Convergence Investment Partners LLC increased its position in shares of Citigroup Inc (NYSE:C) by 18.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 64,796 shares of the financial services provider’s stock after buying an additional 10,276 shares during the period. Citigroup accounts for approximately 1.1% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 20th biggest position. Convergence Investment Partners LLC’s holdings in Citigroup were worth $3,311,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Banco Santander S.A. increased its holdings in shares of Citigroup by 553.4% in the first quarter. Banco Santander S.A. now owns 1,980,083 shares of the financial services provider’s stock valued at $83,401,000 after purchasing an additional 1,677,052 shares during the last quarter. Banque Cantonale Vaudoise boosted its holdings in shares of Citigroup by 14.3% during the 2nd quarter. Banque Cantonale Vaudoise now owns 90,285 shares of the financial services provider’s stock worth $4,613,000 after buying an additional 11,328 shares during the period. Private Asset Management Inc. boosted its holdings in shares of Citigroup by 6.6% during the 2nd quarter. Private Asset Management Inc. now owns 222,420 shares of the financial services provider’s stock worth $11,366,000 after buying an additional 13,826 shares during the period. Advisor Group Holdings Inc. acquired a new position in Citigroup in the 1st quarter valued at about $13,970,000. Finally, AXA raised its holdings in Citigroup by 5.2% in the 1st quarter. AXA now owns 726,364 shares of the financial services provider’s stock valued at $30,594,000 after acquiring an additional 35,614 shares during the period. Institutional investors and hedge funds own 77.29% of the company’s stock.
NYSE:C traded down $0.35 during mid-day trading on Friday, reaching $50.01. The stock had a trading volume of 22,488,389 shares, compared to its average volume of 20,471,188. The stock has a 50-day simple moving average of $51.41 and a two-hundred day simple moving average of $55.63. The stock has a market capitalization of $105.90 billion, a PE ratio of 8.67, a P/E/G ratio of 1.49 and a beta of 1.82. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.98 and a quick ratio of 0.99. Citigroup Inc has a 12 month low of $32.00 and a 12 month high of $83.11.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be paid a $0.51 dividend. The ex-dividend date is Friday, July 31st. This represents a $2.04 dividend on an annualized basis and a yield of 4.08%. Citigroup’s dividend payout ratio (DPR) is 26.91%.
Several research analysts have weighed in on the stock. ValuEngine raised shares of Citigroup from a “sell” rating to a “hold” rating in a report on Thursday, July 2nd. Morgan Stanley increased their price target on shares of Citigroup from $59.00 to $61.00 and gave the company an “overweight” rating in a report on Thursday, June 25th. Berenberg Bank increased their price target on shares of Citigroup from $50.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Wells Fargo & Co increased their price target on shares of Citigroup from $60.00 to $72.00 in a report on Friday, June 5th. Finally, Standpoint Research cut shares of Citigroup from a “buy” rating to a “hold” rating in a report on Tuesday, June 9th. Five research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $74.03.
Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).
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