Connective Portfolio Management LLC Purchases 13,200 Shares of Citigroup Inc. (NYSE:C)

Connective Portfolio Management LLC boosted its position in shares of Citigroup Inc. (NYSE:C) by 347.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,000 shares of the company’s stock after buying an additional 13,200 shares during the period. Citigroup makes up approximately 1.8% of Connective Portfolio Management LLC’s investment portfolio, making the stock its 24th largest position. Connective Portfolio Management LLC’s holdings in Citigroup were worth $1,197,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. American Century Companies Inc. raised its position in shares of Citigroup by 2.3% in the 2nd quarter. American Century Companies Inc. now owns 339,400 shares of the company’s stock worth $21,538,000 after acquiring an additional 7,778 shares in the last quarter. Wealthspire Advisors LLC increased its holdings in Citigroup by 13.0% during the 2nd quarter. Wealthspire Advisors LLC now owns 3,977 shares of the company’s stock worth $252,000 after purchasing an additional 457 shares in the last quarter. Brown Brothers Harriman & Co. boosted its holdings in Citigroup by 116.9% during the second quarter. Brown Brothers Harriman & Co. now owns 10,622 shares of the company’s stock worth $674,000 after purchasing an additional 5,724 shares during the last quarter. Citizens Financial Group Inc. RI raised its position in Citigroup by 36.3% in the second quarter. Citizens Financial Group Inc. RI now owns 11,759 shares of the company’s stock worth $746,000 after acquiring an additional 3,131 shares during the period. Finally, Moors & Cabot Inc. increased its holdings in Citigroup by 17.1% in the 2nd quarter. Moors & Cabot Inc. now owns 17,347 shares of the company’s stock worth $1,101,000 after acquiring an additional 2,539 shares during the last quarter. Institutional investors and hedge funds own 71.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group lifted their price objective on Citigroup from $72.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Evercore ISI upped their target price on shares of Citigroup from $63.00 to $64.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 16th. Oppenheimer decreased their price objective on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Morgan Stanley dropped their price target on shares of Citigroup from $86.00 to $82.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Finally, Piper Sandler raised their target price on Citigroup from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $80.13.

Citigroup Trading Up 6.8 %

Shares of C stock opened at $78.48 on Thursday. The stock has a market cap of $148.43 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 0.80 and a beta of 1.43. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.55. The company’s 50-day moving average price is $70.60 and its 200-day moving average price is $65.22. Citigroup Inc. has a twelve month low of $50.51 and a twelve month high of $79.25.

Citigroup (NYSE:C) last posted its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.12. The firm had revenue of $19.58 billion for the quarter, compared to analyst estimates of $19.51 billion. Citigroup had a return on equity of 6.19% and a net margin of 4.70%. Citigroup’s revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 EPS. As a group, equities analysts predict that Citigroup Inc. will post 5.86 earnings per share for the current year.

Citigroup Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Monday, February 3rd will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Monday, February 3rd. Citigroup’s payout ratio is 64.93%.

Citigroup declared that its Board of Directors has initiated a share repurchase program on Wednesday, January 15th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 13.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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.