OVERSEA CHINESE BANKING Corp Ltd Purchases 74,470 Shares of Citigroup Inc. (NYSE:C)

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Citigroup Inc. (NYSE:C) by 14.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 596,254 shares of the company’s stock after purchasing an additional 74,470 shares during the quarter. Citigroup makes up approximately 1.2% of OVERSEA CHINESE BANKING Corp Ltd’s holdings, making the stock its 17th biggest holding. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Citigroup were worth $41,985,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Swedbank AB increased its stake in Citigroup by 1.3% during the 3rd quarter. Swedbank AB now owns 4,378,833 shares of the company’s stock worth $274,115,000 after purchasing an additional 54,782 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Citigroup by 9.7% in the third quarter. Empowered Funds LLC now owns 41,171 shares of the company’s stock valued at $2,577,000 after buying an additional 3,630 shares during the period. Thrivent Financial for Lutherans increased its holdings in Citigroup by 2.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 145,663 shares of the company’s stock worth $9,118,000 after purchasing an additional 3,482 shares in the last quarter. Pathstone Holdings LLC grew its holdings in shares of Citigroup by 2.8% during the third quarter. Pathstone Holdings LLC now owns 149,742 shares of the company’s stock worth $9,374,000 after buying an additional 4,051 shares in the last quarter. Finally, Caprock Group LLC grew its stake in shares of Citigroup by 2.5% during the 3rd quarter. Caprock Group LLC now owns 63,162 shares of the company’s stock worth $3,954,000 after acquiring an additional 1,517 shares in the last quarter. 71.72% of the stock is owned by institutional investors.

Citigroup Price Performance

Shares of NYSE C opened at $70.24 on Wednesday. The firm has a market cap of $132.37 billion, a P/E ratio of 11.81, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. The business’s 50 day moving average is $77.51 and its 200-day moving average is $70.11. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $84.74.

Citigroup (NYSE:C) last posted its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.12. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The company had revenue of $19.58 billion during the quarter, compared to the consensus estimate of $19.51 billion. During the same quarter last year, the firm earned $0.84 earnings per share. The company’s revenue was up 12.3% on a year-over-year basis. Equities research analysts predict that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup announced that its board has authorized a stock repurchase program on Wednesday, January 15th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the company to repurchase up to 13.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Citigroup Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.19%. Citigroup’s payout ratio is presently 37.65%.

Insider Transactions at Citigroup

In other news, insider Sara Wechter sold 15,125 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the sale, the insider now directly owns 109,780 shares of the company’s stock, valued at approximately $8,893,277.80. This represents a 12.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Anand Selvakesari sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $81.10, for a total value of $2,433,000.00. Following the completion of the transaction, the chief operating officer now directly owns 229,180 shares of the company’s stock, valued at approximately $18,586,498. This trade represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,590 shares of company stock valued at $8,523,149. 0.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

C has been the subject of a number of recent research reports. Evercore ISI increased their price objective on shares of Citigroup from $69.00 to $79.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Truist Financial initiated coverage on Citigroup in a research report on Tuesday, January 7th. They set a “buy” rating and a $85.00 price target for the company. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price target (up previously from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. StockNews.com raised Citigroup from a “hold” rating to a “buy” rating in a report on Tuesday, March 11th. Finally, Barclays raised shares of Citigroup from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $70.00 to $95.00 in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.93.

Citigroup Company 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.