Summit Securities Group LLC Grows Stock Holdings in Citigroup Inc. (NYSE:C)

Summit Securities Group LLC lifted its stake in shares of Citigroup Inc. (NYSE:C) by 291.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,100 shares of the company’s stock after acquiring an additional 17,200 shares during the quarter. Citigroup makes up approximately 0.3% of Summit Securities Group LLC’s holdings, making the stock its 29th biggest holding. Summit Securities Group LLC’s holdings in Citigroup were worth $1,626,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of C. Brookstone Capital Management lifted its position in shares of Citigroup by 340.6% in the 4th quarter. Brookstone Capital Management now owns 36,034 shares of the company’s stock worth $2,536,000 after purchasing an additional 27,856 shares during the period. Inspire Trust Co. N.A. lifted its holdings in Citigroup by 34.8% during the third quarter. Inspire Trust Co. N.A. now owns 77,506 shares of the company’s stock worth $4,852,000 after buying an additional 20,000 shares during the period. FNY Investment Advisers LLC boosted its position in Citigroup by 168.7% during the 4th quarter. FNY Investment Advisers LLC now owns 19,560 shares of the company’s stock valued at $1,376,000 after acquiring an additional 12,280 shares in the last quarter. HighTower Advisors LLC increased its holdings in shares of Citigroup by 2.4% in the 3rd quarter. HighTower Advisors LLC now owns 354,294 shares of the company’s stock valued at $22,236,000 after acquiring an additional 8,301 shares during the period. Finally, Candriam S.C.A. raised its position in shares of Citigroup by 12.7% in the 4th quarter. Candriam S.C.A. now owns 200,860 shares of the company’s stock worth $14,139,000 after acquiring an additional 22,657 shares in the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Analyst Upgrades and Downgrades

C has been the topic of a number of recent research reports. Bank of America raised their price objective on Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods raised their price target on shares of Citigroup from $85.00 to $92.00 and gave the company an “outperform” rating in a report on Thursday, January 16th. Piper Sandler reiterated an “overweight” rating and set a $83.00 price objective (up previously from $80.00) on shares of Citigroup in a research note on Thursday, January 16th. Morgan Stanley cut their price target on shares of Citigroup from $110.00 to $109.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, The Goldman Sachs Group lowered their price objective on Citigroup from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $84.50.

Insider Activity

In other news, CFO Mark Mason sold 58,465 shares of Citigroup stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $83.21, for a total value of $4,864,872.65. Following the sale, the chief financial officer now directly owns 217,331 shares of the company’s stock, valued at $18,084,112.51. The trade was a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Anand Selvakesari sold 30,000 shares of Citigroup stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the sale, the chief operating officer now directly owns 229,180 shares in the company, valued at approximately $18,586,498. This trade represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,590 shares of company stock worth $8,523,149 over the last three months. 0.08% of the stock is currently owned by corporate insiders.

Citigroup Stock Performance

C opened at $70.28 on Friday. The firm has a fifty day moving average price of $77.06 and a 200 day moving average price of $70.72. Citigroup Inc. has a 1 year low of $53.51 and a 1 year high of $84.74. The stock has a market cap of $132.28 billion, a P/E ratio of 11.81, a P/E/G ratio of 0.64 and a beta of 1.43. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96.

Citigroup (NYSE:C) last released its quarterly earnings data on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.12. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The company had revenue of $19.58 billion during the quarter, compared to analysts’ expectations of $19.51 billion. During the same quarter in the previous year, the company earned $0.84 earnings per share. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis. Equities research analysts anticipate that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.19%. The ex-dividend date was Monday, February 3rd. Citigroup’s payout ratio is currently 37.65%.

Citigroup declared that its board has authorized a share buyback program on Wednesday, January 15th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 13.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is 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.