Spire Wealth Management Sells 2,953 Shares of Citigroup Inc. (NYSE:C)

Spire Wealth Management lowered its stake in Citigroup Inc. (NYSE:C) by 26.9% during the 1st quarter, Holdings Channel reports. The institutional investor owned 8,027 shares of the company’s stock after selling 2,953 shares during the period. Spire Wealth Management’s holdings in Citigroup were worth $570,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC increased its position in shares of Citigroup by 166.9% in the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock valued at $1,407,000 after acquiring an additional 12,499 shares during the period. NewEdge Wealth LLC grew its stake in shares of Citigroup by 15.5% in the fourth quarter. NewEdge Wealth LLC now owns 18,119 shares of the company’s stock worth $1,275,000 after purchasing an additional 2,434 shares during the last quarter. Nwam LLC increased its holdings in Citigroup by 11.5% during the 4th quarter. Nwam LLC now owns 6,122 shares of the company’s stock valued at $431,000 after purchasing an additional 629 shares during the period. Kovack Advisors Inc. raised its position in Citigroup by 25.6% during the 4th quarter. Kovack Advisors Inc. now owns 6,609 shares of the company’s stock valued at $465,000 after purchasing an additional 1,345 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in Citigroup in the 4th quarter worth approximately $19,279,000. Institutional investors own 71.72% of the company’s stock.

Citigroup Price Performance

C stock opened at $84.41 on Friday. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a 50 day moving average price of $74.53 and a 200-day moving average price of $73.63. Citigroup Inc. has a 52-week low of $53.51 and a 52-week high of $84.79. The firm has a market capitalization of $157.66 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 0.65 and a beta of 1.33.

Citigroup (NYSE:C) last released its earnings results on Tuesday, April 15th. The company reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.12. Citigroup had a return on equity of 6.94% and a net margin of 7.95%. The firm had revenue of $21.60 billion for the quarter, compared to analysts’ expectations of $21.34 billion. Equities research analysts forecast that Citigroup Inc. will post 7.53 EPS for the current fiscal year.

Citigroup Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a dividend of $0.56 per share. The ex-dividend date was Monday, May 5th. This represents a $2.24 dividend on an annualized basis and a yield of 2.65%. Citigroup’s dividend payout ratio is currently 35.39%.

Analysts Set New Price Targets

A number of equities analysts recently commented on C shares. Truist Financial decreased their target price on Citigroup from $84.00 to $79.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $92.00 price objective (down from $96.00) on shares of Citigroup in a research report on Wednesday, April 16th. Wall Street Zen cut shares of Citigroup from a “hold” rating to a “sell” rating in a research report on Friday. Royal Bank Of Canada cut their target price on shares of Citigroup from $85.00 to $78.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Finally, Piper Sandler reissued an “overweight” rating and issued a $77.00 price target (down from $83.00) on shares of Citigroup in a research note on Wednesday, April 16th. One investment 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $84.03.

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 4,417 shares of Citigroup stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $68.26, for a total value of $301,504.42. Following the completion of the sale, the director now directly owns 13,048 shares in the company, valued at approximately $890,656.48. This trade represents a 25.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.08% of the company’s stock.

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.