Summit Global Investments Buys 31,964 Shares of Citigroup Inc. (NYSE:C)

Summit Global Investments lifted its stake in Citigroup Inc. (NYSE:C) by 104.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 62,604 shares of the company’s stock after purchasing an additional 31,964 shares during the period. Summit Global Investments’ holdings in Citigroup were worth $4,407,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in C. Core Alternative Capital boosted its holdings in shares of Citigroup by 83.4% in the fourth quarter. Core Alternative Capital now owns 376 shares of the company’s stock worth $26,000 after buying an additional 171 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Citigroup in the third quarter worth approximately $31,000. Webster Bank N. A. boosted its holdings in shares of Citigroup by 150.0% in the fourth quarter. Webster Bank N. A. now owns 500 shares of the company’s stock worth $35,000 after buying an additional 300 shares during the last quarter. Creative Capital Management Investments LLC purchased a new position in shares of Citigroup in the fourth quarter worth approximately $35,000. Finally, Sierra Ocean LLC purchased a new position in shares of Citigroup in the fourth quarter worth approximately $37,000. 71.72% of the stock is currently owned by institutional investors.

Citigroup Price Performance

C stock opened at $71.93 on Friday. Citigroup Inc. has a one year low of $53.51 and a one year high of $84.74. The company’s fifty day moving average price is $77.46 and its 200-day moving average price is $70.20. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $135.56 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43.

Citigroup (NYSE:C) last released its earnings results on Wednesday, January 15th. The company reported $1.34 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 firm had revenue of $19.58 billion for the quarter, compared to the consensus estimate of $19.51 billion. During the same quarter in the previous year, the firm earned $0.84 earnings per share. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. On average, equities analysts anticipate that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup declared that its board has authorized a share buyback plan on Wednesday, January 15th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 13.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Citigroup Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 3rd were given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.11%. The ex-dividend date was Monday, February 3rd. Citigroup’s dividend payout ratio is presently 37.65%.

Insider Buying and Selling

In related news, CFO Mark Mason sold 58,465 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $83.21, for a total value of $4,864,872.65. Following the sale, the chief financial officer now owns 217,331 shares in the company, valued at approximately $18,084,112.51. The trade was a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Anand Selvakesari sold 30,000 shares of the business’s stock in a transaction 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 completion of the sale, the chief operating officer now owns 229,180 shares in the company, valued at $18,586,498. This represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 103,590 shares of company stock worth $8,523,149. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on C. Oppenheimer dropped their price objective on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Bank of America raised 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. Piper Sandler reissued an “overweight” rating and issued a $83.00 price objective (up previously from $80.00) on shares of Citigroup in a report on Thursday, January 16th. Evercore ISI lifted their price target on shares of Citigroup from $69.00 to $79.00 and gave the company an “in-line” rating in a report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Citigroup from $85.00 to $92.00 and gave the company an “outperform” rating in a report on Thursday, January 16th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Citigroup has a consensus rating of “Moderate Buy” and a consensus price target of $83.53.

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.