Exchange Capital Management Inc. Reduces Position in Citigroup Inc (NYSE:C)

Exchange Capital Management Inc. decreased its stake in shares of Citigroup Inc (NYSE:C) by 2.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,230 shares of the financial services provider’s stock after selling 260 shares during the quarter. Exchange Capital Management Inc.’s holdings in Citigroup were worth $856,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Icon Wealth Partners LLC lifted its stake in shares of Citigroup by 3.2% in the 1st quarter. Icon Wealth Partners LLC now owns 5,138 shares of the financial services provider’s stock valued at $320,000 after purchasing an additional 157 shares during the period. Avestar Capital LLC raised its position in shares of Citigroup by 35.0% in the first quarter. Avestar Capital LLC now owns 610 shares of the financial services provider’s stock valued at $33,000 after buying an additional 158 shares during the last quarter. Belpointe Asset Management LLC grew its holdings in shares of Citigroup by 1.9% in the first quarter. Belpointe Asset Management LLC now owns 8,483 shares of the financial services provider’s stock valued at $528,000 after purchasing an additional 161 shares during the period. Field & Main Bank grew its holdings in shares of Citigroup by 1.2% in the second quarter. Field & Main Bank now owns 14,625 shares of the financial services provider’s stock valued at $1,024,000 after purchasing an additional 175 shares during the period. Finally, RB Capital Management LLC grew its holdings in shares of Citigroup by 3.4% in the first quarter. RB Capital Management LLC now owns 5,386 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 176 shares during the period. Institutional investors own 76.05% of the company’s stock.

Several research analysts have recently commented on the stock. Berenberg Bank set a $78.00 price objective on shares of Citigroup and gave the company a “buy” rating in a research note on Monday, June 17th. Morgan Stanley lifted their price target on Citigroup from $76.00 to $81.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. lifted their price target on Citigroup from $75.00 to $77.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Barclays boosted their target price on shares of Citigroup from $83.00 to $86.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Finally, Zacks Investment Research downgraded shares of Citigroup from a “buy” rating to a “hold” rating in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the stock. Citigroup has a consensus rating of “Buy” and a consensus target price of $79.57.

Shares of NYSE:C opened at $68.35 on Friday. The company has a market cap of $165.83 billion, a price-to-earnings ratio of 10.28, a P/E/G ratio of 0.78 and a beta of 1.74. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.01 and a current ratio of 1.01. Citigroup Inc has a 12-month low of $48.42 and a 12-month high of $75.24. The stock’s fifty day moving average is $70.16.

Citigroup (NYSE:C) last announced its earnings results on Monday, July 15th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.17. The business had revenue of $18.76 billion during the quarter, compared to analyst estimates of $18.49 billion. Citigroup had a return on equity of 10.10% and a net margin of 18.24%. Citigroup’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the company earned $1.63 EPS. On average, equities analysts anticipate that Citigroup Inc will post 7.55 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 2nd. This is an increase from Citigroup’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a dividend yield of 2.98%. Citigroup’s dividend payout ratio (DPR) is currently 27.07%.

Citigroup Profile

Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).

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Institutional Ownership by Quarter for Citigroup (NYSE:C)

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