The Manufacturers Life Insurance Company raised its stake in Citigroup Inc. (NYSE:C) by 16.7% in the fourth quarter, as disclosed in its recent 13F filing with the SEC. The fund now owns 2,454,296 shares of Citigroup stock, valued at $172,758,000, representing about 0.13% of the company’s shares.
Other institutional investors have also adjusted their Citigroup holdings. Geode Capital Management LLC increased its position by 1.7%, now owning 40,587,155 shares worth $2,853,484,000. Price T Rowe Associates Inc. MD boosted its stake by 2.2%, holding 38,561,690 shares valued at $2,714,359,000. FMR LLC increased its position by 29.7%, now owning 34,362,176 shares worth $2,418,754,000. Franklin Resources Inc. grew its stake by 9.3%, holding 32,832,063 shares valued at $2,311,048,000. Notably, Capital World Investors significantly increased its position by 455.2%, now owning 31,352,582 shares worth $2,206,908,000.
Analysts have recently revised their ratings for Citigroup. The Goldman Sachs Group lowered its price objective from $90.00 to $80.00, maintaining a ‘buy’ rating. Morgan Stanley reduced its price objective from $110.00 to $109.00, keeping an ‘overweight’ rating. Four research analysts have assigned a ‘hold’ rating, while eleven have given a ‘buy’ rating, resulting in a consensus ‘Moderate Buy’ rating with an average target price of $84.04.
Insider activity includes COO Anand Selvakesari selling 30,000 shares at $81.10, reducing his stake by 11.57%. Insider Sara Wechter sold 15,125 shares at $81.01, decreasing her position by 12.11%. Over the quarter, insiders sold 103,590 shares valued at $8,523,149.
Citigroup’s stock performance includes a 50-day moving average of $69.07 and a 200-day moving average of $71.17. The company reported $1.96 earnings per share for the quarter, beating analysts’ estimates of $1.84. Citigroup has a market capitalization of $128.46 billion and a PE ratio of 11.47.
The company recently declared a quarterly dividend of $0.56, payable on May 23rd to shareholders of record on May 5th. Citigroup’s board has also initiated a $20 billion share buyback program, permitting the repurchase of up to 13.5% of its shares.
