Massachusetts Wealth Management Raises Position in Citigroup Inc. (NYSE:C)

Massachusetts Wealth Management grew its stake in Citigroup Inc. (NYSE:C) by 6.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 43,507 shares of the company’s stock after purchasing an additional 2,575 shares during the quarter. Citigroup makes up 1.9% of Massachusetts Wealth Management’s investment portfolio, making the stock its 10th biggest position. Massachusetts Wealth Management’s holdings in Citigroup were worth $3,062,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of C. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Citigroup by 30.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 275,465 shares of the company’s stock worth $19,480,000 after purchasing an additional 64,905 shares during the last quarter. Lockheed Martin Investment Management Co. grew its holdings in Citigroup by 37.0% in the fourth quarter. Lockheed Martin Investment Management Co. now owns 66,300 shares of the company’s stock worth $4,667,000 after purchasing an additional 17,900 shares during the last quarter. Y.D. More Investments Ltd increased its position in shares of Citigroup by 57.2% during the fourth quarter. Y.D. More Investments Ltd now owns 3,506 shares of the company’s stock worth $247,000 after purchasing an additional 1,276 shares in the last quarter. Stratos Investment Management LLC lifted its holdings in shares of Citigroup by 35.1% during the 4th quarter. Stratos Investment Management LLC now owns 99,396 shares of the company’s stock valued at $6,997,000 after purchasing an additional 25,819 shares during the last quarter. Finally, Sargent Investment Group LLC grew its stake in Citigroup by 5.2% during the 4th quarter. Sargent Investment Group LLC now owns 7,443 shares of the company’s stock worth $542,000 after buying an additional 366 shares during the last quarter. Institutional investors own 71.72% of the company’s stock.

Analyst Upgrades and Downgrades

C has been the topic of a number of research analyst reports. Bank of America boosted their price target on Citigroup from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Citigroup from $85.00 to $92.00 and gave the stock an “outperform” rating in a research note on Thursday, January 16th. Evercore ISI raised their target price on Citigroup from $69.00 to $79.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Wells Fargo & Company boosted their price target on Citigroup from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Truist Financial began coverage on Citigroup in a report on Tuesday, January 7th. They set a “buy” rating and a $85.00 target price for the company. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $83.93.

Citigroup Trading Down 1.4 %

Shares of NYSE:C opened at $78.52 on Wednesday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. The business’s 50 day moving average price is $74.02 and its 200-day moving average price is $66.83. The firm has a market capitalization of $148.50 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 0.64 and a beta of 1.44. Citigroup Inc. has a 1 year low of $52.24 and a 1 year high of $82.77.

Citigroup (NYSE:C) last released its earnings results 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. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The business had revenue of $19.58 billion for the quarter, compared to the consensus estimate of $19.51 billion. During the same quarter last year, the business posted $0.84 earnings per share. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. On average, equities research analysts forecast that Citigroup Inc. will post 7.51 earnings per share for the current fiscal year.

Citigroup Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Monday, February 3rd will be issued a $0.56 dividend. The ex-dividend date is Monday, February 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 2.85%. Citigroup’s payout ratio is 37.65%.

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

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.