Poplar Forest Capital LLC Trims Stock Position in Citigroup Inc. (NYSE:C)

Poplar Forest Capital LLC decreased its holdings in shares of Citigroup Inc. (NYSE:C) by 15.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 332,343 shares of the company’s stock after selling 60,274 shares during the quarter. Citigroup comprises approximately 4.3% of Poplar Forest Capital LLC’s investment portfolio, making the stock its 6th biggest holding. Poplar Forest Capital LLC’s holdings in Citigroup were worth $23,394,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Core Alternative Capital increased its stake in Citigroup by 83.4% in the fourth quarter. Core Alternative Capital now owns 376 shares of the company’s stock valued at $26,000 after purchasing an additional 171 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in Citigroup during the 3rd quarter worth $31,000. Webster Bank N. A. grew its stake in Citigroup by 150.0% in the fourth quarter. Webster Bank N. A. now owns 500 shares of the company’s stock valued at $35,000 after acquiring an additional 300 shares during the period. Creative Capital Management Investments LLC bought a new position in shares of Citigroup during the 4th quarter valued at about $35,000. Finally, Sierra Ocean LLC acquired a new position in shares of Citigroup in the 4th quarter valued at approximately $37,000. 71.72% of the stock is owned by institutional investors.

Citigroup Price Performance

Shares of C opened at $79.78 on Friday. The company has a market cap of $150.89 billion, a price-to-earnings ratio of 13.41, a PEG ratio of 0.64 and a beta of 1.44. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. The company’s fifty day simple moving average is $77.72 and its 200 day simple moving average is $69.23. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $84.74.

Citigroup (NYSE:C) last issued its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.12. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The company had revenue of $19.58 billion for the quarter, compared to analysts’ expectations of $19.51 billion. During the same period in the prior year, the firm earned $0.84 EPS. Citigroup’s quarterly revenue was up 12.3% compared to the same quarter last year. On average, research analysts forecast that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were given a dividend of $0.56 per share. The ex-dividend date was Monday, February 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 2.81%. Citigroup’s dividend payout ratio (DPR) is 37.65%.

Citigroup announced that its Board of Directors has authorized a stock repurchase program on Wednesday, January 15th that allows the company to repurchase $20.00 billion in shares. This repurchase authorization allows the company to buy up to 13.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on C shares. Evercore ISI lifted their price target on shares of Citigroup from $69.00 to $79.00 and gave the company an “in-line” rating in a research note on Thursday, January 16th. Wells Fargo & Company upped their target price on shares of Citigroup from $85.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods lifted their price target on Citigroup from $85.00 to $92.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. Truist Financial assumed coverage on Citigroup in a report on Tuesday, January 7th. They issued a “buy” rating and a $85.00 price target on the stock. Finally, Morgan Stanley increased their price objective on Citigroup from $104.00 to $109.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Citigroup currently has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Insider Buying and Selling at Citigroup

In related news, COO Anand Selvakesari sold 30,000 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total value of $2,433,000.00. Following the completion of the sale, the chief operating officer now directly owns 229,180 shares in the company, valued at $18,586,498. The trade was a 11.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sara Wechter sold 15,125 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.01, for a total value of $1,225,276.25. Following the transaction, the insider now owns 109,780 shares in the company, valued at $8,893,277.80. The trade was a 12.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,590 shares of company stock worth $8,523,149 over the last ninety days. Insiders own 0.08% of the company’s stock.

Citigroup Profile

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.