Exchange Traded Concepts LLC Takes Position in Citigroup Inc. (NYSE:C)

Exchange Traded Concepts LLC bought a new position in shares of Citigroup Inc. (NYSE:C) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 303,303 shares of the company’s stock, valued at approximately $18,987,000.

Several other institutional investors and hedge funds have also made changes to their positions in C. Price T Rowe Associates Inc. MD grew its position in shares of Citigroup by 123.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,716,442 shares of the company’s stock valued at $2,005,749,000 after buying an additional 17,525,484 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Citigroup by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 30,007,284 shares of the company’s stock valued at $1,904,262,000 after purchasing an additional 250,716 shares during the last quarter. Fisher Asset Management LLC grew its stake in Citigroup by 8.0% during the 4th quarter. Fisher Asset Management LLC now owns 24,755,277 shares of the company’s stock worth $1,273,411,000 after buying an additional 1,836,283 shares during the last quarter. Legal & General Group Plc lifted its stake in Citigroup by 5.5% in the second quarter. Legal & General Group Plc now owns 17,428,251 shares of the company’s stock valued at $1,105,999,000 after buying an additional 913,231 shares during the last quarter. Finally, Greenhaven Associates Inc. boosted its holdings in shares of Citigroup by 1.5% during the third quarter. Greenhaven Associates Inc. now owns 16,883,391 shares of the company’s stock valued at $1,056,900,000 after acquiring an additional 242,545 shares during the period. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Citigroup Price Performance

NYSE C opened at $65.74 on Friday. The company has a 50 day simple moving average of $60.66 and a 200-day simple moving average of $61.89. Citigroup Inc. has a 52-week low of $38.17 and a 52-week high of $67.81. The firm has a market capitalization of $125.42 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 0.74 and a beta of 1.44. 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 (NYSE:C) last issued its earnings results on Friday, July 12th. The company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The firm had revenue of $20.14 billion for the quarter, compared to the consensus estimate of $20.07 billion. During the same quarter in the previous year, the company posted $1.37 earnings per share. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Equities research analysts predict that Citigroup Inc. will post 5.76 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a $0.56 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.41%. This is an increase from Citigroup’s previous quarterly dividend of $0.53. Citigroup’s dividend payout ratio is currently 62.75%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on C shares. Piper Sandler increased their price objective on shares of Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Keefe, Bruyette & Woods increased their price objective on Citigroup from $66.00 to $69.00 and gave the stock a “market perform” rating in a report on Thursday, June 20th. Morgan Stanley increased their target price on shares of Citigroup from $79.00 to $86.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Royal Bank of Canada boosted their price objective on Citigroup from $63.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. Finally, Oppenheimer lifted their target price on Citigroup from $87.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.33.

Citigroup 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.