Gabelli Funds LLC Sells 64,500 Shares of Citigroup Inc. (NYSE:C)

Gabelli Funds LLC decreased its holdings in Citigroup Inc. (NYSE:C) by 14.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 381,230 shares of the company’s stock after selling 64,500 shares during the period. Gabelli Funds LLC’s holdings in Citigroup were worth $24,109,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. lifted its stake in Citigroup by 0.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 551,556 shares of the company’s stock worth $28,372,000 after purchasing an additional 3,527 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Citigroup by 1.3% in the fourth quarter. Pacer Advisors Inc. now owns 125,656 shares of the company’s stock worth $6,464,000 after purchasing an additional 1,611 shares during the last quarter. Schechter Investment Advisors LLC lifted its stake in Citigroup by 8.5% in the fourth quarter. Schechter Investment Advisors LLC now owns 26,946 shares of the company’s stock worth $1,386,000 after purchasing an additional 2,120 shares during the last quarter. Planned Solutions Inc. bought a new stake in Citigroup in the fourth quarter worth about $94,000. Finally, WASHINGTON TRUST Co lifted its stake in Citigroup by 112.2% in the fourth quarter. WASHINGTON TRUST Co now owns 3,644 shares of the company’s stock worth $187,000 after purchasing an additional 1,927 shares during the last quarter. Institutional investors own 71.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on C. Piper Sandler raised their target price on shares of Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Jefferies Financial Group raised their target price on shares of Citigroup from $56.00 to $65.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 target price on shares of Citigroup in a research report on Monday, April 1st. BMO Capital Markets raised their target price on shares of Citigroup from $63.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, July 11th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Citigroup in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Citigroup has an average rating of “Moderate Buy” and an average target price of $67.25.

Citigroup Stock Performance

C traded up $0.81 on Friday, reaching $65.18. The stock had a trading volume of 9,661,252 shares, compared to its average volume of 13,410,551. Citigroup Inc. has a 12-month low of $38.17 and a 12-month high of $67.81. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 1.47. The business’s 50-day moving average price is $63.06 and its two-hundred day moving average price is $59.82. The company has a market cap of $124.33 billion, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 0.70 and a beta of 1.46.

Citigroup (NYSE:C) last released its earnings results on Friday, July 12th. The company reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.13. The business had revenue of $20.14 billion during the quarter, compared to analysts’ expectations of $20.07 billion. Citigroup had a net margin of 4.95% and a return on equity of 6.26%. The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.37 earnings per share. Sell-side analysts forecast that Citigroup Inc. will post 5.84 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 23rd. Investors of record on Monday, August 5th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.44%. The ex-dividend date is Monday, August 5th. This is a boost from Citigroup’s previous quarterly dividend of $0.53. Citigroup’s dividend payout ratio is currently 59.38%.

Citigroup Company 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.