MFG Wealth Management Inc. Purchases Shares of 47,332 Citigroup Inc. (NYSE:C)

MFG Wealth Management Inc. acquired a new stake in shares of Citigroup Inc. (NYSE:C) during the fourth quarter, Holdings Channel reports. The fund acquired 47,332 shares of the company’s stock, valued at approximately $3,332,000. Citigroup makes up about 3.1% of MFG Wealth Management Inc.’s investment portfolio, making the stock its 5th biggest position.

Several other large investors have also recently modified their holdings of C. Harvey Capital Management Inc. purchased a new position in shares of Citigroup in the fourth quarter worth $894,000. Allspring Global Investments Holdings LLC grew its holdings in Citigroup by 6.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,278,234 shares of the company’s stock worth $159,383,000 after acquiring an additional 141,002 shares during the last quarter. Avidian Wealth Enterprises LLC grew its holdings in Citigroup by 7.1% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 6,585 shares of the company’s stock worth $464,000 after acquiring an additional 436 shares during the last quarter. Kentucky Trust Co purchased a new position in shares of Citigroup in the fourth quarter valued at about $311,000. Finally, Schear Investment Advisers LLC raised its stake in shares of Citigroup by 7.7% during the fourth quarter. Schear Investment Advisers LLC now owns 33,607 shares of the company’s stock valued at $2,366,000 after acquiring an additional 2,389 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on C shares. Wells Fargo & Company boosted their price target on Citigroup from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Morgan Stanley boosted their target price on Citigroup from $104.00 to $109.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. The Goldman Sachs Group raised their price target on Citigroup from $77.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Barclays raised shares of Citigroup from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $70.00 to $95.00 in a research report on Monday, January 6th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Citigroup has a consensus rating of “Moderate Buy” and an average target price of $83.93.

Citigroup Price Performance

Shares of C opened at $81.24 on Thursday. The firm’s 50-day simple moving average is $75.25 and its two-hundred day simple moving average is $67.51. Citigroup Inc. has a fifty-two week low of $52.24 and a fifty-two week high of $82.91. The stock has a market cap of $153.65 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 0.65 and a beta of 1.44. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96.

Citigroup (NYSE:C) last posted its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.12. The company had revenue of $19.58 billion for the quarter, compared to the consensus estimate of $19.51 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.84 EPS. Analysts anticipate that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 3rd will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date is Monday, February 3rd. Citigroup’s payout ratio is 37.65%.

Citigroup declared that its board has initiated a stock repurchase plan on Wednesday, January 15th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 13.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.