Brandes Investment Partners LP decreased its stake in Citigroup Inc. (NYSE:C) by 2.5% during the first quarter, Holdings Channel reports. The fund owned 4,042,386 shares of the financial services provider’s stock after selling 105,152 shares during the period. Citigroup accounts for about 3.6% of Brandes Investment Partners LP’s holdings, making the stock its 3rd largest position. Brandes Investment Partners LP’s holdings in Citigroup were worth $241,824,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of Citigroup by 31.3% in the first quarter. Bank of New York Mellon Corp now owns 43,167,279 shares of the financial services provider’s stock valued at $2,582,269,000 after buying an additional 10,294,403 shares during the last quarter. Harris Associates L P raised its position in Citigroup by 25.9% in the first quarter. Harris Associates L P now owns 41,129,780 shares of the financial services provider’s stock worth $2,460,384,000 after buying an additional 8,464,257 shares during the period. Norges Bank bought a new position in Citigroup during the fourth quarter worth $1,927,671,000. Boston Partners raised its position in Citigroup by 16.1% in the first quarter. Boston Partners now owns 22,670,807 shares of the financial services provider’s stock worth $1,356,168,000 after buying an additional 3,139,679 shares during the period. Finally, Greenhaven Associates Inc. raised its position in Citigroup by 0.3% in the first quarter. Greenhaven Associates Inc. now owns 11,385,712 shares of the financial services provider’s stock worth $681,093,000 after buying an additional 30,965 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.
Shares of Citigroup Inc. (NYSE:C) opened at 66.89 on Wednesday. The stock has a market cap of $184.17 billion, a P/E ratio of 13.48 and a beta of 1.48. Citigroup Inc. has a one year low of $42.50 and a one year high of $68.91. The firm’s 50-day moving average price is $64.72 and its 200 day moving average price is $60.82.
Citigroup (NYSE:C) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.07. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.24 earnings per share. Equities research analysts expect that Citigroup Inc. will post $5.22 EPS for the current fiscal year.
Citigroup declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $15.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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C has been the topic of a number of recent research reports. Vetr lowered Citigroup from a “strong-buy” rating to a “buy” rating and set a $66.90 price objective on the stock. in a research note on Tuesday, April 25th. Zacks Investment Research raised Citigroup from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. Jefferies Group LLC reissued a “hold” rating and set a $68.00 price objective on shares of Citigroup in a research note on Monday, May 15th. BMO Capital Markets reissued a “buy” rating and set a $64.00 price objective on shares of Citigroup in a research note on Thursday, June 1st. Finally, Buckingham Research reissued a “buy” rating and set a $81.00 price objective (up previously from $70.00) on shares of Citigroup in a research note on Monday, July 10th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Citigroup presently has a consensus rating of “Buy” and an average price target of $67.56.
About Citigroup
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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