Summit Financial LLC Purchases 1,264 Shares of Citigroup Inc. (NYSE:C)

Summit Financial LLC increased its holdings in Citigroup Inc. (NYSE:C) by 9.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,926 shares of the company’s stock after buying an additional 1,264 shares during the quarter. Summit Financial LLC’s holdings in Citigroup were worth $1,051,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Core Alternative Capital increased its position in 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 in the last quarter. Legacy Investment Solutions LLC purchased a new stake in Citigroup in the 3rd quarter worth approximately $31,000. Webster Bank N. A. raised its stake in Citigroup by 150.0% during the 4th quarter. Webster Bank N. A. now owns 500 shares of the company’s stock worth $35,000 after acquiring an additional 300 shares during the period. Creative Capital Management Investments LLC purchased a new position in Citigroup during the fourth quarter valued at approximately $35,000. Finally, Sierra Ocean LLC bought 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 Stock Down 0.7 %

Shares of NYSE:C opened at $70.48 on Wednesday. The company has a market cap of $132.66 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 0.64 and a beta of 1.43. Citigroup Inc. has a 12 month low of $53.51 and a 12 month high of $84.74. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. The company has a 50-day moving average price of $76.66 and a 200 day moving average price of $71.00.

Citigroup (NYSE:C) last posted its quarterly earnings data 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. The business had revenue of $19.58 billion during the quarter, compared to analyst estimates of $19.51 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same period last year, the company earned $0.84 EPS. As a group, equities research analysts predict that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 3rd were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend was Monday, February 3rd. Citigroup’s dividend payout ratio is currently 37.65%.

Citigroup announced that its board has initiated a stock repurchase plan on Wednesday, January 15th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 13.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Piper Sandler restated an “overweight” rating and set a $83.00 target price (up previously from $80.00) on shares of Citigroup in a research note on Thursday, January 16th. Truist Financial started coverage on Citigroup in a research note on Tuesday, January 7th. They issued a “buy” rating and a $85.00 price objective for the company. Keefe, Bruyette & Woods lifted their target price on Citigroup from $85.00 to $92.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. StockNews.com downgraded Citigroup from a “buy” rating to a “hold” rating in a research note on Sunday. Finally, Oppenheimer reduced their price objective on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $84.29.

Insider Transactions at Citigroup

In related news, CFO Mark Mason sold 58,465 shares of the firm’s 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 sale, the chief financial officer now directly owns 217,331 shares of the company’s stock, valued at approximately $18,084,112.51. This trade represents a 21.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Anand Selvakesari sold 30,000 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $81.10, for a total value of $2,433,000.00. Following the transaction, the chief operating officer now owns 229,180 shares of the company’s stock, valued at approximately $18,586,498. The trade was a 11.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,590 shares of company stock worth $8,523,149. 0.08% of the stock is currently owned by insiders.

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.