Mitsubishi UFJ Trust & Banking Corp lowered its stake in shares of Citigroup Inc. (NYSE:C) by 14.8% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,654,572 shares of the company’s stock after selling 286,599 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Citigroup were worth $117,061,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. increased its stake in Citigroup by 2.9% in the first quarter. BlackRock Inc. now owns 160,204,580 shares of the company’s stock valued at $11,654,883,000 after acquiring an additional 4,464,991 shares during the period. Geode Capital Management LLC increased its stake in Citigroup by 2.8% in the first quarter. Geode Capital Management LLC now owns 32,678,499 shares of the company’s stock valued at $2,370,947,000 after acquiring an additional 881,484 shares during the period. Morgan Stanley grew its stake in Citigroup by 21.6% during the first quarter. Morgan Stanley now owns 23,410,089 shares of the company’s stock worth $1,703,086,000 after buying an additional 4,162,277 shares during the last quarter. Putnam Investments LLC grew its stake in Citigroup by 3.7% during the first quarter. Putnam Investments LLC now owns 13,035,725 shares of the company’s stock worth $948,349,000 after buying an additional 468,558 shares during the last quarter. Finally, Artisan Partners Limited Partnership grew its stake in Citigroup by 5.3% during the first quarter. Artisan Partners Limited Partnership now owns 11,845,068 shares of the company’s stock worth $861,729,000 after buying an additional 597,061 shares during the last quarter. 75.12% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on C. Credit Suisse Group decreased their price objective on shares of Citigroup from $83.00 to $82.00 and set an “outperform” rating on the stock in a research note on Monday, July 19th. Royal Bank of Canada reaffirmed a “buy” rating and set a $73.00 price objective on shares of Citigroup in a research note on Wednesday, July 7th. Morgan Stanley upped their target price on shares of Citigroup from $89.00 to $91.00 and gave the stock an “overweight” rating in a research report on Thursday, July 29th. Wells Fargo & Company upped their target price on shares of Citigroup from $88.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 8th. Finally, Piper Sandler cut their price objective on shares of Citigroup from $95.00 to $91.00 and set an “overweight” rating on the stock in a report on Thursday, July 15th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Citigroup currently has an average rating of “Buy” and an average price target of $79.97.
Citigroup (NYSE:C) last announced its quarterly earnings results on Tuesday, July 13th. The company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.91. The company had revenue of $17.50 billion for the quarter, compared to analyst estimates of $17.18 billion. Citigroup had a net margin of 27.21% and a return on equity of 12.10%. The firm’s revenue was down 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.50 EPS. As a group, equities analysts expect that Citigroup Inc. will post 9.97 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Monday, August 2nd were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Friday, July 30th. Citigroup’s payout ratio is 41.80%.
Citigroup Company Profile
Citigroup, Inc is a holding company, which engages in the provision of financial products and services. It operates through the following segments: Global Consumer Banking; Institutional Clients Group; and Corporate and Other. The Global Consumer Banking segment provides traditional banking services to retail customers through retail banking, including commercial banking, and Citi-branded cards and Citi retail services.
Further Reading: Initial Coin Offering (ICO)
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