Choreo LLC has increased its holdings in Citigroup Inc. (NYSE: C) by 12.8% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. Following this acquisition, Choreo now owns 77,688 shares valued at approximately $6.6 million. The firm acquired an additional 8,792 shares during this period, reflecting a significant boost in its investment strategy.
A variety of other institutional investors have also made adjustments to their positions in Citigroup. For instance, Accent Capital Management LLC increased its stake by an impressive 106.0% in the first quarter, now holding 412 shares valued at $29,000. Similarly, Truvestments Capital LLC expanded its holdings by 131.6%, acquiring 433 shares valued at $31,000. Other notable increases include DHJJ Financial Advisors Ltd., which grew its holdings by 157.1%, and HHM Wealth Advisors LLC, which raised its position by a remarkable 805.2%.
Currently, institutional investors and hedge funds control approximately 71.72% of Citigroup’s stock. This strong institutional backing indicates a positive outlook among large investors regarding the bank’s future performance.
Market Performance and Dividend Information
On the trading front, Citigroup’s stock opened at $102.59 on Thursday, reflecting a 1.4% increase. The bank’s market capitalization stands at $183.56 billion, with a price-to-earnings (P/E) ratio of 14.41 and a P/E/G ratio of 0.83. The stock has a beta of 1.37, indicative of its volatility compared to the broader market. Citigroup has a quick ratio of 0.99, a current ratio of 0.99, and a debt-to-equity ratio of 1.62. Over the past year, shares have fluctuated between a low of $55.51 and a high of $105.59.
In addition to its stock performance, Citigroup announced a quarterly dividend of $0.60 per share, which was paid on November 26, 2023. The record date for this dividend was November 3, 2023, resulting in an annualized dividend of $2.40 and a yield of 2.3%. The company’s payout ratio is currently 33.71%, indicating a balanced approach to returning capital to shareholders while reinvesting in growth.
Analyst Ratings and Future Outlook
Citigroup’s stock has garnered attention from several analysts recently. The Goldman Sachs Group reiterated a “buy” rating, setting a price target of $118.00 in a report dated October 14, 2023. Weiss Ratings similarly affirmed a “buy” rating on October 8, 2023. Cowen maintained a “hold” rating while issuing a price target of $110.00 on October 15, 2023. Barclays raised its target from $100.00 to $115.00, giving it an “overweight” rating, while Morgan Stanley increased its price target from $129.00 to $134.00, also assigning an “overweight” rating.
Overall, Citigroup has received eleven “buy” ratings and seven “hold” ratings from analysts. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” with a consensus price target of $108.70.
As Citigroup continues to navigate a dynamic financial landscape, its recent performance and institutional support suggest a positive trajectory for the bank in the coming months.
