Shikiar Asset Management Inc. Acquires 68,530 Shares of Citigroup Inc. (NYSE:C)

Shikiar Asset Management Inc. boosted its position in Citigroup Inc. (NYSE:C) by 519.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 81,718 shares of the company’s stock after acquiring an additional 68,530 shares during the period. Citigroup accounts for approximately 1.7% of Shikiar Asset Management Inc.’s portfolio, making the stock its 23rd largest holding. Shikiar Asset Management Inc.’s holdings in Citigroup were worth $5,801,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in C. Orion Capital Management LLC bought a new stake in Citigroup in the 4th quarter valued at about $28,000. American National Bank & Trust purchased a new position in Citigroup during the 1st quarter valued at about $29,000. Mascagni Wealth Management Inc. purchased a new position in Citigroup during the 4th quarter valued at about $34,000. Creative Capital Management Investments LLC purchased a new position in Citigroup during the 4th quarter valued at about $35,000. Finally, Sierra Ocean LLC purchased a new position in Citigroup during the 4th quarter valued at about $37,000. 71.72% of the stock is currently owned by institutional investors.

Citigroup Price Performance

C opened at $76.30 on Monday. The stock has a fifty day simple moving average of $71.01 and a two-hundred day simple moving average of $73.05. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. The company has a market cap of $142.51 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 0.64 and a beta of 1.33. Citigroup Inc. has a 12-month low of $53.51 and a 12-month high of $84.74.

Citigroup (NYSE:C) last posted its quarterly earnings data on Tuesday, April 15th. The company reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.84 by $0.12. The business had revenue of $21.60 billion during the quarter, compared to the consensus estimate of $21.34 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. Research analysts predict that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $2.24 annualized dividend and a dividend yield of 2.94%. Citigroup’s dividend payout ratio (DPR) is presently 35.39%.

Insiders Place Their Bets

In other Citigroup news, Director John Cunningham Dugan sold 4,417 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $68.26, for a total value of $301,504.42. Following the transaction, the director now directly owns 13,048 shares of the company’s stock, valued at approximately $890,656.48. This trade represents a 25.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on C. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $92.00 target price (down previously from $96.00) on shares of Citigroup in a report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price objective on Citigroup from $85.50 to $75.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Piper Sandler reissued an “overweight” rating and set a $77.00 price objective (down previously from $83.00) on shares of Citigroup in a report on Wednesday, April 16th. Royal Bank of Canada cut their price objective on Citigroup from $85.00 to $78.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Finally, TD Cowen initiated coverage on Citigroup in a report on Thursday, May 15th. They set a “hold” rating and a $83.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $84.30.

Citigroup Profile

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.