Penobscot Investment Management Company Inc. Increases Stake in Citigroup Inc. $C

Penobscot Investment Management Company Inc. grew its stake in shares of Citigroup Inc. (NYSE:C) by 15.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,224 shares of the company’s stock after buying an additional 11,438 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Citigroup were worth $9,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of C. Mcguire Capital Advisors Inc. purchased a new position in Citigroup during the fourth quarter valued at $25,000. Richards Merrill & Peterson Inc. bought a new position in shares of Citigroup during the 4th quarter valued at about $28,000. TD Capital Management LLC bought a new position in shares of Citigroup during the 4th quarter valued at about $28,000. Luken Investment Analytics LLC purchased a new position in shares of Citigroup during the fourth quarter valued at about $32,000. Finally, High Note Wealth LLC increased its holdings in shares of Citigroup by 107.7% in the fourth quarter. High Note Wealth LLC now owns 270 shares of the company’s stock worth $32,000 after purchasing an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Trading Down 2.2%

C opened at $140.75 on Wednesday. The stock has a 50-day moving average of $133.05 and a 200 day moving average of $122.37. 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 $85.48 and a 12 month high of $147.96. The firm has a market cap of $240.05 billion, a P/E ratio of 17.44, a P/E/G ratio of 0.62 and a beta of 1.11.

Citigroup (NYSE:C) last posted its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.63 by $0.43. The business had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The company’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period last year, the company earned $1.96 EPS. As a group, research analysts forecast that Citigroup Inc. will post 10.83 EPS for the current year.

Citigroup announced that its Board of Directors 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 reacquire up to 13.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on C shares. Royal Bank Of Canada reiterated an “outperform” rating and issued a $139.00 target price on shares of Citigroup in a research report on Wednesday, April 15th. Jefferies Financial Group started coverage on Citigroup in a research note on Thursday, March 26th. They issued a “buy” rating and a $135.00 price objective on the stock. Morgan Stanley upped their price objective on Citigroup from $154.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. UBS Group increased their target price on Citigroup from $134.00 to $150.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. raised their target price on shares of Citigroup from $135.50 to $149.00 and gave the company an “overweight” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $145.00.

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 2,117 shares of the firm’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 completion of the sale, the director directly owned 12,194 shares in the company, valued at $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Edward Skyler sold 25,000 shares of the business’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction 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 position. The disclosure for this sale is available in the SEC filing. 0.11% of the stock is owned by company insiders.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Bank of America and UBS both raised their price targets on Citigroup, and JPMorgan also lifted its target while keeping an overweight view, reinforcing bullish expectations ahead of earnings.
• Positive Sentiment: Wall Street is expecting strong second-quarter results from big banks, with analysts citing better trading and investment-banking revenue and potential earnings upside for Citigroup.
• Positive Sentiment: Citigroup expanded its precious-metals franchise by becoming a clearing member of London Precious Metals Clearing Limited, which broadens its gold, silver, platinum, and palladium settlement services.
• Positive Sentiment: Citi was also named depositary bank for Vicore Pharma’s ADR program, adding another piece of issuer-services business that supports fee generation.
• Neutral Sentiment: The bank is set to report quarterly earnings next week, and investors are positioning around whether Citigroup can deliver an earnings beat and confirm the recent positive analyst revisions. Article Title
• Negative Sentiment: A podcast-style consumer complaint about an elderly widow’s credit-card debt mentioned Citi cards and could add a small reputational overhang, though it is unlikely to move the stock much on its own. Article Title

About Citigroup

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.