Fulton Bank N.A. Increases Stake in Citigroup Inc. $C

Fulton Bank N.A. grew its stake in shares of Citigroup Inc. (NYSE:C) by 34.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,457 shares of the company’s stock after buying an additional 4,204 shares during the period. Fulton Bank N.A.’s holdings in Citigroup were worth $2,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Whipplewood Advisors LLC purchased a new position in Citigroup during the first quarter valued at $25,000. Mcguire Capital Advisors Inc. purchased a new stake in Citigroup in the 4th quarter worth $25,000. Richards Merrill & Peterson Inc. purchased a new stake in Citigroup in the 4th quarter worth $28,000. TD Capital Management LLC bought a new position in shares of Citigroup during the 4th quarter valued at about $28,000. Finally, IMG Wealth Management Inc. boosted its holdings in shares of Citigroup by 197.6% during the 1st quarter. IMG Wealth Management Inc. now owns 244 shares of the company’s stock valued at $28,000 after purchasing an additional 162 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on C. The Goldman Sachs Group lifted their target price on Citigroup from $137.00 to $151.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Morgan Stanley increased their price target on Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Barclays raised their price target on Citigroup from $146.00 to $154.00 and gave the company an “overweight” rating in a report on Wednesday, April 15th. Truist Financial reduced their price objective on Citigroup from $158.00 to $154.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Finally, Bank of America upped their price objective on Citigroup from $170.00 to $176.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $145.22.

Citigroup Stock Up 0.4%

Shares of NYSE C opened at $135.78 on Wednesday. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $231.58 billion, a P/E ratio of 14.66, a PEG ratio of 0.61 and a beta of 1.12. Citigroup Inc. has a 1 year low of $90.68 and a 1 year high of $147.96. The firm has a 50-day simple moving average of $137.02 and a two-hundred day simple moving average of $125.19.

Citigroup (NYSE:C) last released its earnings results on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, beating analysts’ consensus estimates of $2.74 by $0.41. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The firm had revenue of $24.77 billion for the quarter, compared to analysts’ expectations of $23.74 billion. During the same quarter in the prior year, the firm posted $1.96 earnings per share. The company’s quarterly revenue was up 14.5% on a year-over-year basis. Research analysts anticipate that Citigroup Inc. will post 11.2 earnings per share for the current year.

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 3rd will be given a $0.67 dividend. This is a boost from Citigroup’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $2.68 annualized dividend and a yield of 2.0%. Citigroup’s dividend payout ratio is currently 28.94%.

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

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Healthcare banking expansion: Citi appointed new leadership across biotechnology, medical technology, biopharmaceuticals and acute-care banking. The changes position the firm to benefit from increased healthcare dealmaking and could support future advisory, underwriting and financing revenue. Citi Taps New Healthcare Banking Leadership as Dealmaking Heats Up
• Positive Sentiment: Large financing mandate: Citi co-led a $414 million financing for restaurant-commerce platform inKind. The oversubscribed transaction brings inKind’s total capital raised above $1.2 billion and demonstrates Citi’s ability to win sizable private-company financing business, although the direct earnings impact is likely limited. inKind Secures $414 Million in Financing Led by Citi and Cross River
• Positive Sentiment: European leadership hire: Citigroup hired Jean-Baptiste Charlet from Morgan Stanley to lead its French operation. The move could help Citi strengthen its presence in France and compete for corporate, markets and investment-banking mandates. Citigroup Poaches Charlet From Morgan Stanley to Head French Arm
• Neutral Sentiment: Research activity remains visible: Citi maintained a Buy rating and raised its price target on MongoDB, while separately lowering its target for Micron because of potential slowing memory pricing and rising Chinese competition. These calls may generate research and client activity, but they have little direct effect on Citigroup’s earnings or valuation.

Citigroup Company Profile

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.