Riverbend Wealth Management LLC Takes Position in Citigroup Inc. (NYSE:C)

Riverbend Wealth Management LLC purchased a new stake in Citigroup Inc. (NYSE:C) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,944 shares of the company’s stock, valued at approximately $772,000.

Other large investors also recently made changes to their positions in the company. Brookstone Capital Management raised its stake in Citigroup by 340.6% during the 4th quarter. Brookstone Capital Management now owns 36,034 shares of the company’s stock worth $2,536,000 after buying an additional 27,856 shares during the period. Inspire Trust Co. N.A. raised its stake in Citigroup by 34.8% during the 3rd quarter. Inspire Trust Co. N.A. now owns 77,506 shares of the company’s stock worth $4,852,000 after buying an additional 20,000 shares during the period. FNY Investment Advisers LLC raised its stake in Citigroup by 168.7% during the 4th quarter. FNY Investment Advisers LLC now owns 19,560 shares of the company’s stock worth $1,376,000 after buying an additional 12,280 shares during the period. HighTower Advisors LLC raised its stake in Citigroup by 2.4% during the 3rd quarter. HighTower Advisors LLC now owns 354,294 shares of the company’s stock worth $22,236,000 after buying an additional 8,301 shares during the period. Finally, KBC Group NV raised its stake in Citigroup by 1.8% during the 3rd quarter. KBC Group NV now owns 1,138,511 shares of the company’s stock worth $71,270,000 after buying an additional 20,291 shares during the period. Institutional investors and hedge funds own 71.72% of the company’s stock.

Citigroup Price Performance

Shares of NYSE C opened at $67.22 on Tuesday. The stock has a market capitalization of $126.67 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 0.64 and a beta of 1.43. The business has a 50-day moving average of $77.84 and a 200-day moving average of $69.83. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. Citigroup Inc. has a fifty-two week low of $53.51 and a fifty-two week high of $84.74.

Citigroup (NYSE:C) last issued its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.12. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The business had revenue of $19.58 billion during the quarter, compared to the consensus estimate of $19.51 billion. During the same period last year, the business posted $0.84 EPS. Citigroup’s revenue was up 12.3% on a year-over-year basis. As a group, sell-side analysts predict that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup announced that its board has authorized a share repurchase plan on Wednesday, January 15th that allows the company to repurchase $20.00 billion in shares. This repurchase authorization allows the company to purchase up to 13.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Citigroup Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 3rd were paid a $0.56 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $2.24 annualized dividend and a yield of 3.33%. Citigroup’s dividend payout ratio (DPR) is currently 37.65%.

Insider Activity at Citigroup

In other Citigroup news, insider Sara Wechter sold 15,125 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the completion of the sale, the insider now directly owns 109,780 shares in the company, valued at $8,893,277.80. This trade represents a 12.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Anand Selvakesari sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the sale, the chief operating officer now owns 229,180 shares of the company’s stock, valued at $18,586,498. This trade represents a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,590 shares of company stock worth $8,523,149. Insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. The Goldman Sachs Group raised their price objective on Citigroup from $77.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Wells Fargo & Company increased their target price on Citigroup from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Truist Financial initiated coverage on Citigroup in a report on Tuesday, January 7th. They set a “buy” rating and a $85.00 target price for the company. Bank of America increased their target price on Citigroup from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, January 7th. Finally, Morgan Stanley increased their target price on Citigroup from $104.00 to $109.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $83.93.

About Citigroup

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.