PNC Financial Services Group Inc. Increases Position in Citigroup Inc. (NYSE:C)

PNC Financial Services Group Inc. increased its stake in shares of Citigroup Inc. (NYSE:C) by 1.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 379,623 shares of the company’s stock after purchasing an additional 6,475 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Citigroup were worth $26,722,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Swedbank AB grew its stake in shares of Citigroup by 1.3% during the third quarter. Swedbank AB now owns 4,378,833 shares of the company’s stock worth $274,115,000 after acquiring an additional 54,782 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in Citigroup during the 3rd quarter worth approximately $1,018,000. Mesirow Financial Investment Management Inc. increased its stake in Citigroup by 6.8% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 19,379 shares of the company’s stock valued at $1,213,000 after purchasing an additional 1,232 shares in the last quarter. Sigma Planning Corp raised its holdings in shares of Citigroup by 4.0% in the third quarter. Sigma Planning Corp now owns 16,987 shares of the company’s stock worth $1,063,000 after buying an additional 656 shares during the last quarter. Finally, Axxcess Wealth Management LLC lifted its stake in shares of Citigroup by 2.4% during the third quarter. Axxcess Wealth Management LLC now owns 56,300 shares of the company’s stock worth $3,524,000 after buying an additional 1,321 shares during the period. Institutional investors own 71.72% of the company’s stock.

Insider Buying and Selling

In other Citigroup news, insider Sara Wechter sold 15,125 shares of Citigroup stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $81.01, for a total value of $1,225,276.25. Following the completion of the transaction, the insider now directly owns 109,780 shares of the company’s stock, valued at $8,893,277.80. The trade was a 12.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Mason sold 58,465 shares of the 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,590 shares of company stock valued at $8,523,149. Company insiders own 0.08% of the company’s stock.

Citigroup Stock Down 4.6 %

Shares of C opened at $67.22 on Tuesday. The stock has a fifty day simple moving average of $77.84 and a two-hundred day simple moving average of $69.83. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $126.67 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. Citigroup Inc. has a 52-week low of $53.51 and a 52-week 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, beating the consensus estimate of $1.22 by $0.12. The company had revenue of $19.58 billion for the quarter, compared to analyst estimates of $19.51 billion. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. Citigroup’s revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.84 EPS. As a group, equities analysts forecast that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup announced that its Board of Directors has authorized a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Citigroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 3rd were issued a $0.56 dividend. The ex-dividend date was Monday, February 3rd. This represents a $2.24 annualized dividend and a dividend yield of 3.33%. Citigroup’s dividend payout ratio is currently 37.65%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Oppenheimer cut their price objective on Citigroup from $110.00 to $102.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Morgan Stanley increased their price target on shares of Citigroup from $104.00 to $109.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods lifted their price objective on shares of Citigroup from $85.00 to $92.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. Barclays upgraded shares of Citigroup from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $95.00 in a research note on Monday, January 6th. Finally, Piper Sandler restated an “overweight” rating and set a $83.00 target price (up from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.93.

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.