Palacios Wealth Management LLC Makes New $453,000 Investment in Citigroup Inc. (NYSE:C)

Palacios Wealth Management LLC acquired a new position in Citigroup Inc. (NYSE:C) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,820 shares of the company’s stock, valued at approximately $453,000.

Other institutional investors have also added to or reduced their stakes in the company. AMF Tjanstepension AB bought a new position in shares of Citigroup during the 3rd quarter valued at approximately $4,607,000. Creative Planning grew its position in shares of Citigroup by 0.6% during the 3rd quarter. Creative Planning now owns 381,362 shares of the company’s stock valued at $23,873,000 after acquiring an additional 2,372 shares during the period. Swedbank AB grew its position in shares of Citigroup by 1.3% during the 3rd quarter. Swedbank AB now owns 4,378,833 shares of the company’s stock valued at $274,115,000 after acquiring an additional 54,782 shares during the period. Tsfg LLC grew its position in shares of Citigroup by 26.3% during the 3rd quarter. Tsfg LLC now owns 1,047 shares of the company’s stock valued at $66,000 after acquiring an additional 218 shares during the period. Finally, Sumitomo Life Insurance Co. grew its position in shares of Citigroup by 2.4% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 29,244 shares of the company’s stock valued at $1,831,000 after acquiring an additional 676 shares during the period. 71.72% of the stock is owned by institutional investors.

Citigroup Stock Performance

NYSE C opened at $82.06 on Friday. Citigroup Inc. has a 1 year low of $53.51 and a 1 year high of $82.91. 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 stock has a market capitalization of $155.19 billion, a PE ratio of 13.79, a P/E/G ratio of 0.65 and a beta of 1.44. The company’s 50 day simple moving average is $75.44 and its two-hundred day simple moving average is $67.61.

Citigroup (NYSE:C) last posted its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.12. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The business had revenue of $19.58 billion for the quarter, compared to analysts’ expectations of $19.51 billion. During the same period in the prior year, the company posted $0.84 EPS. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. Analysts predict that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 3rd will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 2.73%. The ex-dividend date is Monday, February 3rd. Citigroup’s dividend payout ratio (DPR) is currently 37.65%.

Citigroup announced that its board has authorized a stock buyback plan on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 13.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have recently weighed in on C. Piper Sandler reissued an “overweight” rating and set a $83.00 target price (up from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Morgan Stanley increased their target price on shares of Citigroup from $104.00 to $109.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Oppenheimer reduced their target price on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Evercore ISI raised their price objective on shares of Citigroup from $69.00 to $79.00 and gave the stock an “in-line” rating in a report on Thursday, January 16th. Finally, Wells Fargo & Company raised their price objective on shares of Citigroup from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $83.93.

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.