Savvy Advisors Inc. Sells 1,495 Shares of Citigroup Inc. (NYSE:C)

Savvy Advisors Inc. cut its stake in Citigroup Inc. (NYSE:C) by 13.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,461 shares of the company’s stock after selling 1,495 shares during the quarter. Savvy Advisors Inc.’s holdings in Citigroup were worth $666,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Core Alternative Capital lifted its holdings in Citigroup by 83.4% during the fourth quarter. Core Alternative Capital now owns 376 shares of the company’s stock worth $26,000 after acquiring an additional 171 shares in the last quarter. Webster Bank N. A. raised its position in shares of 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 purchasing an additional 300 shares during the period. Creative Capital Management Investments LLC bought a new position in shares of Citigroup during the 4th quarter valued at about $35,000. Sierra Ocean LLC acquired a new position in shares of Citigroup in the 4th quarter valued at approximately $37,000. Finally, Runnymede Capital Advisors Inc. bought a new stake in Citigroup during the 4th quarter worth approximately $39,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on C shares. Piper Sandler reaffirmed an “overweight” rating and issued a $83.00 price target (up previously from $80.00) on shares of Citigroup in a research note on Thursday, January 16th. Barclays raised shares of Citigroup from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $70.00 to $95.00 in a research report on Monday, January 6th. Morgan Stanley lowered their target price on Citigroup from $110.00 to $109.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Bank of America cut their price target on Citigroup from $90.00 to $89.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Finally, Oppenheimer decreased their price objective on Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.54.

Insider Buying and Selling

In other news, COO Anand Selvakesari sold 30,000 shares of the stock in a transaction that occurred on 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 transaction, the chief operating officer now owns 229,180 shares in the company, valued at approximately $18,586,498. This trade represents a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Mason sold 58,465 shares of Citigroup stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $83.21, for a total value of $4,864,872.65. Following the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 103,590 shares of company stock valued at $8,523,149. 0.08% of the stock is owned by insiders.

Citigroup Price Performance

Shares of C opened at $61.73 on Monday. 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’s fifty day simple moving average is $72.91 and its 200 day simple moving average is $71.01. Citigroup Inc. has a 1-year low of $53.51 and a 1-year high of $84.74. The company has a market cap of $116.19 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 0.64 and a beta of 1.29.

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 the consensus estimate of $1.22 by $0.12. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The company had revenue of $19.58 billion for the quarter, compared to analyst estimates of $19.51 billion. During the same period in the previous year, the business earned $0.84 EPS. Citigroup’s revenue for the quarter was up 12.3% compared to the same quarter last year. On average, research analysts forecast that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

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 paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $2.24 annualized dividend and a dividend yield of 3.63%. Citigroup’s dividend payout ratio is currently 37.65%.

Citigroup announced that its board has authorized a share buyback program on Wednesday, January 15th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the company to reacquire up to 13.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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.