Cadence Bank Takes Position in Citigroup Inc. (NYSE:C)

Cadence Bank purchased a new position in Citigroup Inc. (NYSE:C) in the 1st quarter, HoldingsChannel reports. The institutional investor purchased 3,343 shares of the company’s stock, valued at approximately $211,000.

Other hedge funds have also recently made changes to their positions in the company. Stamos Capital Partners L.P. acquired a new stake in Citigroup in the first quarter valued at approximately $5,012,000. Axxcess Wealth Management LLC boosted its position in shares of Citigroup by 7.9% in the 1st quarter. Axxcess Wealth Management LLC now owns 55,545 shares of the company’s stock worth $3,513,000 after purchasing an additional 4,060 shares in the last quarter. EP Wealth Advisors LLC grew its stake in Citigroup by 21.8% during the 1st quarter. EP Wealth Advisors LLC now owns 14,029 shares of the company’s stock worth $887,000 after buying an additional 2,510 shares during the last quarter. Wellington Wealth Strategies LLC. acquired a new position in Citigroup during the 1st quarter valued at about $353,000. Finally, Freestone Capital Holdings LLC increased its position in Citigroup by 10.0% during the 1st quarter. Freestone Capital Holdings LLC now owns 41,111 shares of the company’s stock valued at $2,600,000 after buying an additional 3,733 shares in the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on C. Argus boosted their price target on Citigroup from $70.00 to $72.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. BMO Capital Markets upped their price target on shares of Citigroup from $63.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Piper Sandler lifted their price objective on shares of Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Evercore ISI boosted their price objective on shares of Citigroup from $60.00 to $62.00 and gave the company an “in-line” rating in a report on Wednesday, July 3rd. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Citigroup in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $67.25.

Citigroup Price Performance

Shares of C stock traded up $0.83 during mid-day trading on Friday, hitting $65.20. 9,660,079 shares of the stock were exchanged, compared to its average volume of 14,886,778. Citigroup Inc. has a 52-week low of $38.17 and a 52-week high of $67.81. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 1.47. The company has a market cap of $124.37 billion, a PE ratio of 18.27, a price-to-earnings-growth ratio of 0.69 and a beta of 1.46. The firm has a fifty day moving average of $63.03 and a 200 day moving average of $59.69.

Citigroup (NYSE:C) last issued its quarterly earnings results on Friday, July 12th. The company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.13. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The company had revenue of $20.14 billion for the quarter, compared to the consensus estimate of $20.07 billion. During the same quarter in the prior year, the business posted $1.37 earnings per share. Citigroup’s revenue for the quarter was up 3.6% on a year-over-year basis. Research analysts anticipate that Citigroup Inc. will post 5.84 earnings per share for the current year.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.44%. This is a boost from Citigroup’s previous quarterly dividend of $0.53. Citigroup’s dividend payout ratio (DPR) is currently 62.75%.

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.