Sumitomo Life Insurance Co Lowers stake in Citigroup Inc (C)

Citigroup Inc (C) : Sumitomo Life Insurance Co reduced its stake in Citigroup Inc by 3.4% during the most recent quarter end. The investment management company now holds a total of 110,591 shares of Citigroup Inc which is valued at $4,929,041 after selling 3,892 shares in Citigroup Inc , the firm said in a disclosure report filed with the SEC on Jul 15, 2016.Citigroup Inc makes up approximately 0.65% of Sumitomo Life Insurance Co’s portfolio.

Other Hedge Funds, Including , Augustine Asset Management Inc reduced its stake in C by selling 915 shares or 1.02% in the most recent quarter. The Hedge Fund company now holds 88,614 shares of C which is valued at $3,839,645. Citigroup Inc makes up approx 2.98% of Augustine Asset Management Inc’s portfolio.Community Trust Investment Co reduced its stake in C by selling 46,985 shares or 9.2% in the most recent quarter. The Hedge Fund company now holds 463,898 shares of C which is valued at $20,100,700. Citigroup Inc makes up approx 2.50% of Community Trust Investment Co’s portfolio.Washington Trust Bank reduced its stake in C by selling 393 shares or 1.87% in the most recent quarter. The Hedge Fund company now holds 20,568 shares of C which is valued at $863,445. Citigroup Inc makes up approx 0.22% of Washington Trust Bank’s portfolio.Nexus Investment Management boosted its stake in C in the latest quarter, The investment management firm added 5,050 additional shares and now holds a total of 343,900 shares of Citigroup Inc which is valued at $14,436,922. Citigroup Inc makes up approx 2.71% of Nexus Investment Management’s portfolio.

Citigroup Inc opened for trading at $44.28 and hit $44.9 on the upside on Monday, eventually ending the session at $44.57, with a gain of 0.54% or 0.24 points. The heightened volatility saw the trading volume jump to 1,86,83,851 shares. Company has a market cap of $130,810 M.

On the company’s financial health, Citigroup Inc reported $1.24 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Jul 15, 2016. Analyst had a consensus of $1.10. The company had revenue of $17548.00 million for the quarter, compared to analysts expectations of $17482.92 million. During the same quarter in the previous year, the company posted $1.45 EPS.

Many Wall Street Analysts have commented on Citigroup Inc. Berenberg Initiated Citigroup Inc on Jul 13, 2016 to “Buy”, Price Target of the shares are set at $50.Citigroup Inc was Downgraded by Wells Fargo to ” Market Perform” on Jul 8, 2016. Citigroup Inc was Downgraded by Keefe Bruyette to ” Mkt Perform” on Apr 18, 2016.

Citigroup Inc. (Citi) is a financial services holding company whose businesses provide consumers corporations governments and institutions with financial products and services including consumer banking and credit corporate and investment banking securities brokerage trade and securities services and wealth management. The Company operates through two primary business segments: Citicorp and Citi Holdings. Citicorp consists of the operating businesses: Global Consumer Banking which consists of consumer banking in North America EMEA Latin America and Asia and Institutional Clients Group which includes Banking and Markets and securities services. Citi Holdings contains businesses and portfolios of assets that Citi has determined are not central to its core Citicorp businesses. Citi’s consumer operations as well as the consumer finance business in Korea and certain businesses in ICG form part of Citi Holdings.

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