Pitcairn Co. Acquires 4,298 Shares of Citigroup Inc. (NYSE:C)

Pitcairn Co. lifted its position in Citigroup Inc. (NYSE:C) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,035 shares of the company’s stock after buying an additional 4,298 shares during the quarter. Pitcairn Co.’s holdings in Citigroup were worth $3,733,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of Citigroup by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 40,587,155 shares of the company’s stock worth $2,853,484,000 after purchasing an additional 667,357 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Citigroup by 9.3% during the fourth quarter. Franklin Resources Inc. now owns 32,832,063 shares of the company’s stock worth $2,311,048,000 after purchasing an additional 2,804,850 shares in the last quarter. Fisher Asset Management LLC increased its stake in Citigroup by 3.6% during the 4th quarter. Fisher Asset Management LLC now owns 30,014,183 shares of the company’s stock worth $2,112,698,000 after purchasing an additional 1,043,826 shares in the last quarter. Norges Bank bought a new stake in shares of Citigroup in the fourth quarter valued at about $1,935,599,000. Finally, Swedbank AB raised its holdings in shares of Citigroup by 90.2% in the fourth quarter. Swedbank AB now owns 8,326,745 shares of the company’s stock valued at $586,120,000 after purchasing an additional 3,947,912 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors.

Citigroup Price Performance

C stock opened at $71.81 on Thursday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $135.16 billion, a P/E ratio of 12.07, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. The business has a 50-day simple moving average of $76.46 and a two-hundred day simple moving average of $71.01. Citigroup Inc. has a 52-week low of $53.51 and a 52-week high of $84.74.

Citigroup (NYSE:C) last released 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 business had revenue of $19.58 billion for the quarter, compared to analysts’ expectations of $19.51 billion. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.84 earnings per share. Research analysts expect that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 15th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 13.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Citigroup Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Monday, February 3rd. Citigroup’s payout ratio is 37.65%.

Insiders Place Their Bets

In other news, CFO Mark Mason sold 58,465 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $83.21, for a total transaction of $4,864,872.65. Following the sale, the chief financial officer now directly owns 217,331 shares in the company, valued at $18,084,112.51. This represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Anand Selvakesari sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the completion of the sale, the chief operating officer now owns 229,180 shares in the company, valued at $18,586,498. This represents a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,590 shares of company stock valued at $8,523,149 over the last ninety days. 0.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. 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 research report on Friday, January 3rd. StockNews.com cut shares of Citigroup from a “buy” rating to a “hold” rating in a research note on Sunday. Bank of America reduced their target price on Citigroup from $90.00 to $89.00 and set a “buy” rating on the stock in a report on Wednesday. Truist Financial assumed coverage on shares of Citigroup in a research report on Tuesday, January 7th. They set a “buy” rating and a $85.00 price objective for the company. Finally, The Goldman Sachs Group reduced their price target on shares of Citigroup from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $83.86.

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.