Ninepoint Partners LP Invests $580,000 in Citigroup Inc. $C

Ninepoint Partners LP acquired a new position in shares of Citigroup Inc. (NYSE:C) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,142 shares of the company’s stock, valued at approximately $580,000.

Several other institutional investors have also added to or reduced their stakes in C. Truist Financial Corp grew its holdings in shares of Citigroup by 4.7% in the 4th quarter. Truist Financial Corp now owns 375,977 shares of the company’s stock valued at $43,873,000 after acquiring an additional 16,744 shares in the last quarter. UniSuper Management Pty Ltd raised its holdings in Citigroup by 38.8% during the fourth quarter. UniSuper Management Pty Ltd now owns 1,306,851 shares of the company’s stock worth $152,496,000 after acquiring an additional 365,041 shares in the last quarter. Brighton Jones LLC boosted its position in Citigroup by 166.9% during 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 during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Citigroup by 4.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,819,471 shares of the company’s stock valued at $453,371,000 after purchasing an additional 145,610 shares during the last quarter. Finally, Highland Capital Management LLC increased its position in shares of Citigroup by 6.2% during the 4th quarter. Highland Capital Management LLC now owns 217,753 shares of the company’s stock worth $25,410,000 after purchasing an additional 12,764 shares during the last quarter. 71.72% of the stock is owned by institutional investors.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
• Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
• Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
• Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C’s July Card Delinquencies Tick Up

Citigroup Stock Up 1.4%

C opened at $131.46 on Friday. The stock’s fifty day simple moving average is $137.20 and its 200 day simple moving average is $126.29. Citigroup Inc. has a 1-year low of $92.84 and a 1-year high of $147.96. The stock has a market cap of $224.22 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 0.58 and a beta of 1.12. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, topping analysts’ consensus estimates of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm had revenue of $24.77 billion during the quarter, compared to analysts’ expectations of $23.74 billion. During the same period in the previous year, the business posted $1.96 earnings per share. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, research analysts expect that Citigroup Inc. will post 11.2 earnings per share for the current year.

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

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, August 3rd. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s payout ratio is presently 28.94%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on C. Keefe, Bruyette & Woods increased their price objective on Citigroup from $140.00 to $153.00 and gave the company an “outperform” rating in a report on Friday, May 8th. JPMorgan Chase & Co. upped their price target on shares of Citigroup from $135.50 to $149.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Zacks Research upgraded shares of Citigroup from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Wells Fargo & Company lifted their price objective on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, June 18th. Finally, Argus set a $150.00 price objective on shares of Citigroup in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $145.22.

Citigroup Company 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.