Wealth Effects LLC Acquires 1,300 Shares of Citigroup Inc. (NYSE:C)

Wealth Effects LLC increased its stake in shares of Citigroup Inc. (NYSE:C) by 15.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,500 shares of the company’s stock after purchasing an additional 1,300 shares during the period. Wealth Effects LLC’s holdings in Citigroup were worth $603,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in C. Price T Rowe Associates Inc. MD raised its holdings 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 worth $2,005,749,000 after purchasing an additional 17,525,484 shares during the period. Bank of New York Mellon Corp raised its stake in Citigroup by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 30,007,284 shares of the company’s stock worth $1,904,262,000 after buying an additional 250,716 shares during the period. Fisher Asset Management LLC lifted its holdings in Citigroup by 8.0% during the fourth quarter. Fisher Asset Management LLC now owns 24,755,277 shares of the company’s stock worth $1,273,411,000 after acquiring an additional 1,836,283 shares in the last quarter. Putnam Investments LLC grew its stake in Citigroup by 7.9% in the fourth quarter. Putnam Investments LLC now owns 17,775,952 shares of the company’s stock valued at $914,395,000 after acquiring an additional 1,300,520 shares during the period. Finally, Norges Bank bought a new stake in shares of Citigroup in the fourth quarter worth about $867,599,000. Institutional investors own 71.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on C shares. Royal Bank of Canada raised their price objective on shares of Citigroup from $63.00 to $66.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. Oppenheimer boosted their price target on Citigroup from $85.00 to $86.00 and gave the company an “outperform” rating in a report on Monday, July 15th. BMO Capital Markets increased their price objective on Citigroup from $63.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods boosted their target price on Citigroup from $66.00 to $69.00 and gave the company a “market perform” rating in a research note on Thursday, June 20th. Finally, Morgan Stanley raised their price target on shares of Citigroup from $66.00 to $79.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. One research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.06.

Citigroup Price Performance

C stock traded down $0.12 during trading on Wednesday, reaching $61.34. 581,668 shares of the company were exchanged, compared to its average volume of 14,554,480. Citigroup Inc. has a twelve month low of $38.17 and a twelve month high of $67.81. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $117.00 billion, a price-to-earnings ratio of 17.22, a P/E/G ratio of 0.68 and a beta of 1.46. The company has a 50-day moving average of $62.55 and a two-hundred day moving average of $61.19.

Citigroup (NYSE:C) last issued its quarterly earnings data 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. The business had revenue of $20.14 billion during the quarter, compared to analyst estimates of $20.07 billion. Citigroup had a net margin of 4.95% and a return on equity of 6.26%. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business earned $1.37 EPS. As a group, equities analysts predict that Citigroup Inc. will post 5.82 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a $0.56 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.65%. This is an increase from Citigroup’s previous quarterly dividend of $0.53. Citigroup’s payout ratio is 62.75%.

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.