Advisors Asset Management Inc. has significantly increased its investment in Citigroup Inc. (NYSE:C), raising its stake by 15.9% during the second quarter of 2023. According to a recent SEC filing, the firm now holds 73,770 shares after acquiring an additional 10,141 shares during the period. As of the latest report, these holdings amount to approximately $6,279,000.
Other institutional investors have also been active in the Citigroup market. For instance, Brighton Jones LLC expanded its position by 166.9% in the fourth quarter, taking ownership of 19,990 shares valued at $1,407,000 after purchasing an additional 12,499 shares. Similarly, Fiera Capital Corp increased its stake by 55.7%, now owning 185,085 shares worth $13,139,000. Meeder Asset Management Inc. and TCTC Holdings LLC have also raised their stakes by 103.7% and 36.0%, respectively.
As a whole, hedge funds and institutional investors control 71.72% of Citigroup’s stock. This strong institutional backing reflects confidence in the company’s performance and growth potential.
Analysts Weigh in on Citigroup’s Performance
Recent analyst reports provide further insight into Citigroup’s standing. Keefe, Bruyette & Woods recently increased their price target from $112.00 to $118.00, maintaining an “outperform” rating. In contrast, Zacks Research downgraded the stock from a “strong-buy” to “hold.” UBS Group reiterated a “neutral” rating with a target price of $108.00, while Morgan Stanley raised its price target from $129.00 to $134.00, giving it an “overweight” rating.
Overall, eleven analysts have rated Citigroup with a “Buy” rating, while seven have assigned a “Hold” rating. The consensus rating stands at “Moderate Buy,” with a price target of $108.70, according to data from MarketBeat.com.
Citigroup’s Recent Financial Results
Citigroup’s stock performance has been notable, with shares opening at $102.59 recently. The company’s market cap is currently around $183.56 billion, with a price-to-earnings (P/E) ratio of 14.41 and a price-to-earnings-growth (PEG) ratio of 0.83. Over the past year, Citigroup has experienced a low of $55.51 and a high of $105.59.
In its latest quarterly earnings report, released on October 14, 2023, Citigroup announced earnings of $2.24 per share, surpassing analysts’ expectations of $1.89 by $0.35. The company’s revenue for the quarter was $22.09 billion, exceeding the consensus estimate of $20.92 billion. This represents a 9.3% increase in revenue compared to the same quarter the previous year.
Citigroup has also recently declared a quarterly dividend of $0.60 per share, which was paid on November 26, 2023. The annualized dividend amounts to $2.40, yielding 2.3%, with a dividend payout ratio of 33.71%.
As Citigroup continues to navigate the financial landscape, the strategic investments from entities like Advisors Asset Management Inc. and the insights from analysts reflect a dynamic and evolving market environment.
