Sound Income Strategies LLC Has $20.24 Million Position in Citigroup Inc. (NYSE:C)

by · The Markets Daily

Sound Income Strategies LLC grew its holdings in Citigroup Inc. (NYSE:C – Free Report) by 6.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 323,353 shares of the company’s stock after purchasing an additional 18,200 shares during the quarter. Citigroup makes up 1.3% of Sound Income Strategies LLC’s investment portfolio, making the stock its 21st largest position. Sound Income Strategies LLC’s holdings in Citigroup were worth $20,242,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its holdings in Citigroup by 123.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 31,716,442 shares of the company’s stock valued at $2,005,749,000 after purchasing an additional 17,525,484 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Citigroup by 0.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 30,007,284 shares of the company’s stock valued at $1,904,262,000 after buying an additional 250,716 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Citigroup by 8.0% in the 4th quarter. Fisher Asset Management LLC now owns 24,755,277 shares of the company’s stock worth $1,273,411,000 after acquiring an additional 1,836,283 shares during the period. Legal & General Group Plc lifted its position in Citigroup by 5.5% during the 2nd quarter. Legal & General Group Plc now owns 17,428,251 shares of the company’s stock worth $1,105,999,000 after acquiring an additional 913,231 shares during the last quarter. Finally, Greenhaven Associates Inc. boosted its holdings in Citigroup by 1.5% during the third quarter. Greenhaven Associates Inc. now owns 16,883,391 shares of the company’s stock valued at $1,056,900,000 after acquiring an additional 242,545 shares during the period. Institutional investors and hedge funds own 71.72% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Royal Bank of Canada lifted their price objective on Citigroup from $63.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. The Goldman Sachs Group cut their price target on Citigroup from $75.00 to $71.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Piper Sandler raised their price objective on shares of Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Oppenheimer increased their price target on shares of Citigroup from $87.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Keefe, Bruyette & Woods increased their target price on shares of Citigroup from $66.00 to $69.00 and gave the company a “market perform” rating in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Citigroup currently has an average rating of “Moderate Buy” and an average price target of $70.33.

Check Out Our Latest Analysis on C

Citigroup Stock Up 3.6 %

Shares of Citigroup stock traded up $2.26 during trading hours on Friday, reaching $65.74. 15,512,381 shares of the company’s stock were exchanged, compared to its average volume of 14,323,088. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.47. The company has a 50 day moving average of $60.66 and a two-hundred day moving average of $61.89. The stock has a market cap of $125.42 billion, a P/E ratio of 18.41, a P/E/G ratio of 0.74 and a beta of 1.44. Citigroup Inc. has a fifty-two week low of $38.17 and a fifty-two week high of $67.81.

Citigroup (NYSE:C – Get Free Report) last released its quarterly earnings data on Friday, July 12th. The company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. The company had revenue of $20.14 billion during the quarter, compared to analysts’ expectations of $20.07 billion. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The business’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm posted $1.37 earnings per share. On average, sell-side analysts forecast that Citigroup Inc. will post 5.76 EPS for the current fiscal year.

Citigroup Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a dividend of $0.56 per share. This is a boost from Citigroup’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, August 5th. This represents a $2.24 annualized dividend and a yield of 3.41%. Citigroup’s dividend payout ratio (DPR) is presently 62.75%.

About Citigroup

(Free Report)

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.

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