As of September 24, 2023, Wedge Capital Management L L P NC has reduced its stake in Citigroup Inc. (NYSE:C) by 6.8% during the second quarter, according to recent filings with the Securities & Exchange Commission. The institutional investor now holds 640,409 shares of Citigroup’s stock after selling 46,565 shares within the quarter. At the end of this reporting period, the holdings of Wedge Capital Management L L P NC were valued at $29,484,000.
This news comes after Citigroup announced its quarterly earnings results on July 14th. The company reported earnings per share (EPS) of $1.33 for the quarter, exceeding the consensus estimate by $0.02. Citigroup achieved a net margin of 10.24% and a return on equity of 6.80%. During this period, revenue amounted to $19.44 billion, surpassing analyst estimates of $19.34 billion. However, it is worth noting that the company’s revenue experienced a decline of 1.0% compared to the same period in the previous year when it posted earnings per share of $2.30.
Looking ahead, sell-side analysts anticipate that Citigroup Inc. will post an EPS of 5.73 for the current year.
It is essential to note that financial markets are subject to change and investors should exercise caution when making investment decisions based on historical data alone. Market conditions can be influenced by various factors such as economic trends and geopolitical events.
For more information on Citigroup Inc., interested parties can refer to our latest stock report on the company.
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Hedge Funds and Institutional Investors Show Growing Interest in Citigroup
In recent months, several hedge funds have made strategic changes to their holdings of Citigroup, a leading global bank. SkyView Investment Advisors LLC and Grey Fox Wealth Advisors LLC have both acquired new stakes in the company, adding to the already diverse pool of institutional investors and hedge funds who own a significant portion of Citigroup’s stock. These developments have piqued the curiosity of industry experts and analysts who are closely monitoring the market dynamics surrounding Citigroup.
SkyView Investment Advisors LLC invested approximately $28,000 in Citigroup during the first quarter of this year. Similarly, Grey Fox Wealth Advisors LLC purchased a stake valued at around $33,000 in the fourth quarter of last year. This activity indicates that these individuals or entities see potential value in Citigroup and are willing to invest their resources accordingly.
Furthermore, Heritage Wealth Management LLC has significantly increased its stake in Citigroup by 140.1% during the fourth quarter of last year. The company now owns 862 shares valued at $39,000 after purchasing an additional 503 shares. Nelson Van Denburg & Campbell Wealth Management Group LLC also lifted its stake by 82.0% during the first quarter, with an increase of 433 shares that are now worth $51,000. Arlington Partners LLC followed suit with an 81.5% increase in its stake, acquiring an additional 445 shares worth $46,000.
These movements suggest that there is confidence among some institutional investors regarding the potential growth prospects for Citigroup’s stock. With institutional investors and hedge funds collectively owning approximately 69.26% of the company’s stock, it’s clear that there is substantial interest from professional investment firms.
On September 24th, NYSE C experienced a decline in trading as it dropped $0.79 to reach $40.92 per share. Despite this decrease, it should be noted that Citigroup continues to maintain strong market performance overall.
Citigroup’s market cap stands at an impressive $79.66 billion, reflecting its status as one of the largest financial institutions in the world. The company has a favorable P/E ratio of 6.48 and a PEG ratio of 1.64, indicating that it may be undervalued relative to its earnings potential. Additionally, Citigroup’s beta of 1.57 suggests that it is likely to experience more volatility relative to the overall market.
In terms of dividends, Citigroup recently announced an increase in its quarterly dividend from $0.51 to $0.53 per share, which was paid on August 25th. This represents an annualized dividend of $2.12 and a yield of 5.18%. It’s worth noting that Citigroup has a relatively low dividend payout ratio (DPR) of 33.60%, indicating that the company retains a significant portion of its earnings for reinvestment.
Multiple equities research analysts have issued reports on C shares, offering varying perspectives on the stock’s future performance. HSBC initiated coverage with a “hold” rating and a target price of $43 per share, while StockNews.com also gave the stock a “hold” rating in August.
Bank of America raised their price target for Citigroup from $58 to $60 per share, expressing optimism about the company’s prospects in June. Odeon Capital Group upgraded its rating from “hold” to “buy,” setting a price target of $50.51 per share in July.
Despite these varied opinions, Bloomberg data indicates that the consensus rating for Citigroup is currently “Hold,” with an average price target of $52.75 per share.
As investors and industry experts continue to closely monitor developments pertaining to hedge funds’ holdings and analyst recommendations regarding Citigroup, it remains clear that this global banking institution holds considerable interest within the financial sector and beyond.
