Sierra Summit Advisors LLC Purchases 163,743 Shares of Citigroup Inc. (NYSE:C)

Sierra Summit Advisors LLC grew its position in Citigroup Inc. (NYSE:C) by 4,319.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 167,534 shares of the company’s stock after acquiring an additional 163,743 shares during the quarter. Citigroup accounts for 2.4% of Sierra Summit Advisors LLC’s portfolio, making the stock its 14th biggest holding. Sierra Summit Advisors LLC’s holdings in Citigroup were worth $11,793,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Blake Schutter Theil Wealth Advisors LLC raised its position in Citigroup by 1.6% during the 4th quarter. Blake Schutter Theil Wealth Advisors LLC now owns 8,637 shares of the company’s stock worth $608,000 after buying an additional 135 shares during the last quarter. Hemington Wealth Management increased its stake in shares of Citigroup by 10.9% in the fourth quarter. Hemington Wealth Management now owns 1,387 shares of the company’s stock worth $97,000 after acquiring an additional 136 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in shares of Citigroup by 3.4% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 4,112 shares of the company’s stock worth $289,000 after purchasing an additional 137 shares during the last quarter. Rakuten Securities Inc. lifted its position in Citigroup by 2.4% during the fourth quarter. Rakuten Securities Inc. now owns 5,953 shares of the company’s stock valued at $419,000 after purchasing an additional 139 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in Citigroup by 1.7% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 8,405 shares of the company’s stock valued at $592,000 after purchasing an additional 140 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Citigroup news, insider Sara Wechter sold 15,125 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.01, for a total value of $1,225,276.25. Following the completion of the sale, the insider now directly owns 109,780 shares of the company’s stock, valued at $8,893,277.80. This trade represents a 12.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Mason sold 58,465 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $83.21, for a total transaction of $4,864,872.65. Following the transaction, the chief financial officer now directly owns 217,331 shares in the company, valued at approximately $18,084,112.51. The trade was a 21.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,590 shares of company stock worth $8,523,149 over the last three months. Insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group decreased their price objective on Citigroup from $90.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Morgan Stanley decreased their price target on Citigroup from $110.00 to $109.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Keefe, Bruyette & Woods raised their price objective on shares of Citigroup from $85.00 to $92.00 and gave the stock an “outperform” rating in a research note on Thursday, January 16th. Bank of America cut their target price on shares of Citigroup from $90.00 to $89.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Finally, Truist Financial lowered their price target on shares of Citigroup from $85.00 to $84.00 and set a “buy” rating on the stock in a report on Friday. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $83.23.

Citigroup Trading Down 8.0 %

Shares of Citigroup stock opened at $58.00 on Monday. Citigroup Inc. has a twelve month low of $53.51 and a twelve month high of $84.74. The firm’s 50-day moving average price is $75.61 and its 200 day moving average price is $71.11. 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 firm has a market capitalization of $109.17 billion, a PE ratio of 9.75, a P/E/G ratio of 0.64 and a beta of 1.29.

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

Citigroup announced that its board has approved a stock buyback plan on Wednesday, January 15th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 13.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Citigroup Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date is Monday, May 5th. Citigroup’s payout ratio is 37.65%.

About Citigroup

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.