Convergence Investment Partners LLC Has $1.61 Million Stock Holdings in Citigroup Inc. (NYSE:C)

Convergence Investment Partners LLC reduced its stake in shares of Citigroup Inc. (NYSE:C) by 0.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,919 shares of the company’s stock after selling 206 shares during the period. Convergence Investment Partners LLC’s holdings in Citigroup were worth $1,613,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Franklin Resources Inc. grew its position in Citigroup by 18.5% during the third quarter. Franklin Resources Inc. now owns 30,027,213 shares of the company’s stock worth $1,998,976,000 after buying an additional 4,680,713 shares in the last quarter. Swedbank AB grew its position in Citigroup by 90.2% during the fourth quarter. Swedbank AB now owns 8,326,745 shares of the company’s stock worth $586,120,000 after buying an additional 3,947,912 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Citigroup by 70.0% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,531,827 shares of the company’s stock valued at $283,692,000 after purchasing an additional 1,865,628 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Citigroup by 32.2% during the fourth quarter. Nordea Investment Management AB now owns 7,115,440 shares of the company’s stock valued at $501,994,000 after purchasing an additional 1,731,527 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Citigroup by 103.6% during the fourth quarter. SG Americas Securities LLC now owns 48,500 shares of the company’s stock valued at $3,414,000 after purchasing an additional 1,410,950 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Morgan Stanley lifted their price objective on Citigroup from $104.00 to $109.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Bank of America lifted their target price on shares of Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, January 7th. Truist Financial started coverage on shares of Citigroup in a research note on Tuesday, January 7th. They issued a “buy” rating and a $85.00 target price for the company. Oppenheimer cut their target price on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Finally, Wells Fargo & Company lifted their target price on shares of Citigroup from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Four 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, Citigroup presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.93.

Citigroup Stock Performance

Shares of Citigroup stock opened at $84.59 on Wednesday. The firm has a fifty day moving average of $76.19 and a two-hundred day moving average of $68.12. The stock has a market capitalization of $159.99 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 0.65 and a beta of 1.44. Citigroup Inc. has a 52 week low of $53.51 and a 52 week high of $84.74. 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 issued its earnings results on Wednesday, January 15th. The company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.22 by $0.12. The company had revenue of $19.58 billion during 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 business’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 EPS. As a group, equities research analysts predict that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Dividend Announcement

The firm also recently disclosed 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 2.65%. The ex-dividend date is Monday, February 3rd. Citigroup’s payout ratio is presently 37.65%.

Citigroup declared that its board has initiated a share buyback program on Wednesday, January 15th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the company to reacquire up to 13.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Sara Wechter sold 15,125 shares of the firm’s 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 owns 109,780 shares of the company’s stock, valued at approximately $8,893,277.80. This trade represents a 12.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Anand Selvakesari sold 30,000 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $81.10, for a total value of $2,433,000.00. Following the transaction, the chief operating officer now 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. In the last quarter, insiders have sold 103,590 shares of company stock valued at $8,523,149. 0.08% of the stock is owned by company insiders.

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.