GAMMA Investing LLC Purchases 8,598 Shares of Citigroup Inc. (NYSE:C)

GAMMA Investing LLC boosted its stake in Citigroup Inc. (NYSE:C) by 57.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,472 shares of the company’s stock after acquiring an additional 8,598 shares during the period. GAMMA Investing LLC’s holdings in Citigroup were worth $1,490,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Orion Capital Management LLC acquired a new position in Citigroup in the fourth quarter valued at approximately $26,000. Frazier Financial Advisors LLC acquired a new position in Citigroup in the fourth quarter valued at approximately $29,000. Beacon Capital Management LLC lifted its stake in Citigroup by 85.5% in the first quarter. Beacon Capital Management LLC now owns 460 shares of the company’s stock valued at $29,000 after buying an additional 212 shares during the period. Beaird Harris Wealth Management LLC lifted its stake in Citigroup by 1,962.1% in the fourth quarter. Beaird Harris Wealth Management LLC now owns 598 shares of the company’s stock valued at $31,000 after buying an additional 569 shares during the period. Finally, Rakuten Securities Inc. acquired a new position in Citigroup in the fourth quarter valued at approximately $35,000. 71.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Piper Sandler upped their target price on Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Royal Bank of Canada upped their target price on Citigroup from $63.00 to $66.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Morgan Stanley upped their target price on Citigroup from $66.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. BMO Capital Markets upped their target price on Citigroup from $63.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, July 11th. Finally, Keefe, Bruyette & Woods upped their target price on Citigroup from $66.00 to $69.00 and gave the stock a “market perform” rating in a research report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $68.06.

Citigroup Price Performance

Shares of NYSE:C traded down $4.52 on Friday, hitting $58.76. The company’s stock had a trading volume of 30,289,346 shares, compared to its average volume of 13,975,021. The company has a 50-day simple moving average of $63.03 and a 200 day simple moving average of $60.26. Citigroup Inc. has a 1 year low of $38.17 and a 1 year high of $67.81. The company has a market capitalization of $112.08 billion, a PE ratio of 16.46, a PEG ratio of 0.68 and a beta of 1.46. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.94 and a quick ratio of 0.95.

Citigroup (NYSE:C) last posted its quarterly earnings results on Friday, July 12th. The company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.13. The business had revenue of $20.14 billion for the quarter, compared to analyst estimates of $20.07 billion. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. Citigroup’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the company earned $1.37 EPS. Sell-side analysts forecast that Citigroup Inc. will post 5.85 EPS for the current fiscal year.

Citigroup Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be given a dividend of $0.56 per share. The ex-dividend date is Monday, August 5th. This is a positive change from Citigroup’s previous quarterly dividend of $0.53. This represents a $2.24 annualized dividend and a dividend yield of 3.81%. Citigroup’s payout ratio is currently 59.38%.

Citigroup 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.