Cornercap Investment Counsel Inc. Trims Position in Citigroup Inc. (NYSE:C)

by · The Cerbat Gem

Cornercap Investment Counsel Inc. lessened its stake in shares of Citigroup Inc. (NYSE:C – Free Report) by 1.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,263 shares of the company’s stock after selling 368 shares during the quarter. Citigroup comprises 1.2% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 11th largest holding. Cornercap Investment Counsel Inc.’s holdings in Citigroup were worth $2,219,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Orion Capital Management LLC purchased a new position in Citigroup during the 4th quarter valued at about $28,000. MorganRosel Wealth Management LLC purchased a new position in shares of Citigroup during the first quarter worth about $28,000. American National Bank & Trust purchased a new position in shares of Citigroup during the first quarter worth about $29,000. Mascagni Wealth Management Inc. purchased a new position in shares of Citigroup during the fourth quarter worth about $34,000. Finally, Runnymede Capital Advisors Inc. purchased a new position in shares of Citigroup during the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on C shares. Royal Bank Of Canada cut their price objective on Citigroup from $85.00 to $78.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Evercore ISI set a $77.00 price objective on Citigroup in a report on Monday, July 7th. The Goldman Sachs Group boosted their price objective on Citigroup from $85.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, July 2nd. Cowen started coverage on Citigroup in a report on Wednesday, May 14th. They set a “hold” rating for the company. Finally, Truist Financial boosted their price objective on Citigroup from $84.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.89.

Check Out Our Latest Research Report on C

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 4,417 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $68.26, for a total value of $301,504.42. Following the sale, the director directly owned 13,048 shares of the company’s stock, valued at $890,656.48. This represents a 25.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is currently owned by insiders.

Citigroup Price Performance

Shares of Citigroup stock opened at $87.50 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.52. The company has a market cap of $163.42 billion, a PE ratio of 13.82, a P/E/G ratio of 0.67 and a beta of 1.34. The business has a 50 day moving average of $78.74 and a 200 day moving average of $74.92. Citigroup Inc. has a 52 week low of $53.51 and a 52 week high of $88.83.

Citigroup (NYSE:C – Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.12. The company had revenue of $21.60 billion for the quarter, compared to analysts’ expectations of $21.34 billion. Citigroup had a return on equity of 6.94% and a net margin of 7.95%. As a group, equities research analysts forecast that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Monday, August 4th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.74%. This is a boost from Citigroup’s previous quarterly dividend of $0.56. Citigroup’s dividend payout ratio is presently 35.39%.

About Citigroup

(Free Report)

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.

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