Cornerstone Wealth Group LLC Has $3.53 Million Stock Position in Citigroup Inc. (NYSE:C)

Cornerstone Wealth Group LLC raised its position in shares of Citigroup Inc. (NYSE:C) by 0.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,653 shares of the company’s stock after purchasing an additional 389 shares during the period. Cornerstone Wealth Group LLC’s holdings in Citigroup were worth $3,532,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in shares of 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 worth $2,005,749,000 after buying an additional 17,525,484 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Citigroup by 18.4% during the first quarter. Bank of New York Mellon Corp now owns 29,756,568 shares of the company’s stock worth $1,881,805,000 after buying an additional 4,620,867 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Citigroup by 8.0% in the fourth quarter. Fisher Asset Management LLC now owns 24,755,277 shares of the company’s stock worth $1,273,411,000 after purchasing an additional 1,836,283 shares during the last quarter. Putnam Investments LLC grew its stake in shares of Citigroup by 7.9% in the fourth quarter. Putnam Investments LLC now owns 17,775,952 shares of the company’s stock worth $914,395,000 after purchasing an additional 1,300,520 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Citigroup in the fourth quarter worth $867,599,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Citigroup Stock Up 2.8 %

NYSE C traded up $1.72 during trading on Friday, reaching $62.14. 12,921,163 shares of the company’s stock traded hands, compared to its average volume of 14,838,651. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.94 and a quick ratio of 0.95. The firm has a market cap of $118.53 billion, a price-to-earnings ratio of 17.41, a price-to-earnings-growth ratio of 0.68 and a beta of 1.46. The company’s 50 day simple moving average is $62.32 and its two-hundred day simple moving average is $60.66. Citigroup Inc. has a 12-month low of $38.17 and a 12-month high of $67.81.

Citigroup (NYSE:C) last released its earnings results on Friday, July 12th. The company reported $1.52 EPS for the quarter, topping 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 net margin of 4.95% and a return on equity of 6.26%. Citigroup’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the business earned $1.37 EPS. As a group, sell-side analysts forecast that Citigroup Inc. will post 5.85 EPS for the current fiscal year.

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.60%. This is a boost from Citigroup’s previous quarterly dividend of $0.53. The ex-dividend date is Monday, August 5th. Citigroup’s payout ratio is presently 62.75%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on C. Argus boosted their price objective on shares of Citigroup from $70.00 to $72.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Evercore ISI upped their target price on shares of Citigroup from $60.00 to $62.00 and gave the stock an “in-line” rating in a report on Wednesday, July 3rd. Royal Bank of Canada upped their target price on shares of Citigroup from $63.00 to $66.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. Oppenheimer upped their price objective on shares of Citigroup from $85.00 to $86.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. 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 report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $68.06.

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.