Gabelli Funds LLC Sells 9,395 Shares of Citigroup Inc. $C

Gabelli Funds LLC trimmed its position in Citigroup Inc. (NYSE:C) by 3.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 256,060 shares of the company’s stock after selling 9,395 shares during the quarter. Gabelli Funds LLC’s holdings in Citigroup were worth $29,040,000 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. Whipplewood Advisors LLC bought a new position in shares of Citigroup in the 1st quarter valued at about $25,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Citigroup during the 4th quarter worth approximately $25,000. Richards Merrill & Peterson Inc. bought a new stake in shares of Citigroup during the fourth quarter worth approximately $28,000. TD Capital Management LLC acquired a new position in Citigroup in the fourth quarter valued at approximately $28,000. Finally, Scarborough Advisors LLC acquired a new position in Citigroup in the first quarter valued at approximately $29,000. 71.72% of the stock is owned by institutional investors.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi analysts said the recent pullback in semiconductor stocks looks like a buying opportunity, which may support broader risk appetite and help sentiment around markets that Citigroup covers through its trading and research franchises. Pullback in chip stocks is a buying opportunity, Citi says
• Positive Sentiment: Citigroup was highlighted in a new CMBS deal update, after pricing an $817 million multifamily conduit transaction, reinforcing Citi’s role as an active lender and securitization player in U.S. commercial real estate. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
• Neutral Sentiment: Citigroup reportedly closed a bullish South African rand trade after the currency looked “fragile” following South Africa’s surprise rate hold. This is more of a trading update than a major earnings driver, but it shows Citi is actively adjusting macro positions. Citi Drops Rand Bet After South Africa’s Surprise Rate Hold
• Neutral Sentiment: Separately, a headline noting Citi’s bearish view on the “Magnificent Seven” may reflect the bank’s broader market outlook, but it does not directly change Citigroup’s fundamentals. Wall Street Bank Just Declared the Magnificent 7 as “Dead” — What Happens Next?

Insider Buying and Selling

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the transaction, the director directly owned 12,194 shares in the company, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.11% of the company’s stock.

Citigroup Stock Up 0.1%

Shares of NYSE C opened at $131.95 on Friday. Citigroup Inc. has a 52-week low of $87.94 and a 52-week high of $147.96. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $225.06 billion, a P/E ratio of 14.25, a P/E/G ratio of 0.60 and a beta of 1.11. The firm has a 50 day moving average price of $135.01 and a 200 day moving average price of $123.82.

Citigroup (NYSE:C) last posted its 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. The company had revenue of $24.75 billion for the quarter, compared to analyst estimates of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the business posted $1.96 earnings per share. Analysts expect that Citigroup Inc. will post 11.2 EPS for the current year.

Citigroup announced that its board has initiated a share repurchase program on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to repurchase up to 13.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, August 3rd. This is a boost from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s dividend payout ratio (DPR) is 25.92%.

Analyst Ratings Changes

A number of analysts have commented on C shares. Zacks Research raised shares of Citigroup from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Piper Sandler reissued an “overweight” rating and issued a $145.00 price target (up from $125.00) on shares of Citigroup in a research note on Wednesday, April 15th. UBS Group raised their price target on Citigroup from $134.00 to $150.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Argus set a $150.00 price objective on Citigroup in a research note on Wednesday, July 15th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $150.00 price objective on shares of Citigroup in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $145.67.

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.