Patten Group Inc. Invests $210,000 in Citigroup Inc. (NYSE:C)

Patten Group Inc. bought a new position in Citigroup Inc. (NYSE:C) in the fourth quarter, HoldingsChannel reports. The fund bought 2,981 shares of the company’s stock, valued at approximately $210,000.

A number of other hedge funds have also bought and sold shares of the business. Geode Capital Management LLC raised its position in Citigroup by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 39,919,798 shares of the company’s stock worth $2,492,238,000 after buying an additional 791,758 shares during the last quarter. Franklin Resources Inc. raised its position in Citigroup by 18.5% in the 3rd quarter. Franklin Resources Inc. now owns 30,027,213 shares of the company’s stock worth $1,998,976,000 after buying an additional 4,680,713 shares during the last quarter. Fisher Asset Management LLC raised its position in Citigroup by 3.6% in the 4th quarter. Fisher Asset Management LLC now owns 30,014,183 shares of the company’s stock worth $2,112,698,000 after buying an additional 1,043,826 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Citigroup by 9.8% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 15,676,463 shares of the company’s stock valued at $981,347,000 after purchasing an additional 1,404,120 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Citigroup by 2.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,703,215 shares of the company’s stock valued at $670,021,000 after purchasing an additional 240,628 shares during the period. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on C. Piper Sandler restated an “overweight” rating and set a $83.00 price target (up from $80.00) on shares of Citigroup in a research note on Thursday, January 16th. Truist Financial began coverage on Citigroup in a research note on Tuesday, January 7th. They set a “buy” rating and a $85.00 price target for the company. Evercore ISI boosted their price target on Citigroup from $69.00 to $79.00 and gave the company an “in-line” rating in a research note on Thursday, January 16th. Morgan Stanley boosted their price target on Citigroup from $104.00 to $109.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Finally, Barclays upgraded Citigroup from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $70.00 to $95.00 in a research note on Monday, January 6th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Citigroup presently has an average rating of “Moderate Buy” and a consensus target price of $83.93.

Insider Activity

In related news, COO Anand Selvakesari sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total value of $2,433,000.00. Following the completion of the sale, the chief operating officer now directly owns 229,180 shares in the company, valued at $18,586,498. This trade represents a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Mason sold 58,465 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 217,331 shares of the company’s stock, valued at approximately $18,084,112.51. This represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,590 shares of company stock worth $8,523,149. 0.08% of the stock is currently owned by insiders.

Citigroup Trading Down 6.4 %

C stock opened at $72.25 on Wednesday. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $84.74. 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 company has a market capitalization of $136.16 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.64 and a beta of 1.44. The business has a 50 day simple moving average of $77.89 and a two-hundred day simple moving average of $69.57.

Citigroup (NYSE:C) last posted its quarterly earnings results 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 business had revenue of $19.58 billion during the quarter, compared to the consensus estimate of $19.51 billion. During the same period in the prior year, the company posted $0.84 EPS. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. Research analysts anticipate that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 3rd were given a dividend of $0.56 per share. The ex-dividend date was Monday, February 3rd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.10%. Citigroup’s dividend payout ratio is currently 37.65%.

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

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.