Nexus Investment Management ULC Reduces Stake in Citigroup Inc. to $35.24 Million

Nexus Investment Management ULC has recently adjusted its investment in Citigroup Inc. (NYSE:C - Free Report) by reducing its stake by 4.2% during the fourth quarter. According to the latest filing submitted to the Securities and Exchange Commission (SEC), Nexus now holds 500,670 shares of Citigroup after selling 22,000 shares within the specified period. Citigroup constitutes approximately 3.5% of Nexus's overall investment portfolio, making it the 12th largest position in their holdings. The current valuation of Nexus’s investment in Citigroup stands at about $35,242,000.

Institutional Investment Activity

In addition to Nexus's actions, several other institutional investors have also been active in trading Citigroup shares. Kera Capital Partners Inc. established a new position in Citigroup worth approximately $236,000 during the fourth quarter. Herbst Group LLC enhanced its stake by 19.4%, raising its total ownership to 22,511 shares valued at $1,585,000 after adding 3,655 shares. Similarly, HB Wealth Management LLC increased its shares in Citigroup by 13.5%, now owning 48,731 shares worth $3,430,000 after acquiring an additional 5,802 shares. Meanwhile, Shelton Wealth Management LLC raised its position by 4.0%, now holding 16,024 shares valued at $1,128,000 after adding 609 shares. Premier Path Wealth Partners LLC also increased its holdings by 1.4%, now owning 14,242 shares valued at $1,003,000 after purchasing 202 additional shares. Overall, institutional investors collectively own 71.72% of Citigroup's shares.

Analyst Opinions on Citigroup

Citigroup has attracted attention from several analysts recently. Bank of America upgraded its price target from $90.00 to $95.00 and assigned a "buy" rating. Oppenheimer, on the other hand, lowered its price target from $110.00 to $102.00 while maintaining an "outperform" rating on the stock. Barclays made a significant adjustment by raising its rating from "equal weight" to "overweight" and set an increased target price from $70.00 to $95.00. Morgan Stanley also raised its price target, now setting it at $109.00 with an "overweight" rating. Additionally, Evercore ISI increased its target to $79.00, giving Citigroup an "in-line" rating. Currently, four analysts hold a "hold" rating, while twelve analysts recommend buying the stock. According to MarketBeat, Citigroup has a consensus rating of "Moderate Buy" with an average price target of $83.93.

Performance of Citigroup Stock

On Friday, Citigroup's shares opened at $80.05. The fifty-day moving average price stands at $71.22, while the two-hundred-day moving average is at $65.52. The stock's performance over a year shows a low of $50.51 and a high of $80.45. Citigroup's financials indicate a current ratio of 0.96, a quick ratio of 0.96, and a debt-to-equity ratio of 1.55. The company has a market capitalization of $151.40 billion, a P/E ratio of 23.20, a PEG ratio of 0.59, and a beta value of 1.43.

Recent Earnings Report

Citigroup recently announced its earnings results on January 15, reporting earnings per share (EPS) of $1.34, exceeding analyst expectations of $1.22 by $0.12. The total revenue for the quarter reached $19.58 billion, which was above the consensus estimate of $19.51 billion. Citigroup reported a return on equity of 6.19% and a net margin of 4.70%. Comparatively, the revenue grew by 12.3% on a year-over-year basis, with the previous year showcasing an EPS of $0.84. Analysts predict that Citigroup Inc. will achieve an EPS of 5.88 for the current fiscal year.

Dividend and Share Buyback Announcement

In recent news, Citigroup declared a quarterly dividend set for payment on February 28, with shareholders recorded by February 3 receiving $0.56 per share. This corresponds to an annualized dividend of $2.24, yielding 2.80%. The dividend payout ratio is currently noted at 64.93%. Furthermore, on January 15, the board approved a share repurchase program that permits the company to buy back up to $20.00 billion in shares. This buyback authorization allows Citigroup to reacquire approximately 13.5% of its stock, which typically indicates that the company's management believes its shares are undervalued.

Company Overview

Citigroup Inc. is a diversified financial service holding company offering a wide range of financial products and services to consumers, corporations, governments, and institutions globally. The company operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth Management. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital services to multinational corporations and institutions.

Nexus, Citigroup, Investment