Douglas Lane & Associates LLC Sells 24,738 Shares of Citigroup Inc. (NYSE:C)

Douglas Lane & Associates LLC reduced its holdings in shares of Citigroup Inc. (NYSE:C) by 3.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 623,259 shares of the company’s stock after selling 24,738 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Citigroup were worth $39,016,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. POM Investment Strategies LLC bought a new position in Citigroup in the second quarter valued at about $25,000. Beacon Capital Management LLC raised its position in Citigroup by 85.5% in the first quarter. Beacon Capital Management LLC now owns 460 shares of the company’s stock valued at $29,000 after purchasing an additional 212 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Citigroup in the second quarter valued at about $31,000. Triad Wealth Partners LLC bought a new position in Citigroup in the second quarter valued at about $32,000. Finally, Strategic Financial Concepts LLC raised its position in Citigroup by 1,139.7% in the second quarter. Strategic Financial Concepts LLC now owns 52,738 shares of the company’s stock valued at $33,000 after purchasing an additional 48,484 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors.

Citigroup Stock Performance

Shares of C traded up $2.26 during mid-day trading on Friday, hitting $65.74. The stock had a trading volume of 15,512,381 shares, compared to its average volume of 14,323,088. The firm has a market cap of $125.42 billion, a P/E ratio of 18.41, a PEG ratio of 0.74 and a beta of 1.44. The business has a fifty day moving average price of $60.66 and a 200-day moving average price of $61.89. 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 Inc. has a 52 week low of $38.17 and a 52 week high of $67.81.

Citigroup (NYSE:C) last issued its earnings results on Friday, July 12th. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.13. The firm had revenue of $20.14 billion for the quarter, compared to analyst estimates of $20.07 billion. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The business’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.37 earnings per share. On average, equities research analysts expect that Citigroup Inc. will post 5.76 EPS for the current year.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a $0.56 dividend. The ex-dividend date was Monday, August 5th. This is a boost from Citigroup’s previous quarterly dividend of $0.53. This represents a $2.24 annualized dividend and a dividend yield of 3.41%. Citigroup’s payout ratio is 62.75%.

Analyst Upgrades and Downgrades

C has been the subject of a number of analyst reports. Oppenheimer raised their price objective on Citigroup from $87.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. The Goldman Sachs Group lowered their price objective on Citigroup from $75.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Evercore ISI raised their price objective on Citigroup from $60.00 to $62.00 and gave the stock an “in-line” rating in a research report on Wednesday, July 3rd. Argus raised their price objective on Citigroup from $70.00 to $72.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Piper Sandler raised their price objective on Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Citigroup currently has an average rating of “Moderate Buy” and an average price target of $70.33.

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.