Invesco Ltd. Grows Position in Citigroup Inc. (NYSE:C)

Invesco Ltd. grew its stake in Citigroup Inc. (NYSE:C) by 13.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,247,095 shares of the company’s stock after acquiring an additional 1,970,300 shares during the quarter. Invesco Ltd.’s holdings in Citigroup were worth $1,143,633,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in C. Core Alternative Capital raised its holdings in Citigroup by 83.4% in the 4th quarter. Core Alternative Capital now owns 376 shares of the company’s stock valued at $26,000 after acquiring an additional 171 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Citigroup in the third quarter valued at $31,000. Webster Bank N. A. increased its stake in Citigroup by 150.0% in the fourth quarter. Webster Bank N. A. now owns 500 shares of the company’s stock valued at $35,000 after purchasing an additional 300 shares during the last quarter. Creative Capital Management Investments LLC purchased a new position in Citigroup during the fourth quarter worth about $35,000. Finally, Sierra Ocean LLC acquired a new stake in Citigroup in the 4th quarter worth about $37,000. Institutional investors and hedge funds own 71.72% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on C. Evercore ISI dropped their price objective on shares of Citigroup from $79.00 to $76.00 and set an “in-line” rating for the company in a research note on Tuesday, April 1st. Oppenheimer dropped their price target on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Bank of America decreased their price target on shares of Citigroup from $90.00 to $89.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods boosted their price objective on shares of Citigroup from $85.00 to $92.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. Finally, Truist Financial cut their target price on Citigroup from $85.00 to $84.00 and set a “buy” rating on the stock in a research report on Friday. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $83.23.

Citigroup Stock Performance

NYSE:C opened at $58.00 on Monday. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $84.74. The stock has a market cap of $109.17 billion, a P/E ratio of 9.75, a PEG ratio of 0.64 and a beta of 1.29. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a 50-day moving average of $75.61 and a two-hundred day moving average of $71.11.

Citigroup (NYSE:C) last posted its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.12. The firm had revenue of $19.58 billion for the quarter, compared to analysts’ expectations of $19.51 billion. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.84 earnings per share. On average, research analysts expect that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Monday, May 5th. Citigroup’s dividend payout ratio is currently 37.65%.

Citigroup announced that its board has authorized a stock repurchase program on Wednesday, January 15th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 13.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Citigroup news, insider Sara Wechter sold 15,125 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.01, for a total value of $1,225,276.25. Following the sale, the insider now directly owns 109,780 shares in the company, valued at approximately $8,893,277.80. This trade represents a 12.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Mark Mason sold 58,465 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $83.21, for a total value of $4,864,872.65. Following the transaction, the chief financial officer now owns 217,331 shares of the company’s stock, valued at approximately $18,084,112.51. This represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,590 shares of company stock valued at $8,523,149. Company insiders own 0.08% of the company’s stock.

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.