Callodine Capital Management LP has significantly increased its investment in Citigroup Inc. (NYSE:C) by acquiring an additional 76,250 shares, representing a growth of 50.8% during the second quarter of 2023. According to a recent disclosure to the Securities and Exchange Commission (SEC), the institutional investor now holds a total of 226,250 shares in Citigroup, valued at approximately $19.26 million. This stock now constitutes 2.0% of Callodine’s overall investment portfolio, making it the firm’s 21st largest holding.
Several other institutional investors have also been active in the Citigroup market. Truvestments Capital LLC raised its stake by an impressive 131.6% in the first quarter, acquiring 246 additional shares to bring its total ownership to 433 shares, valued at about $31,000. Similarly, DHJJ Financial Advisors Ltd. increased its holdings by 157.1% during the second quarter, now owning 414 shares worth around $35,000. Other notable additions include WPG Advisers LLC and Legacy Investment Solutions LLC, each purchasing new stakes valued at approximately $38,000. Institutional investors collectively own 71.72% of Citigroup’s stock.
Citigroup’s Recent Performance and Analyst Ratings
As of the most recent trading session on October 14, 2023, Citigroup’s stock opened at $108.95. The company’s market capitalization stands at $194.94 billion, with a price-to-earnings (P/E) ratio of 15.30. Citigroup has seen a price fluctuation over the past year, with a twelve-month low of $55.51 and a high of $109.37. Analysts have noted a positive trend, as the company’s earnings per share (EPS) for the quarter reached $2.24, exceeding consensus estimates of $1.89 by $0.35.
The firm reported a revenue of $22.09 billion, surpassing analyst expectations of $20.92 billion and marking a 9.3% increase from the same quarter last year. Citigroup’s net margin was recorded at 8.73%, with a return on equity of 7.91%. Looking ahead, analysts project an average EPS of 7.53 for the current fiscal year.
In addition to its strong earnings report, Citigroup announced a quarterly dividend of $0.60 per share, which was paid to shareholders on November 26, 2023. This dividend represents an annualized payout of $2.40 and a dividend yield of 2.2%, with a payout ratio of 33.71%.
Analyst Ratings and Future Outlook
Recent assessments from equity analysts reveal a generally positive outlook for Citigroup. UBS Group reaffirmed a “neutral” rating with a price target of $108.00, while Cowen issued a “hold” rating with a target of $110.00. Keefe, Bruyette & Woods boosted their price target from $112.00 to $118.00, assigning an “outperform” rating. In a similar vein, Morgan Stanley raised its target from $129.00 to $134.00, maintaining an “overweight” rating.
Overall, the consensus among analysts is a “Moderate Buy,” with eleven rating the stock as a Buy and seven as a Hold, based on data from MarketBeat. The average target price sits at $108.70, reflecting optimism about the company’s growth trajectory.
Citigroup Inc. operates as a diversified financial services holding company, offering a wide range of financial products and services to consumers, corporations, and governments globally. The firm operates through five segments, including Services, Markets, Banking, U.S. Personal Banking, and Wealth, positioning itself as a key player in the international financial landscape.
