3Chopt Investment Partners LLC Makes New Investment in Citigroup Inc. (NYSE:C)

3Chopt Investment Partners LLC purchased a new position in shares of Citigroup Inc. (NYSE:C) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 6,391 shares of the company’s stock, valued at approximately $406,000.

A number of other hedge funds have also added to or reduced their stakes in C. MONECO Advisors LLC raised its stake in Citigroup by 2.9% during the second quarter. MONECO Advisors LLC now owns 5,542 shares of the company’s stock worth $352,000 after acquiring an additional 157 shares in the last quarter. Pinnacle Wealth Planning Services Inc. lifted its stake in Citigroup by 4.0% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,295 shares of the company’s stock valued at $272,000 after purchasing an additional 164 shares during the last quarter. NorthRock Partners LLC boosted its position in Citigroup by 2.7% in the first quarter. NorthRock Partners LLC now owns 6,288 shares of the company’s stock valued at $398,000 after buying an additional 165 shares in the last quarter. Legacy Capital Group California Inc. grew its stake in shares of Citigroup by 1.0% during the second quarter. Legacy Capital Group California Inc. now owns 16,596 shares of the company’s stock worth $1,053,000 after buying an additional 169 shares during the last quarter. Finally, Gries Financial LLC lifted its stake in shares of Citigroup by 3.0% in the 2nd quarter. Gries Financial LLC now owns 6,000 shares of the company’s stock valued at $381,000 after acquiring an additional 176 shares during the last quarter. 71.72% of the stock is owned by institutional investors.

Citigroup Stock Down 1.2 %

Shares of Citigroup stock opened at $61.83 on Wednesday. The stock’s 50-day moving average is $60.76 and its 200 day moving average is $61.74. Citigroup Inc. has a one year low of $38.17 and a one year high of $67.81. The firm has a market cap of $117.94 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 0.69 and a beta of 1.45. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.94 and a quick ratio of 0.94.

Citigroup (NYSE:C) last posted its quarterly earnings results on Friday, July 12th. The company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.13. The firm had revenue of $20.14 billion for the quarter, compared to analysts’ expectations of $20.07 billion. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.37 EPS. Equities research analysts anticipate that Citigroup Inc. will post 5.79 EPS for the current year.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders 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. This represents a $2.24 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend was Monday, August 5th. Citigroup’s payout ratio is 62.75%.

Analyst Ratings Changes

A number of brokerages have issued reports on C. Argus upped their target price on Citigroup from $70.00 to $72.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Evercore ISI raised their price objective on shares of Citigroup from $60.00 to $62.00 and gave the company an “in-line” rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods boosted their target price on shares of Citigroup from $66.00 to $69.00 and gave the stock a “market perform” rating in a report on Thursday, June 20th. Oppenheimer raised their price target 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. Finally, Piper Sandler lifted their price target on shares of Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $68.69.

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.