Varma Mutual Pension Insurance Co Has $29.30 Million Stock Position in Citigroup Inc. (NYSE:C)

Varma Mutual Pension Insurance Co lessened its position in shares of Citigroup Inc. (NYSE:C) by 5.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 461,676 shares of the company’s stock after selling 26,524 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Citigroup were worth $29,298,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in 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 purchasing an additional 17,525,484 shares during the period. Norges Bank bought a new position in shares of Citigroup during the 4th quarter worth approximately $867,599,000. Bank of New York Mellon Corp grew its position in shares of Citigroup by 18.4% during the 1st 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 period. Swedbank AB bought a new stake in shares of Citigroup in the 1st quarter valued at $253,286,000. Finally, Acadian Asset Management LLC lifted its position in shares of Citigroup by 527.5% during the 2nd quarter. Acadian Asset Management LLC now owns 2,498,277 shares of the company’s stock valued at $158,521,000 after acquiring an additional 2,100,135 shares during the period. Institutional investors own 71.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on C. Oppenheimer raised their price target on shares of Citigroup from $85.00 to $86.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Royal Bank of Canada raised their target price on Citigroup from $63.00 to $66.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Argus upped their price target on Citigroup from $70.00 to $72.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Keefe, Bruyette & Woods upped their target price on Citigroup from $66.00 to $69.00 and gave the stock a “market perform” rating in a research report on Thursday, June 20th. Finally, Morgan Stanley raised their price objective on shares of Citigroup from $66.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $68.06.

Citigroup Stock Performance

Shares of NYSE:C traded down $1.54 during midday trading on Friday, reaching $59.09. The company had a trading volume of 14,093,986 shares, compared to its average volume of 14,589,779. The stock has a market cap of $112.71 billion, a P/E ratio of 16.55, a P/E/G ratio of 0.68 and a beta of 1.45. The company’s 50 day moving average price is $62.44 and its 200 day moving average price is $61.25. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.47. Citigroup Inc. has a 52-week low of $38.17 and a 52-week high of $67.81.

Citigroup (NYSE:C) last released its earnings results on Friday, July 12th. The company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. Citigroup had a net margin of 4.95% and a return on equity of 6.26%. The firm had revenue of $20.14 billion for the quarter, compared to analysts’ expectations of $20.07 billion. During the same period in the previous year, the company earned $1.37 earnings per share. The company’s quarterly revenue was up 3.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Citigroup Inc. will post 5.82 EPS for the current fiscal year.

Citigroup Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a $0.56 dividend. This is an increase from Citigroup’s previous quarterly dividend of $0.53. This represents a $2.24 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date was Monday, August 5th. Citigroup’s dividend payout ratio (DPR) is currently 62.75%.

Citigroup Profile

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.