Sit Investment Associates Inc. Grows Position in Citigroup Inc. (NYSE:C)

Sit Investment Associates Inc. boosted its stake in shares of Citigroup Inc. (NYSE:C) by 53.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 112,075 shares of the company’s stock after purchasing an additional 39,045 shares during the period. Sit Investment Associates Inc.’s holdings in Citigroup were worth $7,889,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Blake Schutter Theil Wealth Advisors LLC grew its position in Citigroup by 1.6% in the fourth quarter. Blake Schutter Theil Wealth Advisors LLC now owns 8,637 shares of the company’s stock worth $608,000 after buying an additional 135 shares during the last quarter. Hemington Wealth Management grew its holdings in shares of Citigroup by 10.9% in the 4th quarter. Hemington Wealth Management now owns 1,387 shares of the company’s stock worth $97,000 after acquiring an additional 136 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its holdings in shares of Citigroup by 3.4% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 4,112 shares of the company’s stock valued at $289,000 after purchasing an additional 137 shares during the last quarter. Rakuten Securities Inc. boosted its position in shares of Citigroup by 2.4% in the 4th quarter. Rakuten Securities Inc. now owns 5,953 shares of the company’s stock valued at $419,000 after purchasing an additional 139 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Citigroup by 1.7% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 8,405 shares of the company’s stock worth $592,000 after purchasing an additional 140 shares in the last quarter. Institutional investors and hedge funds own 71.72% of the company’s stock.

Citigroup Stock Down 8.0 %

Citigroup stock opened at $58.00 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $84.74. The firm’s fifty day simple moving average is $75.61 and its 200-day simple moving average is $71.03. The company has a market capitalization of $109.17 billion, a P/E ratio of 9.75, a P/E/G ratio of 0.64 and a beta of 1.29.

Citigroup (NYSE:C) last posted its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.12. The company had revenue of $19.58 billion for 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 business’s revenue was up 12.3% compared to the same quarter last year. During the same period last year, the company earned $0.84 earnings per share. Sell-side analysts forecast that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

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

Citigroup Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date is Monday, May 5th. Citigroup’s dividend payout ratio is 37.65%.

Insiders Place Their Bets

In other news, CFO Mark Mason sold 58,465 shares of the firm’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. This trade represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Sara Wechter sold 15,125 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 103,590 shares of company stock valued at $8,523,149 in the last quarter. Insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

C has been the subject of several recent analyst reports. The Goldman Sachs Group decreased their target price on shares of Citigroup from $90.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their price objective on shares of Citigroup from $85.50 to $75.50 and set a “neutral” rating on the stock in a research report on Thursday. StockNews.com lowered Citigroup from a “buy” rating to a “hold” rating in a report on Sunday, March 30th. Barclays raised Citigroup from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $95.00 in a research report on Monday, January 6th. Finally, Truist Financial reduced their price objective on Citigroup from $85.00 to $84.00 and set a “buy” rating for the company in a research note on Friday. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $83.23.

Citigroup 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.