Cibc World Markets Corp Reduces Stock Holdings in Citigroup Inc. (NYSE:C)

Cibc World Markets Corp reduced its stake in shares of Citigroup Inc. (NYSE:C) by 6.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 998,197 shares of the company’s stock after selling 68,688 shares during the quarter. Cibc World Markets Corp owned 0.05% of Citigroup worth $70,263,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Gold Investment Management Ltd. raised its position in shares of Citigroup by 4.5% in the 4th quarter. Gold Investment Management Ltd. now owns 25,018 shares of the company’s stock valued at $1,761,000 after purchasing an additional 1,077 shares in the last quarter. Creative Financial Designs Inc. ADV increased its position in shares of Citigroup by 2.6% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 39,403 shares of the company’s stock worth $2,774,000 after purchasing an additional 990 shares during the last quarter. SlateStone Wealth LLC raised its stake in shares of Citigroup by 17.8% in the 4th quarter. SlateStone Wealth LLC now owns 4,602 shares of the company’s stock valued at $324,000 after purchasing an additional 695 shares in the last quarter. Glenview Trust co grew its stake in Citigroup by 1.0% in the fourth quarter. Glenview Trust co now owns 225,675 shares of the company’s stock worth $15,885,000 after purchasing an additional 2,261 shares in the last quarter. Finally, Gallacher Capital Management LLC increased its holdings in Citigroup by 7.3% in the fourth quarter. Gallacher Capital Management LLC now owns 9,229 shares of the company’s stock valued at $650,000 after buying an additional 628 shares during the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Citigroup

In other news, insider Sara Wechter sold 15,125 shares of Citigroup stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $81.01, for a total value of $1,225,276.25. Following the transaction, the insider now directly owns 109,780 shares of the company’s stock, valued at $8,893,277.80. This trade represents a 12.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Mason sold 58,465 shares of Citigroup stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $83.21, for a total transaction of $4,864,872.65. Following the completion of the transaction, the chief financial officer now directly owns 217,331 shares in the company, valued at approximately $18,084,112.51. This trade represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,590 shares of company stock valued at $8,523,149 over the last three months. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on C shares. StockNews.com raised shares of Citigroup from a “hold” rating to a “buy” rating in a report on Tuesday, March 11th. The Goldman Sachs Group upped their target price on Citigroup from $77.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Piper Sandler reissued an “overweight” rating and issued a $83.00 price target (up previously from $80.00) on shares of Citigroup in a report on Thursday, January 16th. Keefe, Bruyette & Woods increased their target price on Citigroup from $85.00 to $92.00 and gave the stock an “outperform” rating in a research report on Thursday, January 16th. Finally, Bank of America increased their price objective on shares of Citigroup from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $83.93.

Citigroup Trading Up 2.4 %

Shares of C stock opened at $68.84 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.50. The stock has a 50-day simple moving average of $77.63 and a 200 day simple moving average of $70.00. Citigroup Inc. has a fifty-two week low of $53.51 and a fifty-two week high of $84.74. The stock has a market capitalization of $129.73 billion, a P/E ratio of 11.57, a P/E/G ratio of 0.64 and a beta of 1.43.

Citigroup (NYSE:C) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, topping 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 company had revenue of $19.58 billion for the quarter, compared to analysts’ expectations of $19.51 billion. During the same quarter in the previous year, the company posted $0.84 EPS. The business’s revenue was up 12.3% compared to the same quarter last year. On average, sell-side analysts expect that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup declared that its Board of Directors has approved a share buyback plan on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 13.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Citigroup Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 3rd were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend was Monday, February 3rd. Citigroup’s payout ratio is 37.65%.

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.