Ping Capital Management Inc. Makes New $698,000 Investment in Citigroup Inc. (NYSE:C)

Ping Capital Management Inc. bought a new position in Citigroup Inc. (NYSE:C) during the second quarter, Holdings Channel.com reports. The fund bought 11,000 shares of the company’s stock, valued at approximately $698,000. Citigroup comprises approximately 0.2% of Ping Capital Management Inc.’s investment portfolio, making the stock its 28th biggest holding.

Other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Citigroup by 123.5% in 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 during the period. Norges Bank purchased a new stake in shares of Citigroup in the 4th quarter worth approximately $867,599,000. Bank of New York Mellon Corp lifted its position in shares of Citigroup by 18.4% in the 1st quarter. Bank of New York Mellon Corp now owns 29,756,568 shares of the company’s stock worth $1,881,805,000 after purchasing an additional 4,620,867 shares during the period. Swedbank AB purchased a new stake in shares of Citigroup in the 1st quarter worth approximately $253,286,000. Finally, Acadian Asset Management LLC lifted its position in shares of Citigroup by 527.5% in the 2nd quarter. Acadian Asset Management LLC now owns 2,498,277 shares of the company’s stock worth $158,521,000 after purchasing an additional 2,100,135 shares during the period. 71.72% of the stock is currently owned by institutional investors.

Citigroup Stock Down 2.5 %

NYSE:C opened at $59.09 on Monday. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.94 and a quick ratio of 0.94. The company’s fifty day moving average price is $62.44 and its 200-day moving average price is $61.29. Citigroup Inc. has a 1-year low of $38.17 and a 1-year high of $67.81. The firm has a market capitalization of $112.73 billion, a P/E ratio of 16.55, a PEG ratio of 0.64 and a beta of 1.45.

Citigroup (NYSE:C) last announced its quarterly earnings results on Friday, July 12th. The company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.13. The company had revenue of $20.14 billion for the quarter, compared to the consensus estimate of $20.07 billion. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the firm earned $1.37 EPS. As a group, equities research analysts anticipate that Citigroup Inc. will post 5.82 EPS for the current year.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a dividend of $0.56 per share. This is a boost from Citigroup’s previous quarterly dividend of $0.53. This represents a $2.24 annualized dividend and a yield of 3.79%. The ex-dividend date was Monday, August 5th. Citigroup’s dividend payout ratio (DPR) is currently 62.75%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on C. Royal Bank of Canada upped their price target on shares of Citigroup from $63.00 to $66.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Evercore ISI increased their target price on shares of Citigroup from $60.00 to $62.00 and gave the company an “in-line” rating in a research report on Wednesday, July 3rd. Piper Sandler increased their target price on shares of Citigroup from $70.00 to $73.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Morgan Stanley increased their target price on shares of Citigroup from $66.00 to $79.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Citigroup from $66.00 to $69.00 and gave the company a “market perform” rating in a research report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Citigroup presently has an average rating of “Moderate Buy” and a consensus target price of $68.06.

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.