Primecap Management Co. CA Trims Holdings in Citigroup Inc. (NYSE:C)

Primecap Management Co. CA trimmed its position in Citigroup Inc. (NYSE:C) by 2.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,888,355 shares of the company’s stock after selling 73,740 shares during the quarter. Primecap Management Co. CA’s holdings in Citigroup were worth $203,311,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brookstone Capital Management raised its position in shares of Citigroup by 340.6% during the fourth quarter. Brookstone Capital Management now owns 36,034 shares of the company’s stock valued at $2,536,000 after buying an additional 27,856 shares during the last quarter. Inspire Trust Co. N.A. raised its position in shares of Citigroup by 34.8% during the third quarter. Inspire Trust Co. N.A. now owns 77,506 shares of the company’s stock valued at $4,852,000 after buying an additional 20,000 shares during the last quarter. FNY Investment Advisers LLC raised its position in shares of Citigroup by 168.7% during the fourth quarter. FNY Investment Advisers LLC now owns 19,560 shares of the company’s stock valued at $1,376,000 after buying an additional 12,280 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Citigroup by 2.4% during the third quarter. HighTower Advisors LLC now owns 354,294 shares of the company’s stock valued at $22,236,000 after buying an additional 8,301 shares during the last quarter. Finally, Candriam S.C.A. raised its position in shares of Citigroup by 12.7% during the fourth quarter. Candriam S.C.A. now owns 200,860 shares of the company’s stock valued at $14,139,000 after buying an additional 22,657 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Citigroup

In other news, insider Sara Wechter sold 15,125 shares of the business’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the sale, the insider now owns 109,780 shares in the company, valued at approximately $8,893,277.80. The trade was a 12.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Mason sold 58,465 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $83.21, for a total value of $4,864,872.65. Following the sale, the chief financial officer now owns 217,331 shares in the company, valued at $18,084,112.51. The trade was a 21.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,590 shares of company stock worth $8,523,149 over the last three months. 0.08% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on C shares. Piper Sandler reiterated an “overweight” rating and set a $83.00 price objective (up previously from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Barclays raised shares of Citigroup from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $70.00 to $95.00 in a report on Monday, January 6th. Oppenheimer cut their target price on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. StockNews.com raised shares of Citigroup from a “hold” rating to a “buy” rating in a report on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Citigroup from $85.00 to $92.00 and gave the company an “outperform” rating in a report on Thursday, January 16th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Citigroup presently has an average rating of “Moderate Buy” and an average target price of $83.93.

Citigroup Stock Up 1.7 %

Shares of C opened at $69.96 on Tuesday. 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 firm has a fifty day moving average price of $77.58 and a 200-day moving average price of $70.06. The firm has a market capitalization of $131.84 billion, a P/E ratio of 11.76, a P/E/G ratio of 0.64 and a beta of 1.43. Citigroup Inc. has a 12-month low of $53.51 and a 12-month high of $84.74.

Citigroup (NYSE:C) last released its quarterly earnings data on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.12. The firm had revenue of $19.58 billion during the quarter, compared to the consensus estimate of $19.51 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 earnings per share. Equities research analysts expect that Citigroup Inc. will post 7.53 earnings per share for the current year.

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

Citigroup Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 3rd were issued a $0.56 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $2.24 annualized dividend and a dividend yield of 3.20%. Citigroup’s payout ratio is currently 37.65%.

Citigroup Company 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.