Penobscot Investment Management Company Inc. Sells 322 Shares of Citigroup Inc. (NYSE:C)

Penobscot Investment Management Company Inc. reduced its position in Citigroup Inc. (NYSE:C) by 0.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,163 shares of the company’s stock after selling 322 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Citigroup were worth $2,405,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Core Alternative Capital lifted its position in shares of Citigroup by 83.4% in the 4th quarter. Core Alternative Capital now owns 376 shares of the company’s stock worth $26,000 after purchasing an additional 171 shares during the period. Legacy Investment Solutions LLC bought a new position in Citigroup in the third quarter worth approximately $31,000. Webster Bank N. A. lifted its holdings in Citigroup by 150.0% during the fourth quarter. Webster Bank N. A. now owns 500 shares of the company’s stock worth $35,000 after buying an additional 300 shares during the period. Creative Capital Management Investments LLC bought a new stake in Citigroup during the 4th quarter valued at $35,000. Finally, Sierra Ocean LLC bought a new position in shares of Citigroup in the 4th quarter worth $37,000. 71.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Citigroup news, CFO Mark Mason sold 58,465 shares of Citigroup stock in a transaction on Friday, February 14th. The shares were sold at an average price of $83.21, for a total value of $4,864,872.65. Following the completion of the transaction, the chief financial officer now owns 217,331 shares of the company’s stock, valued at approximately $18,084,112.51. The trade was a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Anand Selvakesari sold 30,000 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the sale, the chief operating officer now directly owns 229,180 shares in the company, valued at approximately $18,586,498. The trade was a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,590 shares of company stock valued at $8,523,149 in the last quarter. 0.08% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on C. Morgan Stanley cut their target price on Citigroup from $110.00 to $109.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Truist Financial started coverage on shares of Citigroup in a research note on Tuesday, January 7th. They set a “buy” rating and a $85.00 price objective for the company. Piper Sandler restated an “overweight” rating and issued a $83.00 target price (up from $80.00) on shares of Citigroup in a research note on Thursday, January 16th. The Goldman Sachs Group reduced their price target on Citigroup from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. Finally, Oppenheimer lowered their price objective on Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.53.

Citigroup Price Performance

Shares of NYSE:C opened at $74.43 on Wednesday. Citigroup Inc. has a twelve month low of $53.51 and a twelve month high of $84.74. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. The company has a market cap of $140.09 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. The company’s 50 day moving average is $77.50 and its 200 day moving average is $70.53.

Citigroup (NYSE:C) last released its quarterly earnings data on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.12. The firm had revenue of $19.58 billion for the quarter, compared to analyst estimates of $19.51 billion. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.84 earnings per share. On average, sell-side analysts forecast that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup declared that its Board of Directors has authorized a stock buyback program on Wednesday, January 15th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the company to repurchase up to 13.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Citigroup Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 3rd were paid a dividend of $0.56 per share. The ex-dividend date was Monday, February 3rd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.01%. Citigroup’s payout ratio is currently 37.65%.

Citigroup Company 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.