Summit Global Investments Grows Position in Citigroup Inc. (NYSE:C)

Summit Global Investments raised its stake in shares of Citigroup Inc. (NYSE:C) by 289.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,640 shares of the company’s stock after purchasing an additional 22,774 shares during the period. Summit Global Investments’ holdings in Citigroup were worth $1,918,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Winthrop Advisory Group LLC lifted its stake in shares of Citigroup by 8.2% in the 3rd quarter. Winthrop Advisory Group LLC now owns 3,944 shares of the company’s stock valued at $247,000 after purchasing an additional 299 shares in the last quarter. Lifestyle Asset Management Inc. lifted its position in Citigroup by 4.5% during the third quarter. Lifestyle Asset Management Inc. now owns 3,730 shares of the company’s stock valued at $233,000 after buying an additional 160 shares in the last quarter. Beacon Harbor Wealth Advisors Inc. grew its stake in Citigroup by 1.3% during the third quarter. Beacon Harbor Wealth Advisors Inc. now owns 113,021 shares of the company’s stock worth $7,075,000 after buying an additional 1,412 shares during the period. Portside Wealth Group LLC increased its position in shares of Citigroup by 13.0% in the third quarter. Portside Wealth Group LLC now owns 17,371 shares of the company’s stock worth $1,087,000 after acquiring an additional 1,992 shares in the last quarter. Finally, JB Capital LLC boosted its position in Citigroup by 2.5% during the 3rd quarter. JB Capital LLC now owns 46,504 shares of the company’s stock worth $2,911,000 after purchasing an additional 1,130 shares during the period. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on C. The Goldman Sachs Group cut their price objective on Citigroup from $75.00 to $71.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Argus boosted their price target on Citigroup from $70.00 to $72.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. 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 research report on Wednesday, October 16th. Piper Sandler boosted their target price on shares of Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Finally, 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 report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $72.06.

Citigroup Stock Up 0.8 %

Shares of NYSE:C opened at $68.63 on Friday. The stock has a market capitalization of $130.93 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 0.69 and a beta of 1.44. Citigroup Inc. has a 1-year low of $41.28 and a 1-year high of $70.09. The company’s fifty day moving average is $62.30 and its two-hundred day moving average is $62.31. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.96.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, October 15th. The company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.20. Citigroup had a net margin of 4.70% and a return on equity of 6.19%. The firm had revenue of $20.32 billion for the quarter, compared to analyst estimates of $19.86 billion. During the same quarter in the prior year, the business earned $1.52 earnings per share. Citigroup’s quarterly revenue was up .9% on a year-over-year basis. Equities analysts anticipate that Citigroup Inc. will post 5.87 EPS for the current year.

Citigroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be given a dividend of $0.56 per share. The ex-dividend date is Monday, November 4th. This represents a $2.24 dividend on an annualized basis and a yield of 3.26%. Citigroup’s dividend payout ratio is currently 64.93%.

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.