Gibbs Wealth Management Grows Stake in Citigroup Inc. $C

Gibbs Wealth Management increased its holdings in shares of Citigroup Inc. (NYSE:C) by 96.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,368 shares of the company’s stock after purchasing an additional 7,563 shares during the quarter. Gibbs Wealth Management’s holdings in Citigroup were worth $1,743,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in C. Truist Financial Corp increased its position in shares of Citigroup by 4.7% during the fourth quarter. Truist Financial Corp now owns 375,977 shares of the company’s stock worth $43,873,000 after acquiring an additional 16,744 shares during the period. Gunderson Capital Management Inc. purchased a new stake in shares of Citigroup in the fourth quarter valued at approximately $7,165,000. Brighton Jones LLC grew its stake in Citigroup by 166.9% in the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after purchasing an additional 12,499 shares in the last quarter. UniSuper Management Pty Ltd raised its position in Citigroup by 38.8% during the 4th quarter. UniSuper Management Pty Ltd now owns 1,306,851 shares of the company’s stock valued at $152,496,000 after purchasing an additional 365,041 shares in the last quarter. Finally, Merit Financial Group LLC raised its position in Citigroup by 15.6% during the 4th quarter. Merit Financial Group LLC now owns 96,453 shares of the company’s stock valued at $11,255,000 after purchasing an additional 13,046 shares in the last quarter. 71.72% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the sale, the director owned 12,194 shares in the company, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.11% of the company’s stock.

Citigroup Stock Down 0.2%

NYSE:C opened at $131.94 on Friday. The company’s 50-day simple moving average is $134.84 and its 200-day simple moving average is $123.76. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99. Citigroup Inc. has a fifty-two week low of $87.94 and a fifty-two week high of $147.96. The stock has a market capitalization of $225.03 billion, a P/E ratio of 14.25, a P/E/G ratio of 0.59 and a beta of 1.11.

Citigroup (NYSE:C) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, topping the consensus estimate of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm had revenue of $24.75 billion during the quarter, compared to analyst estimates of $23.74 billion. During the same quarter in the previous year, the business posted $1.96 EPS. Citigroup’s revenue was up 14.5% on a year-over-year basis. On average, equities analysts anticipate that Citigroup Inc. will post 11.22 earnings per share for the current fiscal year.

Citigroup declared that its Board of Directors has authorized a stock buyback program on Thursday, May 7th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 13.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Citigroup Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be paid a dividend of $0.67 per share. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. This represents a $2.68 annualized dividend and a yield of 2.0%. Citigroup’s dividend payout ratio (DPR) is presently 25.92%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group increased their price target on Citigroup from $137.00 to $151.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Truist Financial lowered their price objective on shares of Citigroup from $158.00 to $154.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Bank of America increased their target price on shares of Citigroup from $170.00 to $176.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. UBS Group raised their target price on shares of Citigroup from $134.00 to $150.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Finally, Morgan Stanley boosted their price target on shares of Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $145.67.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup priced an $817 million multifamily CMBS deal, its largest post-GFC multifamily-only securitization, underscoring continued strength in Citi’s commercial real estate capital markets franchise and demand for apartment-backed debt. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
• Positive Sentiment: Several brokerages remain constructive on Citigroup after its strong second quarter, with analysts pointing to solid earnings, improving outlooks and rising estimates for the bank. Buy 3 Top-Ranked Big Investment Banks Amid Solid Q2 Earnings & Outlook
• Positive Sentiment: Citigroup raised its quarterly dividend to $0.67 per share from $0.60, signaling confidence in capital strength and offering a more attractive income profile for shareholders. Dividend announcement
• Neutral Sentiment: Citigroup was also in the news for hiring five U.S. tech investment banking executives, a move that could support franchise growth over time but is unlikely to move the stock immediately. Citigroup hires five US tech investment banking executives from rivals
• Negative Sentiment: Citi’s downgrade of agilon health to Sell shows the bank is still making cautious calls on certain sectors, but this is more relevant to agilon than to Citigroup’s own earnings outlook. Why agilon health (AGL) Shares Are Falling Today

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.