NewEdge Wealth LLC Reduces Stake in Citigroup Inc. $C

NewEdge Wealth LLC lessened its stake in shares of Citigroup Inc. (NYSE:C) by 23.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 29,064 shares of the company’s stock after selling 8,749 shares during the period. NewEdge Wealth LLC’s holdings in Citigroup were worth $3,296,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Daner Wealth Management LLC bought a new position in shares of Citigroup during the first quarter valued at approximately $216,000. Acumen Wealth Advisors LLC grew its holdings in Citigroup by 276.0% in the first quarter. Acumen Wealth Advisors LLC now owns 9,246 shares of the company’s stock worth $1,049,000 after purchasing an additional 6,787 shares during the last quarter. First Trust Advisors LP increased its position in shares of Citigroup by 10.6% during the first quarter. First Trust Advisors LP now owns 1,202,559 shares of the company’s stock worth $136,382,000 after purchasing an additional 115,099 shares in the last quarter. Chase Investment Counsel Corp acquired a new stake in shares of Citigroup in the 1st quarter worth $207,000. Finally, Danica Pension Livsforsikringsaktieselskab boosted its holdings in Citigroup by 9.7% in the first quarter. Danica Pension Livsforsikringsaktieselskab now owns 221,163 shares of the company’s stock worth $25,082,000 after acquiring an additional 19,561 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

C has been the topic of a number of recent analyst reports. Piper Sandler restated an “overweight” rating and set a $145.00 price target (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. Oppenheimer downgraded shares of Citigroup from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. JPMorgan Chase & Co. upped their price objective on shares of Citigroup from $135.50 to $149.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Wall Street Zen raised Citigroup from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $150.00 price target on shares of Citigroup in a report on Wednesday, July 15th. Two 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.67.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi analysts said the recent pullback in semiconductor stocks looks like a buying opportunity, which may support broader risk appetite and help sentiment around markets that Citigroup covers through its trading and research franchises. Pullback in chip stocks is a buying opportunity, Citi says
• Positive Sentiment: Citigroup was highlighted in a new CMBS deal update, after pricing an $817 million multifamily conduit transaction, reinforcing Citi’s role as an active lender and securitization player in U.S. commercial real estate. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
• Neutral Sentiment: Citigroup reportedly closed a bullish South African rand trade after the currency looked “fragile” following South Africa’s surprise rate hold. This is more of a trading update than a major earnings driver, but it shows Citi is actively adjusting macro positions. Citi Drops Rand Bet After South Africa’s Surprise Rate Hold
• Neutral Sentiment: Separately, a headline noting Citi’s bearish view on the “Magnificent Seven” may reflect the bank’s broader market outlook, but it does not directly change Citigroup’s fundamentals. Wall Street Bank Just Declared the Magnificent 7 as “Dead” — What Happens Next?

Insider Activity

In other news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the sale, the director directly owned 12,194 shares of the company’s stock, valued at $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.11% of the stock is owned by corporate insiders.

Citigroup Price Performance

Citigroup stock opened at $131.95 on Friday. The stock has a market capitalization of $225.06 billion, a P/E ratio of 14.25, a P/E/G ratio of 0.59 and a beta of 1.11. The company’s fifty day moving average price is $135.01 and its 200 day moving average price is $123.82. 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 1 year low of $87.94 and a 1 year high of $147.96.

Citigroup (NYSE:C) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The company had revenue of $24.75 billion during the quarter, compared to analysts’ expectations of $23.74 billion. During the same period in the prior year, the business posted $1.96 earnings per share. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, equities research analysts anticipate that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

Citigroup Increases Dividend

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

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

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.