Hammer Asset Management LLC cut its position in shares of Citigroup Inc (NYSE:C) by 1.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 47,185 shares of the financial services provider’s stock after selling 738 shares during the quarter. Citigroup accounts for about 2.7% of Hammer Asset Management LLC’s portfolio, making the stock its 8th biggest holding. Hammer Asset Management LLC’s holdings in Citigroup were worth $3,304,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Personal Wealth Partners acquired a new stake in shares of Citigroup in the second quarter valued at approximately $27,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of Citigroup in the first quarter valued at approximately $27,000. Mcmillion Capital Management Inc. acquired a new stake in shares of Citigroup in the second quarter valued at approximately $31,000. Harvest Group Wealth Management LLC acquired a new stake in shares of Citigroup in the first quarter valued at approximately $28,000. Finally, Bray Capital Advisors lifted its position in shares of Citigroup by 257.4% in the second quarter. Bray Capital Advisors now owns 486 shares of the financial services provider’s stock valued at $34,000 after buying an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 76.78% of the company’s stock.
A number of research firms have recently issued reports on C. Keefe, Bruyette & Woods raised Citigroup from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $74.00 to $86.00 in a research report on Friday, July 26th. Morgan Stanley set a $78.00 price objective on Citigroup and gave the company a “buy” rating in a research report on Friday, August 9th. Zacks Investment Research cut Citigroup from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th. ValuEngine cut Citigroup from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, Barclays raised their price objective on Citigroup from $83.00 to $86.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $79.12.
Citigroup (NYSE:C) last released its quarterly earnings results on Monday, July 15th. The financial services provider reported $1.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.17. The business had revenue of $18.76 billion during the quarter, compared to analysts’ expectations of $18.49 billion. Citigroup had a return on equity of 10.10% and a net margin of 18.24%. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the firm posted $1.63 EPS. On average, analysts predict that Citigroup Inc will post 7.54 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 2nd. This is a boost from Citigroup’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 3.19%. Citigroup’s payout ratio is currently 30.68%.
Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).
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