Pinnbrook Capital Management LP Acquires Shares of 13,300 Citigroup Inc. $C

Pinnbrook Capital Management LP bought a new position in Citigroup Inc. (NYSE:C) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 13,300 shares of the company’s stock, valued at approximately $1,861,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of C. Vanguard Group Inc. boosted its holdings in shares of Citigroup by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock valued at $19,048,467,000 after purchasing an additional 4,938,923 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Citigroup by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company’s stock valued at $5,036,712,000 after purchasing an additional 189,548 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Citigroup by 4.0% in the fourth quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company’s stock worth $3,990,422,000 after purchasing an additional 1,326,224 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Citigroup by 2.6% in the fourth quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company’s stock worth $3,954,307,000 after purchasing an additional 846,772 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Citigroup by 2.8% in the first quarter. Bank of America Corp DE now owns 26,869,012 shares of the company’s stock worth $3,047,215,000 after buying an additional 728,043 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors.

Citigroup Trading Up 1.4%

C stock opened at $131.46 on Friday. Citigroup Inc. has a twelve month low of $92.84 and a twelve month high of $147.96. The stock has a market capitalization of $224.22 billion, a price-to-earnings ratio of 14.20, a price-to-earnings-growth ratio of 0.59 and a beta of 1.12. 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 firm’s fifty day simple moving average is $137.20 and its two-hundred day simple moving average is $126.29.

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. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm had revenue of $24.77 billion during the quarter, compared to analyst estimates of $23.74 billion. During the same quarter last year, the business earned $1.96 EPS. The business’s revenue was up 14.5% on a year-over-year basis. As a group, analysts anticipate that Citigroup Inc. will post 11.2 earnings per share for the current year.

Citigroup announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 7th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Citigroup Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors 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. 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 dividend payout ratio is currently 28.94%.

Key Citigroup News

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

Wall Street Analyst Weigh In

C has been the subject of a number of research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Citigroup in a research note on Friday, July 17th. Oppenheimer downgraded Citigroup from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Evercore set a $143.00 price objective on Citigroup in a report on Monday, July 6th. Wall Street Zen downgraded Citigroup from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Bank of America raised their target price on shares of Citigroup from $170.00 to $176.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.22.

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.