Hennessy Advisors Inc. Sells 3,400 Shares of Citigroup Inc. (NYSE:C)

Hennessy Advisors Inc. lowered its stake in shares of Citigroup Inc. (NYSE:C) by 2.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 118,800 shares of the company’s stock after selling 3,400 shares during the quarter. Hennessy Advisors Inc.’s holdings in Citigroup were worth $8,362,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in C. American Century Companies Inc. lifted its position in Citigroup by 2.3% during the 2nd quarter. American Century Companies Inc. now owns 339,400 shares of the company’s stock valued at $21,538,000 after purchasing an additional 7,778 shares during the period. Moors & Cabot Inc. lifted its position in Citigroup by 17.1% during the 2nd quarter. Moors & Cabot Inc. now owns 17,347 shares of the company’s stock valued at $1,101,000 after purchasing an additional 2,539 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in Citigroup by 20.8% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 231,117 shares of the company’s stock valued at $14,667,000 after purchasing an additional 39,725 shares during the period. Argent Trust Co lifted its position in Citigroup by 2.5% during the 2nd quarter. Argent Trust Co now owns 57,575 shares of the company’s stock valued at $3,654,000 after purchasing an additional 1,394 shares during the period. Finally, Blair William & Co. IL lifted its position in Citigroup by 3.8% during the 2nd quarter. Blair William & Co. IL now owns 151,630 shares of the company’s stock valued at $9,622,000 after purchasing an additional 5,481 shares during the period. Institutional investors own 71.72% of the company’s stock.

Citigroup Price Performance

Shares of C opened at $78.51 on Friday. The stock has a market capitalization of $148.47 billion, a P/E ratio of 22.76, a P/E/G ratio of 0.59 and a beta of 1.43. Citigroup Inc. has a twelve month low of $50.51 and a twelve month high of $79.25. The company has a 50 day moving average of $70.99 and a 200-day moving average of $65.41. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.55.

Citigroup (NYSE:C) last issued its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, topping 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 4.70% and a return on equity of 6.19%. The business’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period last year, the business earned $0.84 EPS. As a group, equities research analysts forecast that Citigroup Inc. will post 5.88 EPS for the current fiscal year.

Citigroup declared that its board has approved a share buyback program on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the company to purchase up to 13.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Citigroup Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Monday, February 3rd will be paid a $0.56 dividend. The ex-dividend date is Monday, February 3rd. This represents a $2.24 annualized dividend and a dividend yield of 2.85%. Citigroup’s dividend payout ratio is presently 64.93%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Oppenheimer cut their target price on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Morgan Stanley increased their price target on shares of Citigroup from $104.00 to $109.00 and gave the company an “overweight” rating in a research report on Thursday. Bank of America increased their price target on shares of Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, January 7th. Truist Financial initiated coverage on shares of Citigroup in a research report on Tuesday, January 7th. They issued a “buy” rating and a $85.00 price target on the stock. Finally, Keefe, Bruyette & Woods increased their price target on shares of Citigroup from $85.00 to $92.00 and gave the company an “outperform” rating in a research report on Thursday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Citigroup presently has an average 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.