Citigroup Inc. (NYSE:C) Stock Position Reduced by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC decreased its position in Citigroup Inc. (NYSE:C) by 1.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 54,979 shares of the company’s stock after selling 566 shares during the period. Axxcess Wealth Management LLC’s holdings in Citigroup were worth $3,489,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. POM Investment Strategies LLC acquired a new position in Citigroup in the second quarter worth $25,000. Frazier Financial Advisors LLC acquired a new position in shares of Citigroup in the 4th quarter valued at about $29,000. Beacon Capital Management LLC grew its position in shares of Citigroup by 85.5% during the 1st quarter. Beacon Capital Management LLC now owns 460 shares of the company’s stock valued at $29,000 after buying an additional 212 shares during the last quarter. Beaird Harris Wealth Management LLC raised its stake in Citigroup by 1,962.1% during the fourth quarter. Beaird Harris Wealth Management LLC now owns 598 shares of the company’s stock worth $31,000 after acquiring an additional 569 shares during the period. Finally, Triad Wealth Partners LLC bought a new position in Citigroup in the second quarter worth about $32,000. 71.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on C. Morgan Stanley increased their price target on Citigroup from $66.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Evercore ISI increased their target price on Citigroup from $60.00 to $62.00 and gave the stock an “in-line” rating in a research report on Wednesday, July 3rd. BMO Capital Markets boosted their price target on shares of Citigroup from $63.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. The Goldman Sachs Group lowered their price target on shares of Citigroup from $75.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Finally, Piper Sandler lifted their price objective on shares of Citigroup from $70.00 to $73.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $68.25.

Citigroup Price Performance

NYSE C opened at $59.30 on Wednesday. Citigroup Inc. has a 12 month low of $38.17 and a 12 month high of $67.81. The firm has a market capitalization of $113.10 billion, a PE ratio of 16.61, a P/E/G ratio of 0.62 and a beta of 1.45. The company’s 50 day simple moving average is $61.54 and its 200 day simple moving average is $61.42. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.94 and a quick ratio of 0.94.

Citigroup (NYSE:C) last issued its quarterly earnings results on Friday, July 12th. The company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. The firm had revenue of $20.14 billion during the quarter, compared to analyst estimates of $20.07 billion. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the company posted $1.37 EPS. As a group, equities research analysts forecast that Citigroup Inc. will post 5.81 EPS for the current fiscal year.

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a $0.56 dividend. The ex-dividend date was Monday, August 5th. This is a boost from Citigroup’s previous quarterly dividend of $0.53. This represents a $2.24 annualized dividend and a yield of 3.78%. Citigroup’s payout ratio is 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.