Clear Harbor Asset Management LLC Has $9.14 Million Stock Position in Citigroup Inc. $C

Clear Harbor Asset Management LLC reduced its stake in Citigroup Inc. (NYSE:C) by 11.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 65,297 shares of the company’s stock after selling 8,717 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Citigroup were worth $9,139,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Cora Capital Advisors LLC boosted its holdings in shares of Citigroup by 3.1% during the first quarter. Cora Capital Advisors LLC now owns 2,609 shares of the company’s stock worth $296,000 after acquiring an additional 78 shares during the period. CFS Investment Advisory Services LLC increased its stake in shares of Citigroup by 0.4% during the first quarter. CFS Investment Advisory Services LLC now owns 20,596 shares of the company’s stock worth $2,336,000 after purchasing an additional 79 shares during the period. Verus Capital Partners LLC increased its stake in shares of Citigroup by 3.1% during the fourth quarter. Verus Capital Partners LLC now owns 2,748 shares of the company’s stock worth $321,000 after purchasing an additional 82 shares during the period. Somerset Trust Co lifted its holdings in Citigroup by 0.6% during the 2nd quarter. Somerset Trust Co now owns 14,955 shares of the company’s stock worth $2,093,000 after purchasing an additional 82 shares during the last quarter. Finally, CFO Capital Management LLC lifted its holdings in Citigroup by 1.5% during the 1st quarter. CFO Capital Management LLC now owns 5,495 shares of the company’s stock worth $590,000 after purchasing an additional 83 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines 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 Trading Up 1.4%

Shares of C stock opened at $131.46 on Friday. The stock has a market cap of $224.22 billion, a P/E ratio of 14.20, a price-to-earnings-growth ratio of 0.59 and a beta of 1.12. Citigroup Inc. has a 1 year low of $92.84 and a 1 year high of $147.96. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. The stock has a 50 day simple moving average of $137.20 and a 200 day simple moving average of $126.29.

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

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

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders 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 annualized dividend and a dividend yield of 2.0%. Citigroup’s payout ratio is currently 28.94%.

Analysts Set New Price Targets

Several analysts recently issued reports on C shares. Argus set a $150.00 price target on Citigroup in a research note on Wednesday, July 15th. JPMorgan Chase & Co. lifted their target price on Citigroup from $135.50 to $149.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Wells Fargo & Company boosted their target price on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, June 18th. UBS Group reduced their target price on shares of Citigroup from $150.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, August 3rd. Finally, Morgan Stanley upped their price target on shares of Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Two 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 stock has an average rating of “Moderate Buy” and a consensus 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.