Citigroup Inc. $C Shares Sold by Castleark Management LLC

Castleark Management LLC lessened its holdings in shares of Citigroup Inc. (NYSE:C) by 59.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 47,484 shares of the company’s stock after selling 69,980 shares during the quarter. Castleark Management LLC’s holdings in Citigroup were worth $5,385,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC grew its holdings in Citigroup by 166.9% in the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock valued at $1,407,000 after buying an additional 12,499 shares during the period. Sivia Capital Partners LLC lifted its holdings in shares of Citigroup by 20.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company’s stock worth $835,000 after acquiring an additional 1,669 shares during the period. United Bank acquired a new stake in shares of Citigroup in the second quarter worth approximately $972,000. Osterweis Capital Management Inc. boosted its position in shares of Citigroup by 3,016.7% in the second quarter. Osterweis Capital Management Inc. now owns 935 shares of the company’s stock worth $80,000 after acquiring an additional 905 shares during the last quarter. Finally, HUB Investment Partners LLC grew its holdings in Citigroup by 26.9% in the second quarter. HUB Investment Partners LLC now owns 15,287 shares of the company’s stock valued at $1,301,000 after purchasing an additional 3,238 shares during the period. Institutional investors and hedge funds own 71.72% of the company’s stock.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup’s second-quarter performance remains the primary bullish catalyst. The bank reported record results, including $3.15 in earnings per share versus the $2.74 consensus estimate and $24.75 billion in revenue versus expectations of $23.74 billion. Revenue increased 14.5% year over year, supported by stronger net interest income and net income. Is Citigroup Stock Still a Buy After Its Blockbuster Q2 Performance?
• Positive Sentiment: Analysts and investors are focusing on Citigroup’s transformation plan, capital position, and potential for shareholder returns. The stock’s valuation is viewed as reasonable relative to its earnings prospects, with one analysis estimating it could be approximately 14% undervalued after the earnings-related decline. Citigroup Could Be 14% Undervalued After Its Q2 Earnings Drop
• Positive Sentiment: Broader bank-sector results are also supportive: Raymond James said most U.S. banks reporting second-quarter results exceeded earnings forecasts amid favorable revenue trends. This may reinforce confidence in Citigroup’s operating environment and financial-sector earnings momentum. Most US Banks Beat Earnings Forecasts Amid Favorable Revenue Trends
• Neutral Sentiment: Federal Reserve expectations remain a key swing factor. Citi strategists expect the Fed to hold rates and potentially deliver a dovish outcome, which could support market sentiment, although the outlook remains uncertain ahead of the policy meeting. FOMC Preview: Fed Likely to Hold Rates Despite Oil Spike
• Negative Sentiment: Renewed inflation concerns have increased the possibility of a more hawkish Federal Reserve, including a potential rate hike. Higher-for-longer rates could create volatility for bank stocks and complicate the outlook for loan demand, credit quality, and net interest income. Fed Faces Growing Pressure to Hike Rates as Price Risks Rebound

Wall Street Analyst Weigh In

Several brokerages recently commented on C. Oppenheimer lowered shares of Citigroup from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Bank of America boosted their price objective on shares of Citigroup from $170.00 to $176.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Wells Fargo & Company upped their price objective on Citigroup from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, June 18th. Barclays increased their target price on Citigroup from $146.00 to $154.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $145.00 target price (up from $125.00) on shares of Citigroup in a report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Citigroup has a consensus rating of “Moderate Buy” and a consensus price target of $145.67.

Insider Buying and Selling at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the completion of the sale, the director directly owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.11% of the company’s stock.

Citigroup Stock Up 0.6%

C opened at $133.03 on Tuesday. Citigroup Inc. has a 1 year low of $87.94 and a 1 year high of $147.96. The firm has a 50 day moving average price of $135.23 and a 200 day moving average price of $123.90. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $226.88 billion, a PE ratio of 14.37, a price-to-earnings-growth ratio of 0.60 and a beta of 1.11.

Citigroup (NYSE:C) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm had revenue of $24.75 billion for the quarter, compared to analysts’ expectations of $23.74 billion. During the same period in the previous year, the company posted $1.96 earnings per share. Citigroup’s revenue was up 14.5% compared to the same quarter last year. Sell-side analysts expect that Citigroup Inc. will post 11.2 earnings per share for the current year.

Citigroup Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Monday, August 3rd. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s dividend payout ratio (DPR) is presently 25.92%.

Citigroup declared that its Board of Directors has approved a share buyback program on Thursday, May 7th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 13.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Citigroup Company Profile

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.