On May 13, 2023, Hourglass Capital LLC announced that it had decreased its holdings in Citigroup Inc. (NYSE:C) by 19.4%. According to the firm’s most recent 13F filing with the Securities & Exchange Commission, Hourglass Capital LLC owned 106,357 shares of Citigroup’s stock after selling 25,625 shares during the quarter. This made Citigroup its 24th biggest position and constituted approximately 1.7% of the firm’s holdings.
At the end of Q4, Hourglass Capital LLC’s holdings in Citigroup had a value estimated at $4,811,000. The investment management company is known for investing in companies with sound financials and sustainable competitive advantages. Its portfolio is managed by high-level analysts who apply a rigorous investment approach based on fundamental research.
Citigroup recently declared a quarterly dividend which will be paid to shareholders on May 26th. Shareholders of record as of May 1st will receive a dividend payout of $0.51 per share. The ex-dividend date was April 28th, representing an annualized dividend of $2.04 with a yield of 4.49%. At present, Citigroup’s dividend payout ratio stands at 28.45%.
In other news related to Citigroup, insider Michael Whitaker sold some shares of the company’s stock in February for approximately $645,375 ($51.63 per share). Following the transaction’s completion on February 16th has been valued to have around $12 million worth of shares left in his name.
These insider transactions suggest that business executives are taking advantage of an increase in stock prices while also reducing their exposure to risks over the long term.
Finally, Zdenek Turek sold about $598,440 worth of Citigroup shares on April 18th at an average price of $49.87 per share; following this sale, Turek now directly owns 155,979 shares of the company’s stock worth approximately $7.8 million.
Overall, those interested in investing in Citigroup should keep an eye on these insider transactions and consider the firm’s strong dividend payout ratio when making investment decisions.
Hedge Funds and Institutional Investors Show Confidence in Citigroup Inc. with Increased Stake Ownership
Citigroup Inc. has been the talk of the investment world lately, with numerous hedge funds and institutional investors making changes to their positions in the company. Panagora Asset Management Inc., for example, has boosted its stake in Citigroup by a significant 24.5% in the first quarter alone. Zions Bancorporation N.A. also increased its stake by a massive 50.5%, while Brown Brothers Harriman & Co. raised theirs by 20.8%. Ergoteles LLC, on the other hand, purchased a new position valued at about $761,000.
Even Halbert Hargrove Global Advisors LLC got in on the action with a 7.0% growth in their stake during the first quarter alone.
Overall, hedge funds and institutional investors now own an astounding 70.90% of Citigroup’s stock which demonstrates that there is considerable confidence among these firms regarding Citigroup.
Citigroup has also recently debuted some impressive research reports, which saw Bank of America increase their price target from $56 to $58 while giving it a “buy” rating, and BMO Capital Markets upping their price target from $56 to $68 and handing over an “outperform” rating.
That being said, not all research reports were as favourable towards Citigroup’s performance as Morgan Stanley raised its price target from $41 to $45 and gave the stock an “underweight” rating overall.Also Royal Bank of Canada lowered its target from $55 to 51 dollars and gave them an “outperform” rating.
Despite such divergent opinion among researchers, one analyst classifies it as “Hold,” attributing an average consensus price target of approximately $55.03 based on these differing opinions.
To make matters even more compelling for potential stockholders, Citigroup disclosed that it has quarterly dividends lined up with shareholders receiving a dividend payout ratio currently standing at 28.45%.
Currently, shares of Citigroup Inc. trade at around $45.43 on the NYSE and has duly noted trading volume of 2,305,045 shares.
Even with a 50-day moving average price of $46.96 and a two-hundred day moving average price of $47.71, it should be noted that Citigroup’s stock has traded between its twelve-month low of $40.01 and the peak set at $54.56 in the same duration.
Citigroup (NYSE:C) expects to post earnings per share (EPS) equivalent to 5.95 for the current fiscal year, with Q1 2023 already showing impressive results where the company posted an EPS above analysts’ consensus estimates by around 53 cents.
Those eager to invest in one of the most buoyant stocks currently can consider buying Citigroup Inc.’s stocks as there seems to be quite an agreement among hedge funds and other institutional investors regarding their confidence in this stock as well as impressive research reports indicating that there may be great prospects ahead for this company.
