Wedbush Securities Inc. Lowers Stake in Citigroup Inc. (NYSE:C)

Wedbush Securities Inc. trimmed its position in shares of Citigroup Inc. (NYSE:C) by 28.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,774 shares of the company’s stock after selling 21,655 shares during the period. Wedbush Securities Inc.’s holdings in Citigroup were worth $3,476,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Kentucky Retirement Systems grew its holdings in Citigroup by 2.6% during the 4th quarter. Kentucky Retirement Systems now owns 153,131 shares of the company’s stock valued at $7,877,000 after buying an additional 3,808 shares in the last quarter. TD Asset Management Inc lifted its stake in Citigroup by 21.8% in the 4th quarter. TD Asset Management Inc now owns 967,655 shares of the company’s stock worth $49,776,000 after purchasing an additional 173,137 shares in the last quarter. Lloyd Advisory Services LLC. boosted its holdings in shares of Citigroup by 355.9% during the 1st quarter. Lloyd Advisory Services LLC. now owns 19,115 shares of the company’s stock valued at $1,209,000 after purchasing an additional 14,922 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Citigroup by 13.3% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 73,317 shares of the company’s stock valued at $4,653,000 after purchasing an additional 8,593 shares in the last quarter. Finally, Lazard Asset Management LLC increased its stake in Citigroup by 13.4% in the 1st quarter. Lazard Asset Management LLC now owns 201,456 shares of the company’s stock worth $12,739,000 after acquiring an additional 23,774 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Trading Up 0.8 %

Citigroup stock opened at $59.55 on Monday. 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 Inc. has a 52 week low of $38.17 and a 52 week high of $67.81. The stock has a 50-day moving average price of $62.44 and a 200 day moving average price of $61.29. The company has a market capitalization of $113.61 billion, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 0.64 and a beta of 1.45.

Citigroup (NYSE:C) last issued its earnings results on Friday, July 12th. The company reported $1.52 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $20.14 billion during the quarter, compared to analysts’ expectations of $20.07 billion. During the same quarter last year, the company posted $1.37 earnings per share. The firm’s revenue was up 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Citigroup Inc. will post 5.82 EPS 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. This is an increase from Citigroup’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.76%. Citigroup’s dividend payout ratio is presently 62.75%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on C shares. Royal Bank of Canada upped their price objective on Citigroup from $63.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Keefe, Bruyette & Woods boosted their price objective on shares of Citigroup from $66.00 to $69.00 and gave the company a “market perform” rating in a research report on Thursday, June 20th. Oppenheimer increased their price target on Citigroup from $85.00 to $86.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. Argus lifted their price objective on shares of Citigroup from $70.00 to $72.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Piper Sandler upped their target price on Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $68.06.

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.