Nexus Investment Management ULC Has $32.72 Million Stake in Citigroup Inc. (NYSE:C)

Nexus Investment Management ULC reduced its stake in shares of Citigroup Inc. (NYSE:C) by 0.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 522,670 shares of the company’s stock after selling 2,045 shares during the quarter. Citigroup comprises 3.2% of Nexus Investment Management ULC’s portfolio, making the stock its 13th biggest position. Nexus Investment Management ULC’s holdings in Citigroup were worth $32,719,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. POM Investment Strategies LLC acquired a new stake in Citigroup during the 2nd quarter worth approximately $25,000. Beacon Capital Management LLC raised its holdings in shares of Citigroup by 85.5% during the first quarter. Beacon Capital Management LLC now owns 460 shares of the company’s stock worth $29,000 after acquiring an additional 212 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in Citigroup in the 2nd quarter valued at $31,000. Triad Wealth Partners LLC acquired a new position in Citigroup in the 2nd quarter worth $32,000. Finally, Strategic Financial Concepts LLC increased its holdings in Citigroup by 1,139.7% during the 2nd quarter. Strategic Financial Concepts LLC now owns 52,738 shares of the company’s stock worth $33,000 after purchasing an additional 48,484 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

C has been the topic of a number of research reports. BMO Capital Markets boosted their price target on Citigroup from $63.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Piper Sandler upped their price target on Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. The Goldman Sachs Group cut their price objective on shares of Citigroup from $75.00 to $71.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Evercore ISI raised their target price on shares of Citigroup from $60.00 to $62.00 and gave the company an “in-line” rating in a research report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Citigroup from $66.00 to $69.00 and gave the stock a “market perform” rating in a research report on Thursday, June 20th. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Citigroup has an average rating of “Moderate Buy” and a consensus price target of $70.33.

Citigroup Stock Performance

C opened at $62.64 on Wednesday. Citigroup Inc. has a 12-month low of $38.17 and a 12-month high of $67.81. The business has a 50 day moving average of $60.97 and a 200-day moving average of $61.90. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.47. The stock has a market cap of $119.48 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 0.74 and a beta of 1.44.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, October 15th. The company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.31 by $0.20. The firm had revenue of $20.32 billion for the quarter, compared to the consensus estimate of $19.86 billion. Citigroup had a net margin of 4.95% and a return on equity of 6.26%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company earned $1.52 earnings per share. On average, equities research analysts expect that Citigroup Inc. will post 5.76 earnings per share for the current year.

Citigroup Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Monday, August 5th. This is a boost from Citigroup’s previous quarterly dividend of $0.53. Citigroup’s payout ratio is currently 62.75%.

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.