Versant Capital Management Boosts Citigroup Stake by 58.2%

Versant Capital Management Inc has significantly increased its holdings in Citigroup Inc. by purchasing an additional 4,778 shares during the third quarter of 2023. According to the company’s recent Form 13F filing with the Securities and Exchange Commission, this acquisition raised Versant’s total ownership of Citigroup shares to 12,982, bringing the total value of these holdings to approximately $1,318,000 at the end of the reporting period.

The move reflects a broader trend among institutional investors, who have also been actively adjusting their positions in Citigroup. Notably, Norges Bank acquired a new stake valued at around $2.46 billion in the second quarter. Meanwhile, Swedbank AB increased its holdings by 14.8%, resulting in ownership of 10,906,386 shares worth around $928.35 million. Other significant investors include the Canada Pension Plan Investment Board, which grew its stake by 47.4%, and Natixis, which raised its position by a remarkable 382.7%. Currently, institutional investors collectively own approximately 71.72% of Citigroup’s stock.

Citigroup Stock Performance and Dividend Plans

On Thursday, shares of Citigroup opened at $112.26, a 3.5% decrease from previous trading sessions. The stock has seen notable fluctuations over the past year, with a low of $55.51 and a high of $124.17. Citigroup also reported a market capitalization of $200.87 billion and a price-to-earnings (PE) ratio of 15.77.

The company recently announced a quarterly dividend of $0.60, scheduled to be paid on February 27, 2024. Shareholders on record as of February 2, 2024 will receive this payment, translating to an annualized dividend of $2.40 and a yield of 2.1%. The current dividend payout ratio stands at 33.71%, indicating a stable return for investors.

Analyst Ratings and Market Sentiment

Research analysts have expressed a generally positive outlook on Citigroup shares. Bank of America recently raised its price target from $115.00 to $120.00 while maintaining a “buy” rating. Morgan Stanley also increased its price target from $129.00 to $134.00, reflecting confidence in the stock’s potential.

In contrast, HSBC set a price objective of $87.00 while reaffirming a “buy” rating. Overall, fourteen equities research analysts have issued “buy” ratings for Citigroup, while six have rated the stock as a hold. According to data from MarketBeat.com, the consensus rating for Citigroup is “Moderate Buy,” with an average target price of $118.94.

Citigroup Inc., headquartered in New York City, is a leading global financial services firm, tracing its roots back to the founding of the City Bank of New York in 1812. The modern Citigroup emerged from the 1998 merger of Citicorp and Travelers Group. Today, it operates as a diversified bank holding company, offering a comprehensive suite of banking and financial products to a wide range of clients, including consumers, corporations, and governments worldwide.

For those interested in the latest developments and insider trades related to Citigroup, resources such as HoldingsChannel.com provide updated information on institutional holdings and stock performance.