Citigroup Inc. $C Position Reduced by Ieq Capital LLC

Ieq Capital LLC trimmed its position in Citigroup Inc. (NYSE:C) by 7.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 386,211 shares of the company’s stock after selling 28,979 shares during the quarter. Ieq Capital LLC’s holdings in Citigroup were worth $54,054,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Heron Bay Capital Management acquired a new stake in shares of Citigroup during the second quarter valued at approximately $289,000. Manhattan West Asset Management LLC boosted its stake in Citigroup by 4.1% in the 2nd quarter. Manhattan West Asset Management LLC now owns 63,829 shares of the company’s stock worth $8,934,000 after purchasing an additional 2,508 shares during the period. Laidlaw Wealth Management LLC purchased a new position in Citigroup during the 2nd quarter worth approximately $295,000. Keebeck Wealth Management raised its stake in Citigroup by 27.6% during the 2nd quarter. Keebeck Wealth Management now owns 6,096 shares of the company’s stock valued at $853,000 after purchasing an additional 1,320 shares during the period. Finally, Blue Capital Inc. acquired a new stake in Citigroup during the 2nd quarter valued at $2,805,000. 71.72% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Citigroup

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

Citigroup Stock Up 1.4%

C opened at $131.46 on Friday. The company has a market capitalization of $224.22 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 0.58 and a beta of 1.12. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. Citigroup Inc. has a fifty-two week low of $92.84 and a fifty-two week high of $147.96. The business has a 50-day moving average of $137.20 and a 200-day moving average of $126.29.

Citigroup (NYSE:C) last posted its earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.74 by $0.41. The firm had revenue of $24.77 billion during 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%. The company’s revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.96 earnings per share. Equities research analysts forecast that Citigroup Inc. will post 11.2 EPS for the current fiscal year.

Citigroup declared that its Board of Directors has approved a share buyback plan on Thursday, May 7th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 13.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 3rd will be given a $0.67 dividend. This is an increase from Citigroup’s previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, August 3rd. Citigroup’s payout ratio is presently 28.94%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Royal Bank Of Canada reiterated an “outperform” rating and set a $150.00 price target on shares of Citigroup in a report on Wednesday, July 15th. Oppenheimer downgraded Citigroup from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. UBS Group decreased their price objective on Citigroup from $150.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, August 3rd. Wall Street Zen cut Citigroup from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Argus set a $150.00 target price on Citigroup in a report on Wednesday, July 15th. Two 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $145.22.

About Citigroup

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.