Highland Capital Management LLC Increases Position in Citigroup Inc. (NYSE:C)

Highland Capital Management LLC raised its holdings in Citigroup Inc. (NYSE:C) by 0.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 189,920 shares of the company’s stock after purchasing an additional 1,383 shares during the quarter. Highland Capital Management LLC’s holdings in Citigroup were worth $9,770,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Meridian Wealth Management LLC raised its position in shares of Citigroup by 130.4% in the third quarter. Meridian Wealth Management LLC now owns 175,576 shares of the company’s stock worth $7,221,000 after acquiring an additional 99,371 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Citigroup in the third quarter worth about $209,000. Sound Income Strategies LLC raised its position in shares of Citigroup by 9.1% in the fourth quarter. Sound Income Strategies LLC now owns 258,150 shares of the company’s stock worth $13,279,000 after acquiring an additional 21,440 shares during the period. Stifel Financial Corp raised its position in shares of Citigroup by 4.5% in the third quarter. Stifel Financial Corp now owns 943,832 shares of the company’s stock worth $38,820,000 after acquiring an additional 40,630 shares during the period. Finally, Kahn Brothers Group Inc. raised its position in shares of Citigroup by 0.7% during the 3rd quarter. Kahn Brothers Group Inc. now owns 1,215,684 shares of the company’s stock worth $50,001,000 after purchasing an additional 8,878 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Citigroup from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday. Barclays raised their target price on shares of Citigroup from $59.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Wolfe Research raised shares of Citigroup from a “peer perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a research note on Wednesday, January 3rd. Morgan Stanley raised shares of Citigroup from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $46.00 to $65.00 in a research note on Tuesday, January 30th. Finally, Piper Sandler raised shares of Citigroup from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $56.00 to $63.00 in a research note on Wednesday, February 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Citigroup currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.03.

Citigroup Price Performance

Shares of C opened at $62.75 on Thursday. Citigroup Inc. has a 1-year low of $38.17 and a 1-year high of $62.76. The stock has a market cap of $120.18 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 1.69 and a beta of 1.50. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a fifty day moving average price of $56.06 and a 200 day moving average price of $48.95.

Citigroup (NYSE:C) last announced its earnings results on Friday, January 12th. The company reported ($1.16) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($1.89). Citigroup had a net margin of 5.88% and a return on equity of 6.49%. The business had revenue of $17.44 billion during the quarter, compared to analysts’ expectations of $18.71 billion. During the same period in the previous year, the company posted $1.10 earnings per share. Citigroup’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Citigroup Inc. will post 5.85 EPS for the current year.

Citigroup Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Monday, February 5th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $2.12 annualized dividend and a yield of 3.38%. Citigroup’s dividend payout ratio is presently 53.13%.

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.