Mn Services Vermogensbeheer B.V. expanded its investment in Citigroup Inc. (NYSE:C) by acquiring an additional 8,400 shares during the third quarter of 2023. This increase raised its total holdings to 369,400 shares, valued at approximately $37.49 million, according to a disclosure with the Securities and Exchange Commission (SEC).
Several other institutional investors also adjusted their positions in Citigroup during the same period. Notably, Brookstone Capital Management increased its stake by 31.5%, resulting in ownership of 75,914 shares, valued at $7.71 million. Additionally, Permanent Capital Management LP entered the market with a new position worth about $1.24 million, while Penobscot Investment Management Company Inc. boosted its investment by 61.5%, bringing its total to 57,033 shares valued at $5.79 million. Perigon Wealth Management LLC also increased its holdings by 27.2%, acquiring 75,566 shares worth $7.67 million. Furthermore, Keystone Financial Services purchased a new position in Citigroup during the second quarter, valued at approximately $216,000.
As it stands, institutional investors and hedge funds collectively own 71.72% of Citigroup’s stock.
Citigroup’s Performance and Future Outlook
Citigroup has been in the spotlight recently, and analysts are closely monitoring its financial performance. The company opened at $113.71 on the New York Stock Exchange on Friday, with a market capitalization of $203.46 billion. Citigroup’s 50-day moving average is $112.04, while the 200-day moving average stands at $102.01. The stock has fluctuated significantly within the last year, recording a 52-week low of $55.51 and a 52-week high of $124.17.
Recently reported earnings indicated that Citigroup’s performance is on an upward trajectory. In its last earnings report on January 14, 2024, the company posted earnings per share of $1.81, surpassing analysts’ expectations of $1.65 by $0.16. The firm reported revenue of $19.87 billion for the quarter, slightly below the anticipated $20.99 billion, but still reflecting a year-over-year increase of 2.1%.
Dividend Announcement and Investor Confidence
In a positive move for shareholders, Citigroup recently announced a quarterly dividend of $0.60, scheduled for payment on February 27, 2024. Shareholders on record as of February 2, 2024, will receive this dividend, representing an annualized dividend of $2.40 and a yield of 2.1%. The company’s current dividend payout ratio is 34.43%, indicating a commitment to returning value to its investors.
Citigroup Inc., headquartered in New York City, has a rich history dating back to the founding of the City Bank of New York in 1812. The modern entity was formed through the merger of Citicorp and Travelers Group in 1998. Today, Citigroup operates as a diversified financial services company, providing a wide array of banking and financial products to consumers, corporations, and governments worldwide. Its primary business lines include retail and commercial banking, credit cards, wealth management, and institutional services.
As Citigroup navigates a competitive financial landscape, its recent performance and dividend announcement signal a robust strategy aimed at fostering investor confidence and sustaining growth.
