Cambridge Financial Group Inc. Invests $7.02 Million in Citigroup Inc. (NYSE:C)

Cambridge Financial Group Inc. purchased a new position in Citigroup Inc. (NYSE:C) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 99,755 shares of the company’s stock, valued at approximately $7,022,000. Citigroup makes up 2.9% of Cambridge Financial Group Inc.’s investment portfolio, making the stock its 23rd largest holding.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Core Alternative Capital grew its holdings in shares of Citigroup by 83.4% during the fourth quarter. Core Alternative Capital now owns 376 shares of the company’s stock worth $26,000 after purchasing an additional 171 shares during the last quarter. Legacy Investment Solutions LLC acquired a new position in Citigroup during the 3rd quarter worth about $31,000. Webster Bank N. A. grew its holdings in Citigroup by 150.0% during the 4th quarter. Webster Bank N. A. now owns 500 shares of the company’s stock worth $35,000 after acquiring an additional 300 shares during the last quarter. Creative Capital Management Investments LLC bought a new position in shares of Citigroup in the fourth quarter worth about $35,000. Finally, Sierra Ocean LLC bought a new position in shares of Citigroup in the fourth quarter worth about $37,000. 71.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on C. Piper Sandler reiterated an “overweight” rating and issued a $83.00 price objective (up from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Truist Financial initiated coverage on shares of Citigroup in a research note on Tuesday, January 7th. They set a “buy” rating and a $85.00 price target for the company. Keefe, Bruyette & Woods raised their price objective 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. Morgan Stanley cut their price target on Citigroup from $110.00 to $109.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Bank of America boosted their target price on Citigroup from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Citigroup has an average rating of “Moderate Buy” and an average target price of $84.50.

Insider Transactions at Citigroup

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

Citigroup Stock Down 2.2 %

C stock opened at $70.28 on Friday. The company has a market cap of $132.28 billion, a P/E ratio of 11.81, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. Citigroup Inc. has a fifty-two week low of $53.51 and a fifty-two week high of $84.74. The stock’s 50 day simple moving average is $77.06 and its 200 day simple moving average is $70.63. 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 earnings results on Wednesday, January 15th. The company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.22 by $0.12. The company had revenue of $19.58 billion during the quarter, compared to the consensus estimate of $19.51 billion. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.84 earnings per share. On average, research analysts expect that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were paid a $0.56 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $2.24 annualized dividend and a yield of 3.19%. Citigroup’s dividend payout ratio is currently 37.65%.

Citigroup declared that its board has authorized a share repurchase plan on Wednesday, January 15th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 13.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

About Citigroup

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.