The Manufacturers Life Insurance Company Lowers Position in Citigroup Inc. (NYSE:C)

The Manufacturers Life Insurance Company reduced its stake in Citigroup Inc. (NYSE:C) by 9.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,103,788 shares of the company’s stock after selling 221,965 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.11% of Citigroup worth $131,697,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. MONECO Advisors LLC boosted its holdings in Citigroup by 2.9% in the second quarter. MONECO Advisors LLC now owns 5,542 shares of the company’s stock worth $352,000 after acquiring an additional 157 shares in the last quarter. Lifestyle Asset Management Inc. boosted its holdings in Citigroup by 4.5% in the third quarter. Lifestyle Asset Management Inc. now owns 3,730 shares of the company’s stock worth $233,000 after acquiring an additional 160 shares in the last quarter. Legacy Capital Group California Inc. boosted its holdings in Citigroup by 1.0% in the second quarter. Legacy Capital Group California Inc. now owns 16,596 shares of the company’s stock worth $1,053,000 after acquiring an additional 169 shares in the last quarter. Grove Bank & Trust boosted its holdings in Citigroup by 7.1% in the third quarter. Grove Bank & Trust now owns 2,564 shares of the company’s stock worth $161,000 after acquiring an additional 170 shares in the last quarter. Finally, MWA Asset Management boosted its holdings in Citigroup by 1.4% in the third quarter. MWA Asset Management now owns 12,585 shares of the company’s stock worth $788,000 after acquiring an additional 173 shares in the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on C shares. Wells Fargo & Company upped their price target on Citigroup from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Oppenheimer upped their price target on Citigroup from $91.00 to $107.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Morgan Stanley lowered their price target on Citigroup from $86.00 to $82.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Barclays upped their price target on Citigroup from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, Bank of America upped their price target on Citigroup from $77.00 to $78.00 and gave the company a “buy” rating 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 issued a buy rating to the company’s stock. According to MarketBeat, Citigroup presently has an average rating of “Moderate Buy” and an average target price of $73.00.

Citigroup Price Performance

NYSE:C opened at $69.74 on Wednesday. The firm has a market capitalization of $131.90 billion, a price-to-earnings ratio of 20.21, a PEG ratio of 0.78 and a beta of 1.44. Citigroup Inc. has a 1 year low of $44.56 and a 1 year high of $71.19. The business has a 50 day simple moving average of $64.77 and a 200-day simple moving average of $62.94. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.96 and a quick ratio of 0.96.

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

Citigroup Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were issued a $0.56 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $2.24 annualized dividend and a dividend yield of 3.21%. Citigroup’s payout ratio is 64.93%.

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.