Polar Asset Management Partners Inc. Increases Stake in Citigroup Inc. $C

Polar Asset Management Partners Inc. grew its holdings in Citigroup Inc. (NYSE:C) by 29.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 74,510 shares of the company’s stock after acquiring an additional 17,010 shares during the period. Polar Asset Management Partners Inc.’s holdings in Citigroup were worth $8,450,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of C. Whipplewood Advisors LLC purchased a new stake in shares of Citigroup in the 1st quarter worth $25,000. Mcguire Capital Advisors Inc. bought a new position in Citigroup in the 4th quarter worth $25,000. Richards Merrill & Peterson Inc. purchased a new position in Citigroup during the fourth quarter valued at $28,000. TD Capital Management LLC bought a new stake in Citigroup during the fourth quarter valued at about $28,000. Finally, Scarborough Advisors LLC bought a new stake in Citigroup during the first quarter valued at about $29,000. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Citigroup in a research note on Friday, July 17th. Wells Fargo & Company boosted their price objective on Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, June 18th. The Goldman Sachs Group increased their target price on shares of Citigroup from $137.00 to $151.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Truist Financial decreased their target price on shares of Citigroup from $158.00 to $154.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Citigroup from $135.50 to $149.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $145.67.

Insider Activity

In other news, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the transaction, the director owned 12,194 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.11% of the stock is currently owned by insiders.

Citigroup Price Performance

Shares of Citigroup stock opened at $131.95 on Monday. The company has a market capitalization of $225.06 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 0.60 and a beta of 1.11. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71. The stock’s 50-day simple moving average is $135.01 and its 200-day simple moving average is $123.83. Citigroup Inc. has a 52 week low of $87.94 and a 52 week high of $147.96.

Citigroup (NYSE:C) last released its earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.41. The firm had revenue of $24.75 billion during the quarter, compared to analysts’ expectations of $23.74 billion. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The firm’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted $1.96 earnings per share. As a group, analysts expect that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

Citigroup Increases Dividend

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

Citigroup announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Citigroup News Summary

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?

Citigroup Company 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.