Pioneer Investment Management Inc. decreased its position in Citigroup Inc. (NYSE:C) by 35.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 206,884 shares of the financial services provider’s stock after selling 114,364 shares during the period. Pioneer Investment Management Inc.’s holdings in Citigroup were worth $12,376,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Endurance Wealth Management Inc. raised its stake in Citigroup by 0.3% in the first quarter. Endurance Wealth Management Inc. now owns 9,837 shares of the financial services provider’s stock worth $588,000 after buying an additional 25 shares in the last quarter. Clear Harbor Asset Management LLC raised its stake in shares of Citigroup by 0.8% in the first quarter. Clear Harbor Asset Management LLC now owns 4,991 shares of the financial services provider’s stock valued at $299,000 after buying an additional 38 shares during the period. Norway Savings Bank raised its stake in shares of Citigroup by 0.3% in the first quarter. Norway Savings Bank now owns 13,675 shares of the financial services provider’s stock valued at $818,000 after buying an additional 45 shares during the period. Perritt Capital Management Inc. raised its stake in shares of Citigroup by 0.7% in the fourth quarter. Perritt Capital Management Inc. now owns 6,887 shares of the financial services provider’s stock valued at $409,000 after buying an additional 50 shares during the period. Finally, Cypress Wealth Advisors LLC raised its stake in shares of Citigroup by 1.1% in the fourth quarter. Cypress Wealth Advisors LLC now owns 4,879 shares of the financial services provider’s stock valued at $290,000 after buying an additional 53 shares during the period. Institutional investors own 74.87% of the company’s stock.
Shares of Citigroup Inc. (NYSE:C) traded down 0.25% during mid-day trading on Friday, reaching $67.43. 13,604,466 shares of the company’s stock were exchanged. The stock has a market capitalization of $183.72 billion, a PE ratio of 13.50 and a beta of 1.48. The company’s 50 day moving average is $65.99 and its 200 day moving average is $61.19. Citigroup Inc. has a 1-year low of $42.50 and a 1-year high of $68.91.
Citigroup (NYSE:C) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.07. The business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The company’s revenue was up 2.0% compared to the same quarter last year. During the same period last year, the firm posted $1.24 earnings per share. Equities research analysts anticipate that Citigroup Inc. will post $5.22 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Monday, August 7th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.90%. This is an increase from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, August 3rd. Citigroup’s dividend payout ratio (DPR) is presently 12.77%.
Citigroup declared that its board has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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A number of equities analysts have weighed in on the stock. UBS AG raised shares of Citigroup from a “sell” rating to a “neutral” rating and raised their target price for the company from $58.00 to $64.00 in a research note on Friday, June 9th. Vetr downgraded shares of Citigroup from a “strong-buy” rating to a “buy” rating and set a $73.42 target price for the company. in a research note on Monday, July 3rd. Jefferies Group LLC reaffirmed a “hold” rating and set a $68.00 target price on shares of Citigroup in a research note on Friday, May 5th. Keefe, Bruyette & Woods set a $69.00 target price on shares of Citigroup and gave the company a “buy” rating in a research note on Thursday, June 8th. Finally, Bank of America Corporation reaffirmed a “buy” rating and set a $68.00 target price (up previously from $64.00) on shares of Citigroup in a research note on Tuesday, June 13th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $67.74.
Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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