3Chopt Investment Partners LLC Purchases New Stake in Citigroup Inc. (NYSE:C)

3Chopt Investment Partners LLC purchased a new stake in shares of Citigroup Inc. (NYSE:C) in the second quarter, Holdings Channel reports. The firm purchased 6,391 shares of the company’s stock, valued at approximately $406,000.

Several other institutional investors have also recently bought and sold shares of the business. Lloyd Advisory Services LLC. boosted its position in shares of Citigroup by 355.9% during the first quarter. Lloyd Advisory Services LLC. now owns 19,115 shares of the company’s stock valued at $1,209,000 after buying an additional 14,922 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of Citigroup by 13.3% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 73,317 shares of the company’s stock worth $4,653,000 after acquiring an additional 8,593 shares in the last quarter. Lazard Asset Management LLC raised its holdings in shares of Citigroup by 13.4% in the first quarter. Lazard Asset Management LLC now owns 201,456 shares of the company’s stock valued at $12,739,000 after purchasing an additional 23,774 shares during the last quarter. Capital World Investors lifted its position in shares of Citigroup by 9.1% during the fourth quarter. Capital World Investors now owns 4,187,362 shares of the company’s stock valued at $215,398,000 after purchasing an additional 350,087 shares in the last quarter. Finally, BDF Gestion purchased a new position in Citigroup during the second quarter worth about $3,861,000. Institutional investors and hedge funds own 71.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on C shares. The Goldman Sachs Group cut their target price on Citigroup from $75.00 to $71.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Oppenheimer upped their price objective on Citigroup from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Monday, July 15th. Royal Bank of Canada lifted their target price on Citigroup from $63.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. Morgan Stanley boosted their price target on shares of Citigroup from $79.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday. Finally, BMO Capital Markets raised their price objective on shares of Citigroup from $63.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Citigroup presently has an average rating of “Moderate Buy” and a consensus target price of $68.69.

Citigroup Price Performance

NYSE:C opened at $61.83 on Wednesday. Citigroup Inc. has a 52-week low of $38.17 and a 52-week high of $67.81. The stock has a fifty day moving average of $60.76 and a 200 day moving average of $61.74. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $117.94 billion, a price-to-earnings ratio of 17.32, a P/E/G ratio of 0.69 and a beta of 1.45.

Citigroup (NYSE:C) last issued its quarterly earnings results 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. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The firm had revenue of $20.14 billion during the quarter, compared to the consensus estimate of $20.07 billion. During the same quarter last year, the company posted $1.37 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, research analysts expect that Citigroup Inc. will post 5.79 EPS for the current fiscal year.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend was Monday, August 5th. This is a boost from Citigroup’s previous quarterly dividend of $0.53. Citigroup’s payout ratio is currently 62.75%.

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.