Letko Brosseau & Associates Inc. Trims Stake in Citigroup Inc (NYSE:C)

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Letko Brosseau & Associates Inc. reduced its holdings in shares of Citigroup Inc (NYSE:C) by 6.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,985,592 shares of the financial services provider’s stock after selling 220,014 shares during the period. Citigroup comprises 2.1% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 15th largest holding. Letko Brosseau & Associates Inc. owned 0.13% of Citigroup worth $209,081,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Rehmann Capital Advisory Group increased its stake in shares of Citigroup by 103.1% in the first quarter. Rehmann Capital Advisory Group now owns 4,389 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 2,228 shares in the last quarter. Advisor Partners LLC boosted its position in shares of Citigroup by 8.2% during the second quarter. Advisor Partners LLC now owns 78,622 shares of the financial services provider’s stock worth $5,506,000 after acquiring an additional 5,980 shares during the last quarter. Strategy Asset Managers LLC bought a new position in shares of Citigroup during the first quarter worth $55,000. Sanders Morris Harris LLC bought a new position in shares of Citigroup during the second quarter worth $514,000. Finally, Front Barnett Associates LLC boosted its position in shares of Citigroup by 0.4% during the first quarter. Front Barnett Associates LLC now owns 134,044 shares of the financial services provider’s stock worth $8,340,000 after acquiring an additional 551 shares during the last quarter. 77.65% of the stock is owned by institutional investors and hedge funds.

C stock traded down $0.45 during trading on Thursday, hitting $60.96. 9,661,081 shares of the company’s stock traded hands, compared to its average volume of 13,639,416. Citigroup Inc has a 52 week low of $48.42 and a 52 week high of $75.24. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a fifty day simple moving average of $69.66. The firm has a market capitalization of $145.12 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 0.70 and a beta of 1.76.

Citigroup (NYSE:C) last released its quarterly earnings data on Monday, July 15th. The financial services provider reported $1.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.17. Citigroup had a net margin of 18.24% and a return on equity of 10.10%. The business had revenue of $18.76 billion during the quarter, compared to analyst estimates of $18.49 billion. During the same quarter last year, the business earned $1.63 earnings per share. Citigroup’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, analysts expect that Citigroup Inc will post 7.55 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be given a dividend of $0.51 per share. The ex-dividend date is Friday, August 2nd. This represents a $2.04 annualized dividend and a yield of 3.35%. This is a positive change from Citigroup’s previous quarterly dividend of $0.45. Citigroup’s dividend payout ratio (DPR) is 30.68%.

C has been the subject of a number of research reports. BMO Capital Markets lowered shares of Citigroup to a “hold” rating in a research report on Friday, July 26th. Berenberg Bank set a $78.00 target price on shares of Citigroup and gave the stock a “buy” rating in a research report on Monday, June 17th. Bank of America lowered shares of Citigroup to a “hold” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods upgraded shares of Citigroup from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $74.00 to $86.00 in a research report on Friday, July 26th. Finally, Zacks Investment Research lowered shares of Citigroup from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have given a buy rating to the company. Citigroup presently has a consensus rating of “Buy” and a consensus target price of $79.40.

Citigroup Company Profile

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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Institutional Ownership by Quarter for Citigroup (NYSE:C)

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