Citigroup Inc. (NYSE:C) Shares Acquired by Summit Financial LLC

Summit Financial LLC increased its holdings in shares of Citigroup Inc. (NYSE:C) by 55.3% during the second quarter, Holdings Channel.com reports. The fund owned 14,312 shares of the company’s stock after buying an additional 5,099 shares during the period. Summit Financial LLC’s holdings in Citigroup were worth $908,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. International Assets Investment Management LLC acquired a new stake in Citigroup in the fourth quarter valued at approximately $4,100,000. Merit Financial Group LLC grew its stake in Citigroup by 35.0% in the 4th quarter. Merit Financial Group LLC now owns 13,283 shares of the company’s stock valued at $683,000 after acquiring an additional 3,441 shares during the period. Legacy Financial Advisors Inc. acquired a new stake in Citigroup in the 4th quarter valued at $203,000. Vestmark Advisory Solutions Inc. purchased a new stake in Citigroup in the 4th quarter worth $346,000. Finally, Leuthold Group LLC acquired a new position in Citigroup during the fourth quarter worth $219,000. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on C shares. BMO Capital Markets lifted their target price on shares of Citigroup from $63.00 to $65.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Oppenheimer lifted their price objective on Citigroup from $85.00 to $86.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Morgan Stanley increased their target price on Citigroup from $66.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Argus lifted their price target on Citigroup from $70.00 to $72.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Finally, Keefe, Bruyette & Woods increased their price objective on Citigroup from $66.00 to $69.00 and gave the company a “market perform” rating in a research note on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $68.06.

Citigroup Trading Up 1.2 %

Shares of C stock opened at $62.64 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.47. Citigroup Inc. has a twelve month low of $38.17 and a twelve month high of $67.81. The company’s 50-day moving average price is $62.55 and its 200-day moving average price is $61.14. The stock has a market cap of $119.48 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 0.68 and a beta of 1.46.

Citigroup (NYSE:C) last posted its earnings results on Friday, July 12th. The company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.13. The company had revenue of $20.14 billion for the quarter, compared to analyst estimates of $20.07 billion. Citigroup had a net margin of 4.95% and a return on equity of 6.26%. Citigroup’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.37 EPS. As a group, equities analysts predict that Citigroup Inc. will post 5.82 earnings per share for the current year.

Citigroup Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a dividend of $0.56 per share. This is a boost from Citigroup’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, August 5th. This represents a $2.24 annualized dividend and a yield of 3.58%. Citigroup’s dividend payout ratio (DPR) is 62.75%.

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.