9258 Wealth Management LLC Lowers Stock Position in Citigroup Inc. (NYSE:C)

9258 Wealth Management LLC cut its holdings in Citigroup Inc. (NYSE:C) by 3.1% during the second quarter, Holdings Channel reports. The institutional investor owned 7,466 shares of the company’s stock after selling 236 shares during the quarter. 9258 Wealth Management LLC’s holdings in Citigroup were worth $474,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in Citigroup by 123.5% during 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 acquiring an additional 17,525,484 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Citigroup by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 30,007,284 shares of the company’s stock valued at $1,904,262,000 after purchasing an additional 250,716 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Citigroup by 8.0% in the 4th quarter. Fisher Asset Management LLC now owns 24,755,277 shares of the company’s stock worth $1,273,411,000 after purchasing an additional 1,836,283 shares in the last quarter. Putnam Investments LLC grew its stake in shares of Citigroup by 7.9% in the 4th quarter. Putnam Investments LLC now owns 17,775,952 shares of the company’s stock worth $914,395,000 after buying an additional 1,300,520 shares during the last quarter. Finally, Norges Bank bought a new position in Citigroup during the 4th quarter valued at approximately $867,599,000. 71.72% of the stock is owned by hedge funds and other institutional investors.

Citigroup Stock Performance

C stock opened at $60.62 on Friday. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.94 and a quick ratio of 0.94. Citigroup Inc. has a 1 year low of $38.17 and a 1 year high of $67.81. The company has a market cap of $115.63 billion, a P/E ratio of 16.98, a price-to-earnings-growth ratio of 0.68 and a beta of 1.46. The stock’s fifty day moving average price is $62.52 and its 200-day moving average price is $61.18.

Citigroup (NYSE:C) last announced its earnings results on Friday, July 12th. The company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.13. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The business had revenue of $20.14 billion for the quarter, compared to analysts’ expectations of $20.07 billion. During the same period last year, the firm posted $1.37 earnings per share. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, equities analysts forecast that Citigroup Inc. will post 5.82 earnings per share for the current year.

Citigroup Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.70%. This is a positive change from Citigroup’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, August 5th. Citigroup’s payout ratio is 62.75%.

Wall Street Analyst Weigh In

Several research firms have commented on C. Keefe, Bruyette & Woods boosted their target price on Citigroup from $66.00 to $69.00 and gave the stock a “market perform” rating in a report on Thursday, June 20th. Royal Bank of Canada increased their price objective on shares of Citigroup from $63.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Piper Sandler lifted their target price on shares of Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Morgan Stanley upped their target price on shares of Citigroup from $66.00 to $79.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Evercore ISI raised their price target on shares of Citigroup from $60.00 to $62.00 and gave the company an “in-line” rating in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Citigroup currently has an average rating of “Moderate Buy” and an average target price of $68.06.

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.