Hollencrest Capital Management Cuts Stake in Citigroup Inc. (NYSE:C)

Hollencrest Capital Management reduced its stake in shares of Citigroup Inc. (NYSE:C) by 10.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 10,513 shares of the company’s stock after selling 1,200 shares during the period. Hollencrest Capital Management’s holdings in Citigroup were worth $658,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in Citigroup by 123.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,716,442 shares of the company’s stock worth $2,005,749,000 after purchasing an additional 17,525,484 shares in the last quarter. Bank of New York Mellon Corp increased its position in Citigroup by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 30,007,284 shares of the company’s stock worth $1,904,262,000 after purchasing an additional 250,716 shares in the last quarter. Legal & General Group Plc increased its position in Citigroup by 5.5% during the 2nd quarter. Legal & General Group Plc now owns 17,428,251 shares of the company’s stock worth $1,105,999,000 after purchasing an additional 913,231 shares in the last quarter. Greenhaven Associates Inc. increased its position in Citigroup by 1.5% during the 3rd quarter. Greenhaven Associates Inc. now owns 16,883,391 shares of the company’s stock worth $1,056,900,000 after purchasing an additional 242,545 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Citigroup by 1.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,300,447 shares of the company’s stock worth $590,106,000 after purchasing an additional 168,070 shares in the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Bank of America increased their target price on shares of Citigroup from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Evercore ISI increased their price objective on shares of Citigroup from $63.00 to $64.00 and gave the company an “in-line” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group lowered their price objective on shares of Citigroup from $75.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. BMO Capital Markets increased their price objective on shares of Citigroup from $63.00 to $65.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Finally, Oppenheimer increased their price objective on shares of Citigroup from $91.00 to $107.00 and gave the company an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $72.06.

Citigroup Stock Performance

C traded up $0.88 during trading hours on Friday, hitting $68.99. 4,728,248 shares of the stock were exchanged, compared to its average volume of 14,396,235. The stock has a 50-day simple moving average of $62.30 and a 200-day simple moving average of $62.31. Citigroup Inc. has a 12 month low of $41.28 and a 12 month high of $70.09. The stock has a market cap of $131.62 billion, a price-to-earnings ratio of 20.00, a price-to-earnings-growth ratio of 0.69 and a beta of 1.44. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.96 and a quick ratio of 0.94.

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

Citigroup Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Monday, November 4th. Citigroup’s dividend payout ratio (DPR) is presently 64.93%.

Citigroup Company Profile

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.