Norway Savings Bank increased its position in Citigroup Inc. (NYSE:C) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,070 shares of the financial services provider’s stock after buying an additional 395 shares during the period. Norway Savings Bank’s holdings in Citigroup were worth $941,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. Patten Group Inc. boosted its stake in Citigroup by 6.6% in the first quarter. Patten Group Inc. now owns 1,765 shares of the financial services provider’s stock worth $105,000 after buying an additional 110 shares during the last quarter. Arrow Financial Corp boosted its stake in Citigroup by 4.7% in the first quarter. Arrow Financial Corp now owns 1,896 shares of the financial services provider’s stock worth $113,000 after buying an additional 85 shares during the last quarter. Advantage Investment Management LLC boosted its stake in Citigroup by 109.3% in the first quarter. Advantage Investment Management LLC now owns 1,965 shares of the financial services provider’s stock worth $118,000 after buying an additional 1,026 shares during the last quarter. Pinnacle Bank bought a new position in Citigroup during the first quarter worth about $123,000. Finally, Signature Estate & Investment Advisors LLC bought a new position in Citigroup during the first quarter worth about $123,000. Institutional investors and hedge funds own 74.87% of the company’s stock.
Shares of Citigroup Inc. (NYSE:C) traded down 0.25% during midday trading on Friday, hitting $67.43. 13,560,782 shares of the company’s stock were exchanged. Citigroup Inc. has a one year low of $42.50 and a one year high of $68.91. The firm has a market cap of $183.72 billion, a PE ratio of 13.50 and a beta of 1.48. The stock’s 50-day moving average price is $65.87 and its 200 day moving average price is $61.13.
Citigroup (NYSE:C) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.07. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The company’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.24 EPS. Equities research analysts forecast that Citigroup Inc. will post $5.22 EPS for the current year.
Citigroup declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Monday, August 7th will be issued a dividend of $0.32 per share. This is a positive change from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Thursday, August 3rd. Citigroup’s dividend payout ratio is presently 12.77%.
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C has been the subject of a number of research analyst reports. Vetr cut shares of Citigroup from a “buy” rating to a “hold” rating and set a $62.28 price target for the company. in a report on Thursday, March 30th. Rafferty Capital Markets reiterated a “buy” rating and issued a $66.00 price objective on shares of Citigroup in a research note on Monday, April 3rd. Keefe, Bruyette & Woods upgraded shares of Citigroup from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $53.00 to $69.00 in a research note on Wednesday, April 5th. Zacks Investment Research lowered shares of Citigroup from a “buy” rating to a “hold” rating in a research note on Monday, April 10th. Finally, Nomura reiterated a “buy” rating and issued a $69.00 price objective on shares of Citigroup in a research note on Monday, April 17th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $67.74.
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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