Institute for Wealth Management LLC. Acquires 1,422 Shares of Citigroup Inc. (NYSE:C)

Institute for Wealth Management LLC. boosted its stake in shares of Citigroup Inc. (NYSE:C) by 8.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,843 shares of the company’s stock after buying an additional 1,422 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Citigroup were worth $1,132,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in C. Price T Rowe Associates Inc. MD increased its stake in Citigroup by 123.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,716,442 shares of the company’s stock valued at $2,005,749,000 after purchasing an additional 17,525,484 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Citigroup by 18.4% during the first quarter. Bank of New York Mellon Corp now owns 29,756,568 shares of the company’s stock worth $1,881,805,000 after purchasing an additional 4,620,867 shares during the period. Fisher Asset Management LLC grew its position in Citigroup by 8.0% in the 4th quarter. Fisher Asset Management LLC now owns 24,755,277 shares of the company’s stock valued at $1,273,411,000 after purchasing an additional 1,836,283 shares during the period. Putnam Investments LLC increased its stake in Citigroup by 7.9% during the 4th quarter. Putnam Investments LLC now owns 17,775,952 shares of the company’s stock valued at $914,395,000 after purchasing an additional 1,300,520 shares in the last quarter. Finally, Norges Bank acquired a new position in Citigroup during the fourth quarter worth $867,599,000. Institutional investors own 71.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on C shares. Royal Bank of Canada lifted their target price on Citigroup from $63.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Argus upped their target price on shares of Citigroup from $70.00 to $72.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Oppenheimer raised their price target on shares of Citigroup from $85.00 to $86.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. BMO Capital Markets upped their price objective on shares of Citigroup from $63.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, July 11th. Finally, Piper Sandler increased their price objective on shares of Citigroup from $70.00 to $73.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.06.

Citigroup Stock Performance

Shares of NYSE C traded up $1.72 during midday trading on Friday, hitting $62.14. The company’s stock had a trading volume of 13,299,722 shares, compared to its average volume of 14,839,771. The firm has a market capitalization of $118.53 billion, a price-to-earnings ratio of 17.41, a P/E/G ratio of 0.68 and a beta of 1.46. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 1.47. The stock has a fifty day moving average price of $62.38 and a 200 day moving average price of $60.76. Citigroup Inc. has a one year low of $38.17 and a one year high of $67.81.

Citigroup (NYSE:C) last issued its earnings results on Friday, July 12th. The company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. Citigroup had a net margin of 4.95% and a return on equity of 6.26%. The business had revenue of $20.14 billion for the quarter, compared to analysts’ expectations of $20.07 billion. During the same quarter in the previous year, the firm posted $1.37 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, research analysts forecast that Citigroup Inc. will post 5.85 EPS for the current fiscal year.

Citigroup Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a dividend of $0.56 per share. This is a boost from Citigroup’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, August 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.60%. Citigroup’s dividend payout ratio is 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.