OMERS ADMINISTRATION Corp Increases Stock Position in Citigroup Inc. $C

OMERS ADMINISTRATION Corp boosted its holdings in Citigroup Inc. (NYSE:C) by 1,137.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,840,374 shares of the company’s stock after acquiring an additional 1,691,611 shares during the quarter. Citigroup accounts for approximately 1.5% of OMERS ADMINISTRATION Corp’s holdings, making the stock its 15th largest position. OMERS ADMINISTRATION Corp’s holdings in Citigroup were worth $257,579,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Truist Financial Corp raised its holdings in shares of Citigroup by 4.7% during the fourth quarter. Truist Financial Corp now owns 375,977 shares of the company’s stock valued at $43,873,000 after purchasing an additional 16,744 shares during the last quarter. UniSuper Management Pty Ltd boosted its holdings in Citigroup by 38.8% in the fourth quarter. UniSuper Management Pty Ltd now owns 1,306,851 shares of the company’s stock worth $152,496,000 after purchasing an additional 365,041 shares during the last quarter. Brighton Jones LLC boosted its holdings in Citigroup by 166.9% in the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after purchasing an additional 12,499 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Citigroup by 4.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,819,471 shares of the company’s stock worth $453,371,000 after purchasing an additional 145,610 shares during the period. Finally, Highland Capital Management LLC grew its position in Citigroup by 6.2% in the 4th quarter. Highland Capital Management LLC now owns 217,753 shares of the company’s stock worth $25,410,000 after purchasing an additional 12,764 shares during the period. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Citigroup Stock Down 0.1%

Shares of C stock opened at $131.46 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. Citigroup Inc. has a 12 month low of $92.84 and a 12 month high of $147.96. The stock has a market cap of $224.22 billion, a P/E ratio of 14.20, a P/E/G ratio of 0.59 and a beta of 1.12. The company has a 50 day simple moving average of $137.20 and a two-hundred day simple moving average of $126.36.

Citigroup (NYSE:C) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The business had revenue of $24.77 billion for the quarter, compared to analysts’ expectations of $23.74 billion. During the same quarter last year, the company posted $1.96 EPS. The company’s revenue was up 14.5% compared to the same quarter last year. On average, research analysts expect that Citigroup Inc. will post 11.2 earnings per share for the current year.

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 2.0%. This is a boost from Citigroup’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. Citigroup’s dividend payout ratio (DPR) is presently 28.94%.

Citigroup announced that its Board of Directors has approved a share repurchase program on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in shares. This repurchase authorization authorizes the company to buy up to 13.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
• Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
• Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
• Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C’s July Card Delinquencies Tick Up

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. UBS Group decreased their target price on shares of Citigroup from $150.00 to $142.00 and set a “neutral” rating for the company in a research note on Monday, August 3rd. Zacks Research upgraded Citigroup from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Wells Fargo & Company lifted their price objective on Citigroup from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, June 18th. Bank of America upped their price objective on Citigroup from $170.00 to $176.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. increased their target price on Citigroup from $135.50 to $149.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $145.22.

Citigroup Profile

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.