Spears Abacus Advisors LLC Sells 13,700 Shares of Citigroup Inc (C)
Spears Abacus Advisors LLC lessened its holdings in Citigroup Inc (NYSE:C) by 3.1% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 432,947 shares of the financial services provider’s stock after selling 13,700 shares during the period. Citigroup accounts for approximately 3.8% of Spears Abacus Advisors LLC’s holdings, making the stock its 10th biggest position. Spears Abacus Advisors LLC’s holdings in Citigroup were worth $28,973,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. RE Advisers Corp lifted its stake in shares of Citigroup by 0.4% during the second quarter. RE Advisers Corp now owns 1,175,000 shares of the financial services provider’s stock worth $78,631,000 after buying an additional 5,000 shares during the period. Premier Fund Managers Ltd acquired a new position in Citigroup during the second quarter valued at $3,709,000. Dimensional Fund Advisors LP lifted its position in Citigroup by 4.5% during the second quarter. Dimensional Fund Advisors LP now owns 16,802,064 shares of the financial services provider’s stock valued at $1,124,412,000 after purchasing an additional 726,738 shares during the period. Brown Advisory Inc. lifted its position in Citigroup by 28.4% during the second quarter. Brown Advisory Inc. now owns 326,505 shares of the financial services provider’s stock valued at $21,850,000 after purchasing an additional 72,193 shares during the period. Finally, British Airways Pensions Investment Management Ltd lifted its position in Citigroup by 0.8% during the second quarter. British Airways Pensions Investment Management Ltd now owns 174,498 shares of the financial services provider’s stock valued at $11,677,000 after purchasing an additional 1,420 shares during the period. Institutional investors and hedge funds own 74.83% of the company’s stock.
Shares of NYSE C traded up $0.39 during mid-day trading on Friday, reaching $70.54. The company had a trading volume of 9,613,948 shares, compared to its average volume of 11,159,060. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $181.22 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 0.96 and a beta of 1.45. Citigroup Inc has a 52-week low of $64.38 and a 52-week high of $80.70.
The company also recently announced a quarterly dividend, which was paid on Friday, August 24th. Stockholders of record on Monday, August 6th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend was Friday, August 3rd. This is a boost from Citigroup’s previous quarterly dividend of $0.32. Citigroup’s dividend payout ratio (DPR) is 33.77%.
In related news, CEO Francisco Aristeguieta sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $72.36, for a total value of $1,085,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Raja Akram sold 500 shares of the firm’s stock in a transaction dated Thursday, July 19th. The shares were sold at an average price of $69.21, for a total transaction of $34,605.00. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by company insiders.
C has been the subject of a number of research reports. Royal Bank of Canada restated a “buy” rating and set a $85.00 target price on shares of Citigroup in a research report on Monday, July 16th. Wells Fargo & Co set a $100.00 price objective on shares of Citigroup and gave the stock a “buy” rating in a research report on Monday, August 27th. Morgan Stanley decreased their price objective on shares of Citigroup from $88.00 to $84.00 and set an “overweight” rating for the company in a research report on Monday, July 16th. ValuEngine cut shares of Citigroup from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Finally, Goldman Sachs Group set a $78.00 price objective on shares of Citigroup and gave the company a “neutral” rating in a research note on Friday, July 20th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $81.65.
Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment offers traditional banking services to retail customers through retail banking, commercial banking, Citi-branded cards, and Citi retail services.
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