Sound Shore Management Inc. CT Purchases New Position in Citigroup Inc. (NYSE:C)

Sound Shore Management Inc. CT acquired a new position in Citigroup Inc. (NYSE:C) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,226,512 shares of the company’s stock, valued at approximately $86,334,000. Citigroup comprises approximately 2.9% of Sound Shore Management Inc. CT’s portfolio, making the stock its 13th biggest holding. Sound Shore Management Inc. CT owned 0.06% of Citigroup as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Swedbank AB grew its position in Citigroup by 1.3% in 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 in the last quarter. Landscape Capital Management L.L.C. bought a new stake in shares of Citigroup in the 3rd quarter valued at approximately $479,000. Pacer Advisors Inc. boosted its holdings in shares of Citigroup by 4.4% in the 3rd quarter. Pacer Advisors Inc. now owns 141,765 shares of the company’s stock worth $8,874,000 after purchasing an additional 5,944 shares during the period. Eagle Asset Management Inc. increased its position in shares of Citigroup by 6.1% during the 3rd quarter. Eagle Asset Management Inc. now owns 52,340 shares of the company’s stock valued at $3,592,000 after purchasing an additional 3,021 shares during the last quarter. Finally, Nicolet Advisory Services LLC lifted its position in Citigroup by 21.4% in the third quarter. Nicolet Advisory Services LLC now owns 4,168 shares of the company’s stock worth $256,000 after buying an additional 735 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods increased their target price 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. StockNews.com raised shares of Citigroup from a “hold” rating to a “buy” rating in a research note on Saturday. Evercore ISI upped their target price on Citigroup from $69.00 to $79.00 and gave the company an “in-line” rating in a research note on Thursday, January 16th. Barclays raised Citigroup from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $70.00 to $95.00 in a research note on Monday, January 6th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $83.00 price objective (up previously from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Citigroup presently has a consensus rating of “Moderate Buy” and an average price target of $83.53.

Citigroup Trading Up 0.2 %

NYSE C opened at $71.93 on Monday. Citigroup Inc. has a one year low of $53.51 and a one year 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. The company has a market capitalization of $135.56 billion, a price-to-earnings ratio of 12.09, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. The company’s 50-day simple moving average is $77.46 and its two-hundred day simple moving average is $70.32.

Citigroup (NYSE:C) last issued its quarterly earnings data on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) 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% compared to the same quarter last year. During the same period last year, the company posted $0.84 earnings per share. Equities analysts forecast that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 3rd were given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.11%. The ex-dividend date was Monday, February 3rd. Citigroup’s payout ratio is 37.65%.

Citigroup declared that its Board of Directors has approved a stock buyback plan on Wednesday, January 15th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 13.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Citigroup news, insider Sara Wechter sold 15,125 shares of Citigroup stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $81.01, for a total value of $1,225,276.25. Following the transaction, the insider now directly owns 109,780 shares of the company’s stock, valued at approximately $8,893,277.80. The trade was a 12.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Mason sold 58,465 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $83.21, for a total value of $4,864,872.65. Following the sale, the chief financial officer now owns 217,331 shares of the company’s stock, valued at approximately $18,084,112.51. This represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,590 shares of company stock worth $8,523,149 in the last three months. 0.08% of the stock is owned by insiders.

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.