IFC Advisors LLC Reduces Stock Holdings in Citigroup Inc. $C

IFC Advisors LLC trimmed its holdings in shares of Citigroup Inc. (NYSE:C) by 10.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 3,586 shares of the company’s stock after selling 434 shares during the period. IFC Advisors LLC’s holdings in Citigroup were worth $305,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB grew its stake in Citigroup by 12.4% during the 2nd quarter. Wilmington Savings Fund Society FSB now owns 49,337 shares of the company’s stock valued at $4,200,000 after purchasing an additional 5,462 shares during the last quarter. Morningstar Investment Management LLC purchased a new stake in Citigroup during the 2nd quarter valued at about $562,000. Naviter Wealth LLC grew its stake in Citigroup by 1.9% during the 2nd quarter. Naviter Wealth LLC now owns 37,348 shares of the company’s stock valued at $3,179,000 after purchasing an additional 685 shares during the last quarter. Axxcess Wealth Management LLC grew its stake in Citigroup by 2.5% during the 2nd quarter. Axxcess Wealth Management LLC now owns 58,610 shares of the company’s stock valued at $4,989,000 after purchasing an additional 1,439 shares during the last quarter. Finally, Cornerstone Wealth Group LLC lifted its holdings in shares of Citigroup by 3.8% in the 2nd quarter. Cornerstone Wealth Group LLC now owns 56,105 shares of the company’s stock valued at $4,776,000 after buying an additional 2,068 shares during the period. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on C. TD Cowen boosted their price objective on Citigroup from $85.00 to $95.00 and gave the company a “hold” rating in a report on Wednesday, July 16th. Morgan Stanley boosted their price objective on Citigroup from $107.00 to $129.00 and gave the company an “overweight” rating in a report on Monday, September 29th. UBS Group reaffirmed a “neutral” rating and issued a $89.00 price target on shares of Citigroup in a report on Tuesday, July 15th. Piper Sandler upped their price target on Citigroup from $84.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, July 16th. Finally, Truist Financial upped their price target on Citigroup from $105.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.68.

Insiders Place Their Bets

In related news, Director Peter B. Henry sold 3,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total value of $271,200.00. Following the completion of the transaction, the director directly owned 2,140 shares in the company, valued at approximately $193,456. This represents a 58.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Citigroup Price Performance

C stock opened at $96.18 on Tuesday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.99. The business has a 50 day simple moving average of $97.09 and a 200-day simple moving average of $84.05. The firm has a market capitalization of $177.05 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 0.83 and a beta of 1.37. Citigroup Inc. has a 1 year low of $55.51 and a 1 year high of $105.59.

Citigroup (NYSE:C) last posted its quarterly earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.35. The business had revenue of $21.67 billion during the quarter, compared to analyst estimates of $20.75 billion. Citigroup had a return on equity of 7.29% and a net margin of 8.44%.The business’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.52 earnings per share. Equities research analysts anticipate that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Monday, November 3rd will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.5%. The ex-dividend date is Monday, November 3rd. Citigroup’s dividend payout ratio is presently 35.45%.

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.