Mackay Shields LLC Sells 129,782 Shares of Citigroup Inc. (NYSE:C)

Mackay Shields LLC lowered its position in shares of Citigroup Inc. (NYSE:C) by 28.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 325,629 shares of the company’s stock after selling 129,782 shares during the quarter. Mackay Shields LLC’s holdings in Citigroup were worth $23,038,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Capital Directions Investment Advisors LLC acquired a new position in Citigroup during the 2nd quarter worth approximately $28,000. Logan Capital Management Inc. acquired a new position in Citigroup during the 1st quarter worth approximately $37,000. Lee Financial Co boosted its position in Citigroup by 44.1% during the 2nd quarter. Lee Financial Co now owns 526 shares of the company’s stock worth $37,000 after acquiring an additional 161 shares during the last quarter. Elmwood Wealth Management Inc. acquired a new position in Citigroup during the 1st quarter worth approximately $46,000. Finally, Parisi Gray Wealth Management acquired a new position in Citigroup during the 2nd quarter worth approximately $46,000. 75.12% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE C traded down $0.05 during mid-day trading on Thursday, reaching $70.21. The company had a trading volume of 1,020,920 shares, compared to its average volume of 19,598,801. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.94 and a current ratio of 0.94. Citigroup Inc. has a one year low of $40.49 and a one year high of $80.29. The firm has a market cap of $142.30 billion, a price-to-earnings ratio of 7.05, a PEG ratio of 0.87 and a beta of 1.91. The business’s 50-day simple moving average is $71.14 and its 200 day simple moving average is $71.96.

Citigroup (NYSE:C) last issued its quarterly earnings results on Thursday, October 14th. The company reported $2.15 EPS for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.36. Citigroup had a return on equity of 12.10% and a net margin of 27.21%. The company had revenue of $17.15 billion for the quarter, compared to analysts’ expectations of $16.93 billion. During the same quarter last year, the business earned $1.40 earnings per share. Citigroup’s revenue was down .9% on a year-over-year basis. On average, sell-side analysts anticipate that Citigroup Inc. will post 9.97 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 27th. Investors of record on Monday, August 2nd were given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend was Friday, July 30th. Citigroup’s payout ratio is currently 41.80%.

C has been the subject of several recent analyst reports. Morgan Stanley increased their price objective on Citigroup from $89.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, July 29th. Piper Sandler cut their price objective on Citigroup from $95.00 to $91.00 and set an “overweight” rating for the company in a report on Thursday, July 15th. Royal Bank of Canada reissued a “buy” rating and issued a $73.00 price objective on shares of Citigroup in a report on Wednesday, July 7th. Jefferies Financial Group raised their price target on Citigroup from $81.00 to $87.00 and gave the company a “buy” rating in a report on Monday. Finally, Credit Suisse Group cut their price target on Citigroup from $83.00 to $82.00 and set an “outperform” rating for the company in a report on Monday, July 19th. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $78.97.

About Citigroup

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.

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Institutional Ownership by Quarter for Citigroup (NYSE:C)

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