Sumitomo Life Insurance Co. increased its stake in shares of Citigroup Inc (NYSE:C) by 4.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 76,887 shares of the financial services provider’s stock after purchasing an additional 3,102 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Citigroup were worth $5,384,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Halbert Hargrove Russell LLC purchased a new position in shares of Citigroup in the second quarter valued at approximately $293,000. Edge Capital Group LLC lifted its position in shares of Citigroup by 53.2% in the second quarter. Edge Capital Group LLC now owns 71,312 shares of the financial services provider’s stock valued at $4,994,000 after acquiring an additional 24,751 shares in the last quarter. Ballentine Partners LLC lifted its position in shares of Citigroup by 59.1% in the second quarter. Ballentine Partners LLC now owns 13,846 shares of the financial services provider’s stock valued at $969,000 after acquiring an additional 5,146 shares in the last quarter. Mcmillion Capital Management Inc. purchased a new position in shares of Citigroup in the second quarter valued at approximately $31,000. Finally, Braun Stacey Associates Inc. lifted its position in shares of Citigroup by 0.9% in the second quarter. Braun Stacey Associates Inc. now owns 180,482 shares of the financial services provider’s stock valued at $12,639,000 after acquiring an additional 1,579 shares in the last quarter. 76.02% of the stock is currently owned by hedge funds and other institutional investors.
C stock traded up $0.98 during midday trading on Tuesday, hitting $66.17. 8,312,261 shares of the company’s stock were exchanged, compared to its average volume of 13,098,966. The company’s 50-day simple moving average is $70.13. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $152.75 billion, a PE ratio of 9.95, a PEG ratio of 0.73 and a beta of 1.76. Citigroup Inc has a 1-year low of $48.42 and a 1-year high of $75.24.
The company also recently disclosed 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 is Friday, August 2nd. This is a boost from Citigroup’s previous quarterly dividend of $0.45. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.08%. Citigroup’s payout ratio is presently 30.68%.
C has been the topic of a number of analyst reports. ValuEngine downgraded Citigroup from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Berenberg Bank set a $78.00 price objective on Citigroup and gave the stock a “buy” rating in a research report on Monday, June 17th. Keefe, Bruyette & Woods upgraded Citigroup from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $74.00 to $86.00 in a research report on Friday, July 26th. JPMorgan Chase & Co. lifted their price objective on Citigroup from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Finally, UBS Group lifted their price objective on Citigroup from $78.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $79.57.
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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