Primecap Management Co. CA Cuts Position in Citigroup Inc. (NYSE:C)

Primecap Management Co. CA reduced its stake in shares of Citigroup Inc. (NYSE:C) by 2.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,573,345 shares of the company’s stock after selling 81,701 shares during the period. Primecap Management Co. CA owned approximately 0.19% of Citigroup worth $226,764,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. POM Investment Strategies LLC acquired a new stake in Citigroup in the 2nd quarter valued at about $25,000. Frazier Financial Advisors LLC purchased a new stake in Citigroup during the 4th quarter worth about $29,000. Beacon Capital Management LLC raised its stake in Citigroup by 85.5% in the 1st quarter. Beacon Capital Management LLC now owns 460 shares of the company’s stock valued at $29,000 after purchasing an additional 212 shares during the last quarter. Beaird Harris Wealth Management LLC lifted its holdings in Citigroup by 1,962.1% in the 4th quarter. Beaird Harris Wealth Management LLC now owns 598 shares of the company’s stock valued at $31,000 after purchasing an additional 569 shares in the last quarter. Finally, Triad Wealth Partners LLC acquired a new stake in shares of Citigroup during the 2nd quarter worth about $32,000. 71.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on C shares. Oppenheimer upped their price objective on shares of Citigroup from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Monday, July 15th. Argus increased their price target on Citigroup from $70.00 to $72.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. The Goldman Sachs Group lowered their price objective on Citigroup from $75.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Morgan Stanley increased their target price on Citigroup from $66.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Royal Bank of Canada raised their price target on Citigroup from $63.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.25.

Citigroup Price Performance

C opened at $58.39 on Tuesday. Citigroup Inc. has a 52-week low of $38.17 and a 52-week high of $67.81. The company has a 50 day moving average of $61.68 and a two-hundred day moving average of $61.40. The company has a market cap of $111.38 billion, a P/E ratio of 16.36, a P/E/G ratio of 0.62 and a beta of 1.45. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.47.

Citigroup (NYSE:C) last posted its earnings results on Friday, July 12th. The company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.13. Citigroup had a net margin of 4.95% and a return on equity of 6.26%. The business had revenue of $20.14 billion for the quarter, compared to analyst estimates of $20.07 billion. During the same quarter in the previous year, the business posted $1.37 EPS. The business’s quarterly revenue was up 3.6% on a year-over-year basis. On average, analysts expect that Citigroup Inc. will post 5.81 earnings per share for the current year.

Citigroup Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a $0.56 dividend. The ex-dividend date was Monday, August 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.84%. This is a positive change from Citigroup’s previous quarterly dividend of $0.53. Citigroup’s dividend payout ratio (DPR) is 62.75%.

About Citigroup

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.