Montag A & Associates Inc. cut its stake in shares of Citigroup Inc. (NYSE:C) by 1.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 113,645 shares of the financial services provider’s stock after selling 1,428 shares during the period. Citigroup comprises approximately 0.9% of Montag A & Associates Inc.’s holdings, making the stock its 29th largest position. Montag A & Associates Inc.’s holdings in Citigroup were worth $7,601,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Catamount Wealth Management bought a new stake in Citigroup in the second quarter worth approximately $100,000. Patten Group Inc. grew its position in Citigroup by 6.6% in the first quarter. Patten Group Inc. now owns 1,765 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 110 shares in the last quarter. Dubuque Bank & Trust Co. grew its position in Citigroup by 60.8% in the second quarter. Dubuque Bank & Trust Co. now owns 1,584 shares of the financial services provider’s stock worth $106,000 after acquiring an additional 599 shares in the last quarter. Advantage Investment Management LLC grew its position in Citigroup by 109.3% in the first quarter. Advantage Investment Management LLC now owns 1,965 shares of the financial services provider’s stock worth $118,000 after acquiring an additional 1,026 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. bought a new stake in Citigroup in the second quarter worth approximately $123,000. 75.37% of the stock is currently owned by hedge funds and other institutional investors.
Citigroup (NYSE:C) last announced its earnings results on Thursday, October 12th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.32 by $0.10. The company had revenue of $18.17 billion during the quarter, compared to analysts’ expectations of $17.87 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. Citigroup’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.24 earnings per share.
Citigroup announced that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $15.60 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
Several analysts have commented on the stock. Wells Fargo & Company assumed coverage on shares of Citigroup in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $90.00 target price for the company. Zacks Investment Research raised shares of Citigroup from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. HSBC Holdings plc set a $74.00 target price on shares of Citigroup and gave the stock a “hold” rating in a research report on Friday, August 11th. Jefferies Group LLC reissued a “hold” rating and issued a $68.00 target price on shares of Citigroup in a research report on Friday, July 7th. Finally, BidaskClub raised shares of Citigroup from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company. Citigroup currently has a consensus rating of “Buy” and an average price target of $74.17.
In other news, CEO Francisco Aristeguieta sold 40,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 77,570 shares of the company’s stock, valued at $5,239,853.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeffrey R. Walsh sold 5,000 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were 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 directly owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.
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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