Summit Global Investments Raises Stake in Citigroup Inc. (NYSE:C)

Summit Global Investments grew its holdings in Citigroup Inc. (NYSE:C) by 289.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 30,640 shares of the company’s stock after buying an additional 22,774 shares during the period. Summit Global Investments’ holdings in Citigroup were worth $1,918,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in C. POM Investment Strategies LLC acquired a new position in shares of Citigroup during the second quarter worth about $25,000. Northwest Investment Counselors LLC acquired a new position in Citigroup during the 3rd quarter worth approximately $28,000. Beacon Capital Management LLC raised its stake in shares of Citigroup by 85.5% during the 1st quarter. Beacon Capital Management LLC now owns 460 shares of the company’s stock worth $29,000 after buying an additional 212 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Citigroup in the 2nd quarter valued at approximately $31,000. Finally, Triad Wealth Partners LLC acquired a new stake in shares of Citigroup in the 2nd quarter valued at approximately $32,000. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Bank of America increased their price objective on Citigroup from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group decreased their price objective on shares of Citigroup from $75.00 to $71.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Barclays increased their target price on shares of Citigroup from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Evercore ISI boosted their price target on Citigroup from $63.00 to $64.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley lowered their price target on Citigroup from $86.00 to $82.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.06.

Citigroup Price Performance

NYSE:C opened at $68.63 on Friday. Citigroup Inc. has a 12-month low of $41.28 and a 12-month high of $70.09. The firm has a market cap of $130.93 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 0.69 and a beta of 1.44. The company’s 50-day moving average is $62.30 and its two-hundred day moving average is $62.31. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55.

Citigroup (NYSE:C) last announced its earnings results on Tuesday, October 15th. The company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.20. The firm had revenue of $20.32 billion for the quarter, compared to analyst estimates of $19.86 billion. Citigroup had a net margin of 4.70% and a return on equity of 6.19%. Citigroup’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business earned $1.52 earnings per share. Research analysts expect that Citigroup Inc. will post 5.87 EPS for the current year.

Citigroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date is Monday, November 4th. Citigroup’s dividend payout ratio is currently 64.93%.

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.