Manning & Napier Advisors LLC Sells 61,475 Shares of Citigroup Inc. (NYSE:C)

Manning & Napier Advisors LLC lessened its stake in shares of Citigroup Inc. (NYSE:C) by 11.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 474,285 shares of the company’s stock after selling 61,475 shares during the period. Manning & Napier Advisors LLC’s holdings in Citigroup were worth $33,385,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new stake in shares of Citigroup during the 3rd quarter worth about $28,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Citigroup during the second quarter worth approximately $31,000. Legacy Investment Solutions LLC bought a new stake in shares of Citigroup during the third quarter worth approximately $31,000. Webster Bank N. A. boosted its holdings in shares of Citigroup by 150.0% during the fourth quarter. Webster Bank N. A. now owns 500 shares of the company’s stock worth $35,000 after acquiring an additional 300 shares during the period. Finally, GHP Investment Advisors Inc. grew its holdings in Citigroup by 184.0% in the 3rd quarter. GHP Investment Advisors Inc. now owns 568 shares of the company’s stock valued at $36,000 after buying an additional 368 shares in the last quarter. Institutional investors and hedge funds own 71.72% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on C shares. The Goldman Sachs Group lifted their price objective on Citigroup from $77.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Barclays upgraded shares of Citigroup from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $70.00 to $95.00 in a research report on Monday, January 6th. Piper Sandler reiterated an “overweight” rating and issued a $83.00 price target (up previously from $80.00) on shares of Citigroup in a research note on Thursday, January 16th. Bank of America increased their price objective on shares of Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company raised their price objective on Citigroup from $85.00 to $95.00 and gave the company 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $83.93.

Citigroup Stock Performance

C traded up $1.43 during midday trading on Wednesday, reaching $81.37. The company had a trading volume of 2,255,527 shares, compared to its average volume of 17,047,307. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $153.89 billion, a PE ratio of 13.67, a P/E/G ratio of 0.65 and a beta of 1.43. Citigroup Inc. has a 12-month low of $52.24 and a 12-month high of $82.77. The business has a 50-day moving average price of $72.93 and a two-hundred day moving average price of $66.32.

Citigroup (NYSE:C) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, topping 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 company had revenue of $19.58 billion during the quarter, compared to analyst estimates of $19.51 billion. During the same quarter last year, the firm posted $0.84 EPS. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, sell-side analysts expect that Citigroup Inc. will post 7.51 earnings per share for the current fiscal year.

Citigroup declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 15th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 13.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Citigroup Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders 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 annualized dividend and a dividend yield of 2.75%. Citigroup’s payout ratio is currently 37.65%.

Citigroup Company Profile

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.