Hennion & Walsh Asset Management Inc. Acquires 3,805 Shares of Citigroup Inc. $C

Hennion & Walsh Asset Management Inc. boosted its holdings in Citigroup Inc. (NYSE:C) by 94.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,813 shares of the company’s stock after buying an additional 3,805 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Citigroup were worth $1,094,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of C. Worth Asset Management LLC lifted its holdings in shares of Citigroup by 9.1% in the second quarter. Worth Asset Management LLC now owns 4,990 shares of the company’s stock worth $698,000 after acquiring an additional 415 shares during the last quarter. Norway Savings Bank grew its holdings in shares of Citigroup by 45.0% during the 2nd quarter. Norway Savings Bank now owns 4,055 shares of the company’s stock valued at $568,000 after purchasing an additional 1,258 shares during the last quarter. MRA Advisory Group increased its position in Citigroup by 338.0% during the 2nd quarter. MRA Advisory Group now owns 9,580 shares of the company’s stock worth $1,341,000 after purchasing an additional 7,393 shares in the last quarter. Baring Financial LLC acquired a new position in Citigroup during the 2nd quarter worth approximately $207,000. Finally, Chesley Taft & Associates LLC lifted its stake in Citigroup by 2.1% in the 2nd quarter. Chesley Taft & Associates LLC now owns 152,055 shares of the company’s stock valued at $21,282,000 after purchasing an additional 3,120 shares during the last quarter. Institutional investors own 71.72% of the company’s stock.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Healthcare banking expansion: Citigroup appointed new leadership covering biotechnology, medical technology, biopharmaceuticals and acute care. The changes position the bank to capture increased healthcare mergers-and-acquisitions and capital-markets activity, potentially supporting fee revenue. Citi Taps New Healthcare Banking Leadership as Dealmaking Heats Up
• Positive Sentiment: Strong operating momentum: Citigroup’s latest quarterly results exceeded expectations, with earnings per share of $3.15 versus a $2.74 consensus estimate and revenue of $24.77 billion versus $23.74 billion expected. Revenue rose 14.5% year over year, reinforcing the stock’s positive earnings momentum.
• Positive Sentiment: Advisory and financing activity: Citi led a $414 million financing tranche for restaurant-commerce company inKind, bringing the company’s total capital raised above $1.2 billion. The transaction highlights Citi’s ability to win large private-company financing mandates and generate investment-banking fees. inKind Secures $414 Million in Financing Led by Citi and Cross River
• Neutral Sentiment: New bond offerings: Citigroup announced fixed-income offerings, including 5.05% notes due 2030 and zero-coupon notes due 2056. The deals provide evidence of continued market access and funding flexibility, although investors may monitor borrowing costs and the effect of additional debt on margins and leverage. Is Citigroup Undervalued After Its Latest Bond Offerings?
• Neutral Sentiment: Citi research remains active: Analysts reiterated a bullish outlook for silver and raised their MongoDB price target, but these calls primarily affect Citi’s research franchise and do not materially change Citigroup’s own earnings outlook. Silver Could Surge to $90, Citi Says

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Zacks Research raised shares of Citigroup from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Wall Street Zen downgraded Citigroup from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Piper Sandler restated an “overweight” rating and set a $145.00 price objective (up from $125.00) on shares of Citigroup in a research report on Wednesday, April 15th. Oppenheimer cut Citigroup from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Finally, The Goldman Sachs Group lifted their price target on Citigroup from $137.00 to $151.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Citigroup presently has an average rating of “Moderate Buy” and a consensus target price of $145.22.

Citigroup Price Performance

C stock opened at $137.56 on Thursday. The company has a market capitalization of $234.62 billion, a P/E ratio of 14.86, a PEG ratio of 0.61 and a beta of 1.12. The company has a fifty day moving average price of $137.17 and a 200-day moving average price of $125.34. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99. Citigroup Inc. has a 52-week low of $90.68 and a 52-week high of $147.96.

Citigroup (NYSE:C) last issued its quarterly earnings data 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 $24.77 billion for the quarter, compared to analysts’ expectations of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. Citigroup’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.96 earnings per share. As a group, equities analysts expect that Citigroup Inc. will post 11.2 EPS for the current year.

Citigroup declared that its board has approved a share buyback program 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 3rd will be paid a $0.67 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a dividend yield of 1.9%. Citigroup’s payout ratio is currently 28.94%.

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.