Bourgeon Capital Management LLC Cuts Position in Citigroup Inc. (NYSE:C)

Bourgeon Capital Management LLC trimmed its holdings in shares of Citigroup Inc. (NYSE:C) by 1.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 68,887 shares of the company’s stock after selling 1,115 shares during the quarter. Bourgeon Capital Management LLC’s holdings in Citigroup were worth $4,849,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of Citigroup by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 39,919,798 shares of the company’s stock worth $2,492,238,000 after purchasing an additional 791,758 shares during the period. Franklin Resources Inc. increased its holdings in Citigroup by 18.5% during the third quarter. Franklin Resources Inc. now owns 30,027,213 shares of the company’s stock worth $1,998,976,000 after buying an additional 4,680,713 shares during the last quarter. Fisher Asset Management LLC raised its position in Citigroup by 3.2% in the third quarter. Fisher Asset Management LLC now owns 28,970,357 shares of the company’s stock worth $1,813,544,000 after acquiring an additional 911,694 shares during the period. Legal & General Group Plc boosted its stake in Citigroup by 5.5% in the second quarter. Legal & General Group Plc now owns 17,428,251 shares of the company’s stock valued at $1,105,999,000 after acquiring an additional 913,231 shares during the last quarter. Finally, Greenhaven Associates Inc. grew its position in shares of Citigroup by 1.5% during the 3rd quarter. Greenhaven Associates Inc. now owns 16,883,391 shares of the company’s stock valued at $1,056,900,000 after acquiring an additional 242,545 shares during the period. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Stock Performance

NYSE C opened at $81.74 on Wednesday. Citigroup Inc. has a 52-week low of $51.95 and a 52-week high of $81.85. The company has a fifty day moving average of $71.68 and a 200-day moving average of $65.77. The company has a market capitalization of $154.59 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.64 and a beta of 1.43. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96.

Citigroup (NYSE:C) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.12. The company had revenue of $19.58 billion for the quarter, compared to analysts’ expectations of $19.51 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. During the same period last year, the firm posted $0.84 EPS. Citigroup’s revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, equities research analysts predict that Citigroup Inc. will post 7.49 EPS for the current fiscal year.

Citigroup announced that its Board of Directors has authorized a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Citigroup Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Monday, February 3rd will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Monday, February 3rd. Citigroup’s payout ratio is presently 37.65%.

Analysts Set New Price Targets

Several research firms recently commented on C. The Goldman Sachs Group upped their price objective on Citigroup from $77.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Wells Fargo & Company increased their price target on Citigroup from $85.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Piper Sandler restated an “overweight” rating and issued a $83.00 price objective (up from $80.00) on shares of Citigroup in a research note on Thursday, January 16th. Morgan Stanley increased their target price on shares of Citigroup from $104.00 to $109.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Bank of America upped their price target on shares of Citigroup from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, January 7th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $83.93.

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.