DAVENPORT & Co LLC Reduces Stock Position in Citigroup Inc (NYSE:C)

DAVENPORT & Co LLC lowered its stake in Citigroup Inc (NYSE:C) by 23.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,971 shares of the financial services provider’s stock after selling 8,599 shares during the quarter. DAVENPORT & Co LLC’s holdings in Citigroup were worth $1,206,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Hoylecohen LLC boosted its stake in shares of Citigroup by 0.8% during the 2nd quarter. Hoylecohen LLC now owns 28,207 shares of the financial services provider’s stock worth $1,441,000 after acquiring an additional 210 shares during the last quarter. Washington Trust Bank boosted its stake in shares of Citigroup by 1.4% during the 2nd quarter. Washington Trust Bank now owns 15,565 shares of the financial services provider’s stock worth $795,000 after acquiring an additional 222 shares during the last quarter. MV Capital Management Inc. boosted its stake in shares of Citigroup by 12.2% during the 2nd quarter. MV Capital Management Inc. now owns 2,069 shares of the financial services provider’s stock worth $106,000 after acquiring an additional 225 shares during the last quarter. Analyst IMS Investment Management Services Ltd. boosted its stake in shares of Citigroup by 0.8% during the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 28,845 shares of the financial services provider’s stock worth $1,474,000 after acquiring an additional 231 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in shares of Citigroup by 5.4% during the 2nd quarter. Allworth Financial LP now owns 4,578 shares of the financial services provider’s stock worth $234,000 after acquiring an additional 236 shares during the last quarter. Institutional investors own 75.57% of the company’s stock.

In other news, Director Gary M. Reiner sold 485 shares of the business’s stock in a transaction dated Wednesday, October 14th. The shares were sold at an average price of $102.74, for a total value of $49,828.90. Following the sale, the director now directly owns 4,462 shares in the company, valued at approximately $458,425.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.07% of the company’s stock.

Shares of NYSE C opened at $43.19 on Friday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $89.92 billion, a P/E ratio of 8.47, a P/E/G ratio of 1.24 and a beta of 1.78. The firm’s fifty day moving average is $46.81 and its two-hundred day moving average is $48.19. Citigroup Inc has a 52-week low of $32.00 and a 52-week high of $83.11.

Citigroup (NYSE:C) last posted its earnings results on Monday, October 19th. The financial services provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.39. Citigroup had a net margin of 13.64% and a return on equity of 7.40%. The firm had revenue of $17.30 billion for the quarter, compared to the consensus estimate of $17.18 billion. During the same period in the previous year, the firm posted $1.97 EPS. The business’s quarterly revenue was down 6.9% on a year-over-year basis. As a group, analysts forecast that Citigroup Inc will post 3.52 EPS for the current fiscal year.

C has been the topic of several analyst reports. Bank of America lifted their price target on shares of Citigroup from $73.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Seaport Global Securities began coverage on shares of Citigroup in a research note on Wednesday, July 8th. They set a “buy” rating and a $65.00 price target on the stock. JPMorgan Chase & Co. downgraded shares of Citigroup from an “overweight” rating to a “neutral” rating and set a $57.50 price objective on the stock. in a research report on Thursday, October 8th. Morgan Stanley decreased their price objective on shares of Citigroup from $61.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 15th. Finally, ValuEngine downgraded shares of Citigroup from a “hold” rating to a “sell” rating in a research report on Friday, August 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eighteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $69.40.

About Citigroup

Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).

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Institutional Ownership by Quarter for Citigroup (NYSE:C)

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