DMC Group LLC significantly reduced its stake in Citigroup Inc. by 51.3% during the first quarter, as revealed in a recent filing with the Securities and Exchange Commission. After selling 7,743 shares, DMC now holds 7,350 shares valued at approximately $522,000.
Institutional investments in Citigroup remain substantial, with several other firms acquiring stakes recently. For example, Orion Capital Management LLC and MorganRosel Wealth Management LLC both purchased new shares valued around $28,000 in the first quarter. Meanwhile, American National Bank & Trust, Mascagni Wealth Management Inc., and Runnymede Capital Advisors Inc. also made new investments ranging from $29,000 to $39,000 in late 2023. Overall, institutional investors and hedge funds now control about 71.72% of Citigroup’s stock.
In related news, Citigroup Director John Cunningham Dugan sold 4,417 shares for about $301,504.42, decreasing his ownership by 25.29%. The transaction was disclosed as required by SEC regulations.
As of now, Citigroup’s stock price is down 0.4%, trading at $86.73. With a market cap of roughly $161.99 billion, the company has shown mixed trading signals, reflecting a 52-week low of $53.51 and a high of $88.83. Citigroup recently reported strong earnings, exceeding analysts’ expectations with an earnings per share (EPS) of $1.96, on revenues totaling $21.60 billion.
Wall Street analysts express cautious optimism for Citigroup’s future performance. Morgan Stanley raised their price target from $94.00 to $103.00, and Goldman Sachs increased theirs from $85.00 to $96.00, reflecting a positive outlook. However, JPMorgan Chase lowered their target amid broader market concerns. Currently, Citigroup enjoys a consensus rating of “Moderate Buy,” suggesting potential for growth despite the recent fluctuations.
This dynamic reflects the ongoing challenges and opportunities in the financial sector, underscoring Citigroup’s robust position amid diverse institutional interest. As the company navigates its trajectory, investors are encouraged to stay informed on market developments and potential shifts in analyst sentiments.