Shikiar Asset Management Inc. lifted its position in shares of Citigroup Inc. (NYSE:C) by 8.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 101,739 shares of the financial services provider’s stock after buying an additional 7,825 shares during the quarter. Citigroup makes up 2.9% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 11th largest position. Shikiar Asset Management Inc.’s holdings in Citigroup were worth $6,804,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Endurance Wealth Management Inc. grew its stake in Citigroup by 0.3% during the first quarter. Endurance Wealth Management Inc. now owns 9,837 shares of the financial services provider’s stock worth $588,000 after buying an additional 25 shares during the period. Investors Asset Management of Georgia Inc. GA ADV increased its stake in Citigroup by 0.8% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,359 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 40 shares during the last quarter. Regal Investment Advisors LLC increased its stake in Citigroup by 2.0% during the first quarter. Regal Investment Advisors LLC now owns 3,800 shares of the financial services provider’s stock valued at $227,000 after purchasing an additional 74 shares during the last quarter. Davis R M Inc. increased its stake in Citigroup by 2.2% during the second quarter. Davis R M Inc. now owns 4,250 shares of the financial services provider’s stock valued at $284,000 after purchasing an additional 92 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its stake in Citigroup by 2.1% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,425 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 93 shares during the last quarter. Institutional investors and hedge funds own 75.39% of the company’s stock.
In other Citigroup news, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $67.55, for a total value of $2,702,000.00. Following the completion of the sale, the chief executive officer now owns 77,570 shares in the company, valued at approximately $5,239,853.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey R. Walsh sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the transaction, the insider now owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.
C has been the subject of a number of recent analyst reports. BMO Capital Markets reiterated a “hold” rating and issued a $65.00 target price on shares of Citigroup in a research report on Friday, October 6th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $78.50 price objective (up from $77.50) on shares of Citigroup in a research note on Friday, October 6th. Stifel Nicolaus reissued a “hold” rating on shares of Citigroup in a research report on Monday, October 9th. Credit Suisse Group reissued a “buy” rating and issued a $83.00 price target (up from $73.00) on shares of Citigroup in a research report on Monday, October 9th. They noted that the move was a valuation call. Finally, BidaskClub upgraded Citigroup from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Citigroup currently has a consensus rating of “Buy” and an average price target of $74.77.
Shares of Citigroup Inc. (NYSE C) opened at 72.19 on Wednesday. Citigroup Inc. has a 52-week low of $47.70 and a 52-week high of $76.14. The company has a market capitalization of $190.87 billion, a P/E ratio of 13.93 and a beta of 1.45. The stock’s 50 day moving average price is $70.88 and its 200-day moving average price is $65.42.
Citigroup (NYSE:C) last posted its earnings results on Thursday, October 12th. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.10. The firm had revenue of $18.17 billion for the quarter, compared to the consensus estimate of $17.87 billion. Citigroup had a return on equity of 7.48% and a net margin of 18.11%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.24 EPS. On average, equities analysts expect that Citigroup Inc. will post $5.29 earnings per share for the current year.
Citigroup declared that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $15.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
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Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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