Vaughan David Investments Inc. IL decreased its position in shares of Citigroup Inc. (NYSE:C) by 27.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,187 shares of the financial services provider’s stock after selling 1,591 shares during the period. Vaughan David Investments Inc. IL’s holdings in Citigroup were worth $250,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in C. Bank of New York Mellon Corp increased 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 worth $2,582,269,000 after buying an additional 10,294,403 shares during the last quarter. Harris Associates L P increased its stake in shares of 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 last quarter. Norges Bank bought a new stake in shares of Citigroup during the fourth quarter worth about $1,927,671,000. Boston Partners increased its stake in shares of 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 last quarter. Finally, Greenhaven Associates Inc. increased its stake in shares of 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 last quarter. Institutional investors and hedge funds own 74.75% of the company’s stock.
Shares of Citigroup Inc. (C) traded up 1.25% during midday trading on Friday, reaching $68.98. 18,148,439 shares of the company traded hands. The stock has a 50 day moving average price of $66.26 and a 200 day moving average price of $61.34. Citigroup Inc. has a 1-year low of $42.86 and a 1-year high of $69.62. The firm has a market capitalization of $187.94 billion, a PE ratio of 13.81 and a beta of 1.48. Citigroup also was the recipient of some unusual options trading on Thursday. Traders bought 24,677 put options on the stock. This is an increase of 104% compared to the typical volume of 12,075 put options.
Citigroup (NYSE:C) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.07. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.38 billion. During the same period in the prior year, the company earned $1.24 EPS. The firm’s revenue was up 2.0% compared to the same quarter last year. Analysts expect that Citigroup Inc. will post $5.23 earnings per share for the current fiscal year.
Citigroup declared that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $15.60 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Monday, August 7th will be paid a $0.32 dividend. This is an increase from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 annualized dividend and a yield of 1.86%. The ex-dividend date is Thursday, August 3rd. Citigroup’s dividend payout ratio is currently 25.55%.
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A number of analysts have recently issued reports on the stock. J P Morgan Chase & Co set a $73.50 price target on shares of Citigroup and gave the company a “buy” rating in a report on Wednesday. Vetr downgraded shares of Citigroup from a “strong-buy” rating to a “buy” rating and set a $76.22 price target on the stock. in a report on Monday, July 31st. Deutsche Bank AG reaffirmed a “hold” rating on shares of Citigroup in a report on Monday, July 3rd. Credit Suisse Group reaffirmed an “outperform” rating and set a $76.00 price target (up previously from $70.00) on shares of Citigroup in a report on Wednesday, July 26th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $68.00 price target on shares of Citigroup in a report on Friday, July 7th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Citigroup presently has an average rating of “Buy” and a consensus target price of $68.04.
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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