Fred Alger Management LLC Sells 327,241 Shares of Citigroup Inc. (NYSE:C)

Fred Alger Management LLC lowered its position in Citigroup Inc. (NYSE:C) by 29.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 766,698 shares of the company’s stock after selling 327,241 shares during the period. Fred Alger Management LLC’s holdings in Citigroup were worth $48,655,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. TD Asset Management Inc lifted its holdings in shares of Citigroup by 21.8% in the fourth quarter. TD Asset Management Inc now owns 967,655 shares of the company’s stock worth $49,776,000 after buying an additional 173,137 shares in the last quarter. Lloyd Advisory Services LLC. lifted its stake in Citigroup by 355.9% in the 1st quarter. Lloyd Advisory Services LLC. now owns 19,115 shares of the company’s stock worth $1,209,000 after purchasing an additional 14,922 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Citigroup by 13.3% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 73,317 shares of the company’s stock valued at $4,653,000 after purchasing an additional 8,593 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Citigroup by 13.4% during the 1st quarter. Lazard Asset Management LLC now owns 201,456 shares of the company’s stock valued at $12,739,000 after purchasing an additional 23,774 shares during the last quarter. Finally, Capital World Investors grew its position in shares of Citigroup by 9.1% during the fourth quarter. Capital World Investors now owns 4,187,362 shares of the company’s stock valued at $215,398,000 after purchasing an additional 350,087 shares in the last quarter. Institutional investors own 71.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Argus lifted their price target on shares of Citigroup from $70.00 to $72.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Royal Bank of Canada boosted their target price on Citigroup from $63.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Oppenheimer increased their price target on Citigroup from $85.00 to $86.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Piper Sandler raised their price target on Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Finally, Evercore ISI upped their price objective on Citigroup from $60.00 to $62.00 and gave the company an “in-line” rating in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned 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 $68.25.

Citigroup Trading Down 1.9 %

NYSE C opened at $61.39 on Wednesday. Citigroup Inc. has a one year low of $38.17 and a one year high of $67.81. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $117.10 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 0.62 and a beta of 1.45. The company’s 50-day simple moving average is $61.13 and its two-hundred day simple moving average is $61.59.

Citigroup (NYSE:C) last posted its earnings results on Friday, July 12th. The company reported $1.52 earnings per share for the quarter, topping 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 company had revenue of $20.14 billion during the quarter, compared to analyst estimates of $20.07 billion. During the same quarter in the prior year, the business earned $1.37 earnings per share. Citigroup’s revenue was up 3.6% on a year-over-year basis. Equities analysts forecast that Citigroup Inc. will post 5.81 EPS for the current fiscal year.

Citigroup Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a dividend of $0.56 per share. The ex-dividend date was Monday, August 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.65%. This is an increase from Citigroup’s previous quarterly dividend of $0.53. Citigroup’s dividend payout ratio (DPR) is presently 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.