Patten & Patten Inc. TN grew its holdings in Citigroup Inc (NYSE:C) by 4.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 114,284 shares of the financial services provider’s stock after acquiring an additional 5,265 shares during the period. Patten & Patten Inc. TN’s holdings in Citigroup were worth $8,003,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in C. Norges Bank acquired a new position in Citigroup during the fourth quarter worth $1,383,526,000. ValueAct Holdings L.P. raised its position in Citigroup by 20.2% during the fourth quarter. ValueAct Holdings L.P. now owns 31,525,500 shares of the financial services provider’s stock worth $1,641,218,000 after acquiring an additional 5,300,000 shares during the period. CI Investments Inc. raised its position in Citigroup by 113.5% during the fourth quarter. CI Investments Inc. now owns 3,414,800 shares of the financial services provider’s stock worth $177,774,000 after acquiring an additional 1,815,543 shares during the period. SG Americas Securities LLC raised its position in Citigroup by 106.2% during the first quarter. SG Americas Securities LLC now owns 84,439 shares of the financial services provider’s stock worth $5,254,000 after acquiring an additional 1,456,722 shares during the period. Finally, Geode Capital Management LLC raised its position in Citigroup by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 30,039,886 shares of the financial services provider’s stock worth $1,561,201,000 after acquiring an additional 1,187,619 shares during the period. 76.78% of the stock is currently owned by institutional investors and hedge funds.
C has been the subject of a number of recent research reports. Bank of America cut shares of Citigroup to a “hold” rating in a research report on Friday, July 26th. Zacks Investment Research cut shares of Citigroup from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th. Barclays increased their target price on shares of Citigroup from $83.00 to $86.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. ValuEngine cut shares of Citigroup from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, Morgan Stanley set a $78.00 price objective on shares of Citigroup and gave the stock a “buy” rating in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have issued a buy rating to the stock. Citigroup currently has a consensus rating of “Buy” and an average price target of $79.12.
Citigroup (NYSE:C) last released its quarterly earnings data on Monday, July 15th. The financial services provider reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.17. Citigroup had a net margin of 18.24% and a return on equity of 10.10%. The company had revenue of $18.76 billion for the quarter, compared to analysts’ expectations of $18.49 billion. During the same quarter last year, the company earned $1.63 earnings per share. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. On average, equities analysts anticipate that Citigroup Inc will post 7.54 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.17%. This is a boost from Citigroup’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 2nd. Citigroup’s payout ratio is presently 30.68%.
Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).
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