Marshall Wace LLP boosted its stake in shares of Citigroup Inc. (NYSE:C) by 186.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 792,420 shares of the financial services provider’s stock after acquiring an additional 515,600 shares during the quarter. Citigroup makes up approximately 2.3% of Marshall Wace LLP’s holdings, making the stock its 9th biggest holding. Marshall Wace LLP’s holdings in Citigroup were worth $53,092,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. Annex Advisory Services LLC bought a new stake in Citigroup during the 2nd quarter worth about $887,000. Jennison Associates LLC grew its holdings in Citigroup by 23.9% during the 2nd quarter. Jennison Associates LLC now owns 2,224,378 shares of the financial services provider’s stock worth $148,766,000 after acquiring an additional 428,809 shares during the last quarter. Everence Capital Management Inc. grew its holdings in Citigroup by 5.1% during the 2nd quarter. Everence Capital Management Inc. now owns 55,866 shares of the financial services provider’s stock worth $3,736,000 after acquiring an additional 2,700 shares during the last quarter. ALGEBRIS UK Ltd bought a new stake in Citigroup during the 2nd quarter worth about $29,432,000. Finally, Halbert Hargrove Russell LLC grew its holdings in Citigroup by 1.6% during the 2nd quarter. Halbert Hargrove Russell LLC now owns 4,736 shares of the financial services provider’s stock worth $317,000 after acquiring an additional 74 shares during the last quarter. 75.37% of the stock is currently owned by hedge funds and other institutional investors.
Citigroup (NYSE:C) last issued its earnings results on Thursday, October 12th. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.10. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The company had revenue of $18.17 billion for the quarter, compared to analyst estimates of $17.87 billion. During the same period in the prior year, the firm earned $1.24 earnings per share. Citigroup’s revenue for the quarter was up 2.3% on a year-over-year basis.
Citigroup announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $15.60 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
A number of research analysts have issued reports on C shares. Atlantic Securities restated an “overweight” rating and set a $85.00 target price (up from $75.00) on shares of Citigroup in a research report on Tuesday, September 26th. Bank of America Corporation restated a “neutral” rating on shares of Citigroup in a research report on Wednesday. Zacks Investment Research upgraded shares of Citigroup from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. Vetr upgraded shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $76.34 target price on the stock in a research report on Thursday, August 3rd. Finally, BMO Capital Markets restated a “hold” rating and set a $65.00 target price on shares of Citigroup in a research report on Friday, October 6th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $74.17.
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In related news, insider Jeffrey R. Walsh sold 5,000 shares of the company’s stock in a transaction 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 completion of the sale, 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 Securities & Exchange Commission, which is available at this link. Also, CEO Francisco Aristeguieta sold 40,000 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $67.55, for a total value of $2,702,000.00. Following the sale, the chief executive officer now owns 77,570 shares of the company’s stock, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. 0.10% of the stock is owned by corporate insiders.
Citigroup Company Profile
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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