Norway Savings Bank raised its stake in Citigroup Inc. (NYSE:C) by 6.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,901 shares of the company’s stock after purchasing an additional 1,175 shares during the quarter. Norway Savings Bank’s holdings in Citigroup were worth $1,467,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC boosted its stake in shares of Citigroup by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 33,414,327 shares of the company’s stock worth $2,357,421,000 after acquiring an additional 735,828 shares during the period. Morgan Stanley boosted its stake in shares of Citigroup by 3.2% during the 2nd quarter. Morgan Stanley now owns 24,162,402 shares of the company’s stock worth $1,709,491,000 after acquiring an additional 752,313 shares during the period. Franklin Resources Inc. boosted its stake in shares of Citigroup by 35.6% during the 2nd quarter. Franklin Resources Inc. now owns 18,657,519 shares of the company’s stock worth $1,320,019,000 after acquiring an additional 4,896,247 shares during the period. Invesco Ltd. boosted its stake in Citigroup by 0.5% in the 2nd quarter. Invesco Ltd. now owns 16,027,407 shares of the company’s stock valued at $1,133,941,000 after purchasing an additional 77,801 shares during the period. Finally, Legal & General Group Plc boosted its stake in Citigroup by 5.1% in the 2nd quarter. Legal & General Group Plc now owns 14,103,023 shares of the company’s stock valued at $997,788,000 after purchasing an additional 689,465 shares during the period. Institutional investors own 75.03% of the company’s stock.
In related news, CEO Cantu Ernesto Torres sold 27,783 shares of the company’s stock in a transaction dated Tuesday, October 19th. The stock was sold at an average price of $72.50, for a total transaction of $2,014,267.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.07% of the company’s stock.
Citigroup (NYSE:C) last released its quarterly earnings results on Thursday, October 14th. The company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.23. Citigroup had a return on equity of 13.12% and a net margin of 29.23%. The firm had revenue of $17.15 billion for the quarter, compared to analyst estimates of $16.93 billion. During the same quarter in the previous year, the company posted $1.40 EPS. The business’s revenue was down .9% on a year-over-year basis. As a group, analysts forecast that Citigroup Inc. will post 10.55 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 24th. Shareholders of record on Monday, November 1st were given a $0.51 dividend. The ex-dividend date of this dividend was Friday, October 29th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.03%. Citigroup’s dividend payout ratio (DPR) is presently 19.07%.
C has been the subject of several recent research reports. BMO Capital Markets boosted their price target on Citigroup from $84.00 to $86.00 and gave the company an “outperform” rating in a research note on Friday, October 15th. They noted that the move was a valuation call. Jefferies Financial Group lifted their price objective on Citigroup from $81.00 to $87.00 and gave the company a “buy” rating in a report on Monday, October 11th. Finally, Morgan Stanley lifted their price objective on Citigroup from $89.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, July 29th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $81.15.
Citigroup, Inc is a holding company, which engages in the provision of financial products and services. It operates through the following segments: Global Consumer Banking; Institutional Clients Group; and Corporate and Other. The Global Consumer Banking segment provides traditional banking services to retail customers through retail banking, including commercial banking, and Citi-branded cards and Citi retail services.
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