Advisors Asset Management Inc. has increased its holdings in Citigroup Inc. (NYSE:C) by 15.9% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now owns 73,770 shares of Citigroup’s stock after acquiring an additional 10,141 shares during this period. The value of Advisors Asset Management’s stake in Citigroup is approximately $6.28 million based on the latest market data.
Other institutional investors have also made significant moves with Citigroup shares. For instance, Brighton Jones LLC increased its stake by an impressive 166.9% in the fourth quarter, bringing its total to 19,990 shares valued at about $1.41 million. Meanwhile, Fiera Capital Corp raised its position by 55.7% during the first quarter, now holding 185,085 shares worth roughly $13.14 million.
Investment firms like Meeder Asset Management Inc. and TCTC Holdings LLC have also boosted their positions, with Meeder increasing its stake by 103.7% to own 1,045 shares, and TCTC raising its holdings by 36.0% to 3,287 shares. Additionally, N.E.W. Advisory Services LLC has established a new position, acquiring shares valued at approximately $50,000. Collectively, institutional investors now hold 71.72% of Citigroup’s stock.
Analyst Ratings and Financial Performance
Wall Street analysts have varying opinions on Citigroup’s stock. Keefe, Bruyette & Woods recently raised its price target from $112.00 to $118.00 and issued an “outperform” rating on October 17, 2023. Conversely, Zacks Research downgraded Citigroup from a “strong buy” to a “hold” rating on September 15, 2023. Other analysts, including UBS Group and Morgan Stanley, have maintained neutral and overweight ratings, respectively, with Morgan Stanley adjusting its price target from $129.00 to $134.00.
As of now, Citigroup has garnered a consensus rating of “Moderate Buy” from analysts, with a target price averaging $108.70.
On October 14, 2023, Citigroup reported its quarterly earnings, revealing an earnings per share (EPS) of $2.24, surpassing analysts’ expectations of $1.89 by $0.35. The company achieved a net margin of 8.73% and a return on equity of 7.91%, with total revenue reported at $22.09 billion, exceeding the consensus estimate of $20.92 billion. This reflects a year-over-year revenue increase of 9.3%.
Dividend Announcement and Future Guidance
Citigroup has also announced a quarterly dividend of $0.60 per share, which was paid on November 26, 2023, to stockholders of record as of November 3, 2023. This dividend represents an annualized yield of 2.3% and a payout ratio of 33.71%.
Looking ahead, analysts estimate that Citigroup will post an EPS of $7.53 for the current fiscal year. With fluctuations in market performance, Citigroup’s stock opened at $102.59 on Thursday, reflecting a market capitalization of $183.56 billion. The company’s shares have traded between a low of $55.51 and a high of $105.59 over the past year.
Citigroup Inc. is a diversified financial services holding company, providing a wide range of financial products and services to consumers, corporations, and institutions worldwide. The company operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth.
