Cornercap Investment Counsel Inc. Reduces Stock Holdings in Citigroup Inc. (NYSE:C)

Cornercap Investment Counsel Inc. lessened its stake in Citigroup Inc. (NYSE:C) by 37.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 32,875 shares of the company’s stock after selling 19,483 shares during the quarter. Citigroup makes up approximately 0.6% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 10th biggest holding. Cornercap Investment Counsel Inc.’s holdings in Citigroup were worth $2,058,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of C. Price T Rowe Associates Inc. MD grew its holdings in Citigroup by 123.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,716,442 shares of the company’s stock worth $2,005,749,000 after purchasing an additional 17,525,484 shares during the period. Swedbank AB purchased a new position in shares of Citigroup during the 1st quarter valued at $253,286,000. Acadian Asset Management LLC increased its holdings in Citigroup by 527.5% in the 2nd quarter. Acadian Asset Management LLC now owns 2,498,277 shares of the company’s stock valued at $158,521,000 after acquiring an additional 2,100,135 shares during the last quarter. Caxton Associates LP increased its holdings in shares of Citigroup by 7,393.3% in the 1st quarter. Caxton Associates LP now owns 2,015,390 shares of the company’s stock worth $127,453,000 after buying an additional 1,988,494 shares during the last quarter. Finally, Capital World Investors increased its holdings in shares of Citigroup by 26.1% in the 1st quarter. Capital World Investors now owns 5,280,342 shares of the company’s stock worth $333,929,000 after buying an additional 1,092,980 shares during the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on C. Morgan Stanley lowered their price target on shares of Citigroup from $86.00 to $82.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Wells Fargo & Company increased their price target on shares of Citigroup from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday. Bank of America increased their price objective on shares of Citigroup from $77.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Barclays raised their price target on shares of Citigroup from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group cut their price objective on shares of Citigroup from $75.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Citigroup Stock Performance

Shares of C opened at $68.13 on Friday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.96 and a current ratio of 0.96. Citigroup Inc. has a 1 year low of $44.32 and a 1 year high of $70.20. The stock has a market capitalization of $128.85 billion, a P/E ratio of 19.75, a P/E/G ratio of 0.77 and a beta of 1.44. The company’s fifty day moving average is $63.02 and its two-hundred day moving average is $62.54.

Citigroup (NYSE:C) last released its earnings results on Tuesday, October 15th. The company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.20. The company had revenue of $20.32 billion for the quarter, compared to analyst estimates of $19.86 billion. Citigroup had a net margin of 4.70% and a return on equity of 6.19%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.52 EPS. On average, sell-side analysts predict that Citigroup Inc. will post 5.85 earnings per share for the current year.

Citigroup Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.29%. The ex-dividend date is Monday, November 4th. Citigroup’s dividend payout ratio (DPR) is 64.93%.

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.