Patten & Patten Inc. TN Sells 1,286 Shares of Citigroup Inc. (NYSE:C)

Patten & Patten Inc. TN trimmed its position in Citigroup Inc. (NYSE:C) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,978 shares of the company’s stock after selling 1,286 shares during the quarter. Patten & Patten Inc. TN’s holdings in Citigroup were worth $3,307,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Core Alternative Capital lifted its position in Citigroup by 83.4% during the 4th quarter. Core Alternative Capital now owns 376 shares of the company’s stock worth $26,000 after acquiring an additional 171 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Citigroup in the third quarter worth about $31,000. Webster Bank N. A. lifted its position in shares of Citigroup by 150.0% during the 4th quarter. Webster Bank N. A. now owns 500 shares of the company’s stock worth $35,000 after purchasing an additional 300 shares during the last quarter. Creative Capital Management Investments LLC bought a new stake in Citigroup during the 4th quarter valued at approximately $35,000. Finally, Sierra Ocean LLC acquired a new stake in Citigroup in the 4th quarter valued at approximately $37,000. 71.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on C shares. Truist Financial started coverage on Citigroup in a report on Tuesday, January 7th. They set a “buy” rating and a $85.00 price target for the company. Morgan Stanley upped their target price on shares of Citigroup from $104.00 to $109.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Evercore ISI increased their price target on shares of Citigroup from $69.00 to $79.00 and gave the company an “in-line” rating in a report on Thursday, January 16th. Oppenheimer dropped their price objective on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Finally, StockNews.com upgraded shares of Citigroup from a “hold” rating to a “buy” rating in a research note on Tuesday, March 11th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Citigroup presently has an average rating of “Moderate Buy” and a consensus price target of $83.93.

Insiders Place Their Bets

In other news, insider Sara Wechter sold 15,125 shares of Citigroup stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the completion of the sale, the insider now owns 109,780 shares in the company, valued at $8,893,277.80. The trade was a 12.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Mason sold 58,465 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $83.21, for a total value of $4,864,872.65. Following the completion of the transaction, the chief financial officer now directly owns 217,331 shares in the company, valued at approximately $18,084,112.51. This trade represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,590 shares of company stock valued at $8,523,149 in the last 90 days. 0.08% of the stock is currently owned by insiders.

Citigroup Stock Performance

Shares of NYSE:C opened at $68.84 on Friday. 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 business’s fifty day moving average price is $77.63 and its two-hundred day moving average price is $69.94. Citigroup Inc. has a fifty-two week low of $53.51 and a fifty-two week high of $84.74. The stock has a market capitalization of $129.73 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43.

Citigroup (NYSE:C) last posted its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.12. The business had revenue of $19.58 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.84 EPS. As a group, analysts predict that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date was Monday, February 3rd. Citigroup’s dividend payout ratio is currently 37.65%.

Citigroup announced that its board has authorized a stock buyback program on Wednesday, January 15th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 13.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Citigroup Company 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.