Spire Wealth Management Reduces Holdings in Citigroup Inc. (NYSE:C)

Spire Wealth Management reduced its stake in Citigroup Inc. (NYSE:C) by 34.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,580 shares of the company’s stock after selling 8,696 shares during the period. Spire Wealth Management’s holdings in Citigroup were worth $763,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Miracle Mile Advisors LLC raised its stake in Citigroup by 0.4% in the 2nd quarter. Miracle Mile Advisors LLC now owns 48,281 shares of the company’s stock valued at $2,223,000 after purchasing an additional 215 shares during the last quarter. Grove Bank & Trust raised its position in shares of Citigroup by 7.0% in the second quarter. Grove Bank & Trust now owns 3,379 shares of the company’s stock valued at $156,000 after buying an additional 220 shares during the last quarter. Essex Savings Bank lifted its stake in shares of Citigroup by 4.8% in the second quarter. Essex Savings Bank now owns 4,871 shares of the company’s stock worth $224,000 after buying an additional 224 shares in the last quarter. WNY Asset Management LLC boosted its position in Citigroup by 2.7% during the first quarter. WNY Asset Management LLC now owns 8,450 shares of the company’s stock worth $396,000 after acquiring an additional 225 shares during the last quarter. Finally, Mcdonald Partners LLC grew its stake in Citigroup by 1.4% during the 2nd quarter. Mcdonald Partners LLC now owns 16,249 shares of the company’s stock valued at $748,000 after acquiring an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 69.26% of the company’s stock.

Citigroup Price Performance

Shares of NYSE C opened at $44.67 on Friday. The stock has a market cap of $85.49 billion, a P/E ratio of 7.08, a P/E/G ratio of 2.46 and a beta of 1.55. Citigroup Inc. has a twelve month low of $38.17 and a twelve month high of $53.23. The stock has a 50 day moving average of $41.13 and a two-hundred day moving average of $43.98. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45.

Citigroup (NYSE:C) last issued its earnings results on Friday, October 13th. The company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.29. The business had revenue of $20.14 billion for the quarter, compared to the consensus estimate of $19.27 billion. Citigroup had a net margin of 9.22% and a return on equity of 6.76%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.50 earnings per share. On average, research analysts forecast that Citigroup Inc. will post 5.86 earnings per share for the current year.

Citigroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Monday, November 6th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 4.75%. The ex-dividend date is Friday, November 3rd. Citigroup’s dividend payout ratio (DPR) is 33.60%.

Analyst Ratings Changes

Several research firms have recently commented on C. BMO Capital Markets lifted their price target on shares of Citigroup from $61.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, October 16th. Piper Sandler cut their target price on Citigroup from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, October 16th. Evercore ISI lowered their price target on Citigroup from $51.00 to $49.00 in a research report on Thursday, October 5th. The Goldman Sachs Group cut their price objective on Citigroup from $47.00 to $41.00 and set a “neutral” rating on the stock in a report on Monday, October 2nd. Finally, StockNews.com started coverage on Citigroup in a report on Thursday, October 5th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $51.28.

Insider Transactions at Citigroup

In other news, insider Andrew John Morton sold 28,096 shares of Citigroup stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $40.66, for a total transaction of $1,142,383.36. Following the sale, the insider now directly owns 410,060 shares of the company’s stock, valued at $16,673,039.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.09% of the company’s stock.

Citigroup Profile

Citigroup Inc, a diversified financial services holding company, provides various financial products and services to consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. It operates through three segments: Institutional Clients Group (ICG), Personal Banking and Wealth Management (PBWM), and Legacy Franchises.