Nippon Life Insurance Co. lifted its stake in Citigroup Inc. (NYSE:C) by 9.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 105,749 shares of the financial services provider’s stock after purchasing an additional 9,018 shares during the period. Nippon Life Insurance Co.’s holdings in Citigroup were worth $7,072,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Endurance Wealth Management Inc. lifted its stake in shares of Citigroup by 0.3% in the first quarter. Endurance Wealth Management Inc. now owns 9,837 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 25 shares during the period. Investors Asset Management of Georgia Inc. GA ADV lifted its stake in shares of Citigroup by 0.8% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,359 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 40 shares during the period. Regal Investment Advisors LLC lifted its stake in shares of Citigroup by 2.0% in the first quarter. Regal Investment Advisors LLC now owns 3,800 shares of the financial services provider’s stock valued at $227,000 after purchasing an additional 74 shares during the period. Davis R M Inc. lifted its stake in shares of Citigroup by 2.2% in the second quarter. Davis R M Inc. now owns 4,250 shares of the financial services provider’s stock valued at $284,000 after purchasing an additional 92 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in shares of Citigroup by 2.1% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,425 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 93 shares during the period. Hedge funds and other institutional investors own 75.37% of the company’s stock.
Several brokerages recently commented on C. BMO Capital Markets reiterated a “hold” rating and issued a $65.00 price objective on shares of Citigroup in a research note on Friday, October 6th. J P Morgan Chase & Co restated an “overweight” rating and set a $78.50 target price (up from $77.50) on shares of Citigroup in a report on Friday, October 6th. Stifel Nicolaus restated a “hold” rating on shares of Citigroup in a report on Monday. Credit Suisse Group restated a “buy” rating and set a $83.00 target price (up from $73.00) on shares of Citigroup in a report on Monday. They noted that the move was a valuation call. Finally, BidaskClub upgraded shares of Citigroup from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $72.08.
In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $68.97, for a total transaction of $344,850.00. Following the transaction, the insider now owns 56,394 shares in the company, valued at $3,889,494.18. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $67.55, for a total value of $2,702,000.00. Following the transaction, the chief executive officer now owns 77,570 shares in the company, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.
Shares of Citigroup Inc. (C) opened at 75.18 on Wednesday. The stock has a market capitalization of $204.83 billion, a P/E ratio of 15.05 and a beta of 1.45. Citigroup Inc. has a 12-month low of $47.54 and a 12-month high of $76.02. The company has a 50-day moving average of $70.29 and a 200-day moving average of $65.12.
Citigroup (NYSE:C) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $17.38 billion. During the same quarter in the prior year, the company posted $1.24 earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis. Equities analysts expect that Citigroup Inc. will post $5.20 earnings per share for the current fiscal year.
Citigroup declared that its Board of Directors has approved a stock repurchase plan 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 reacquire up to 8.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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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