79% decrease in their position. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by insiders.

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.