Kennondale Capital Management LLC Acquires Shares of 28,644 Citigroup Inc. (NYSE:C)

Kennondale Capital Management LLC acquired a new stake in shares of Citigroup Inc. (NYSE:C) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 28,644 shares of the company’s stock, valued at approximately $2,016,000. Citigroup makes up 1.6% of Kennondale Capital Management LLC’s investment portfolio, making the stock its 13th biggest holding.

Other large investors have also recently made changes to their positions in the company. Brookstone Capital Management grew its stake in shares of Citigroup by 340.6% in the fourth quarter. Brookstone Capital Management now owns 36,034 shares of the company’s stock worth $2,536,000 after acquiring an additional 27,856 shares during the period. Inspire Trust Co. N.A. grew its stake in shares of Citigroup by 34.8% in the third quarter. Inspire Trust Co. N.A. now owns 77,506 shares of the company’s stock worth $4,852,000 after acquiring an additional 20,000 shares during the period. FNY Investment Advisers LLC grew its stake in shares of Citigroup by 168.7% in the fourth quarter. FNY Investment Advisers LLC now owns 19,560 shares of the company’s stock worth $1,376,000 after acquiring an additional 12,280 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Citigroup by 2.4% in the third quarter. HighTower Advisors LLC now owns 354,294 shares of the company’s stock worth $22,236,000 after buying an additional 8,301 shares during the last quarter. Finally, Candriam S.C.A. boosted its holdings in shares of Citigroup by 12.7% in the fourth quarter. Candriam S.C.A. now owns 200,860 shares of the company’s stock worth $14,139,000 after buying an additional 22,657 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Citigroup news, insider Sara Wechter sold 15,125 shares of the stock in a transaction 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 transaction, the insider now owns 109,780 shares in the company, valued at $8,893,277.80. This trade represents a 12.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 transaction of $4,864,872.65. Following the transaction, the chief financial officer now owns 217,331 shares of the company’s stock, valued at $18,084,112.51. This trade represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,590 shares of company stock worth $8,523,149. 0.08% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on C. Barclays raised shares of Citigroup from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $70.00 to $95.00 in a report on Monday, January 6th. Piper Sandler reissued an “overweight” rating and issued a $83.00 price objective (up previously from $80.00) on shares of Citigroup in a report on Thursday, January 16th. Evercore ISI raised their price objective on shares of Citigroup from $69.00 to $79.00 and gave the stock an “in-line” rating in a report on Thursday, January 16th. StockNews.com raised shares of Citigroup from a “hold” rating to a “buy” rating in a report on Tuesday, March 11th. Finally, Truist Financial assumed coverage on shares of Citigroup in a report on Tuesday, January 7th. They issued a “buy” rating and a $85.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Citigroup Price Performance

Shares of NYSE:C opened at $69.96 on Tuesday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a fifty day moving average price of $77.58 and a 200 day moving average price of $70.06. Citigroup Inc. has a fifty-two week low of $53.51 and a fifty-two week high of $84.74. The firm has a market cap of $131.84 billion, a price-to-earnings ratio of 11.76, a P/E/G ratio of 0.64 and a beta of 1.43.

Citigroup (NYSE:C) last issued its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.12. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The firm had revenue of $19.58 billion during the quarter, compared to analyst estimates of $19.51 billion. During the same quarter in the prior year, the business earned $0.84 earnings per share. Citigroup’s revenue for the quarter was up 12.3% on a year-over-year basis. As a group, sell-side analysts expect that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup declared that its board has approved a stock buyback plan on Wednesday, January 15th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the company to reacquire up to 13.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Citigroup Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 3rd were given a dividend of $0.56 per share. The ex-dividend date was Monday, February 3rd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.20%. Citigroup’s dividend payout ratio is 37.65%.

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.