Concannon Wealth Management Exits Position in Citigroup Inc (C)

Citigroup Inc (C) : Concannon Wealth Management has sold out all of its stake in Citigroup Inc during the most recent quarter, according to the disclosure filed by the company on Apr 21, 2016 with the SEC. The investment management company has sold out 200 shares of Citigroup Inc which is valued at $9,394.

Citigroup Inc opened for trading at $46.89 and hit $47.84 on the upside on Wednesday, eventually ending the session at $47.33, with a gain of 0.49% or 0.23 points. The heightened volatility saw the trading volume jump to 1,94,44,742 shares. Company has a market cap of $139,535 M.

Other Hedge Funds, Including , Transamerica Financial Advisors reduced its stake in C by selling 440 shares or 54.86% in the most recent quarter. The Hedge Fund company now holds 362 shares of C which is valued at $17,003. Trillium Asset Management sold out all of its stake in C during the most recent quarter. The investment firm sold 4,558 shares of C which is valued $214,089.First Citizens Bank Trust Co boosted its stake in C in the latest quarter, The investment management firm added 80,281 additional shares and now holds a total of 238,551 shares of Citigroup Inc which is valued at $11,204,740. Citigroup Inc makes up approx 0.92% of First Citizens Bank Trust Co’s portfolio.Somerset Trust Co reduced its stake in C by selling 140 shares or 0.31% in the most recent quarter. The Hedge Fund company now holds 45,076 shares of C which is valued at $2,024,814. Citigroup Inc makes up approx 1.33% of Somerset Trust Co’s portfolio.Heritage Investors Management Corp boosted its stake in C in the latest quarter, The investment management firm added 4,142 additional shares and now holds a total of 219,983 shares of Citigroup Inc which is valued at $9,881,636. Citigroup Inc makes up approx 0.75% of Heritage Investors Management Corp’s portfolio.

On the company’s financial health, Citigroup Inc reported $1.10 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Apr 15, 2016. Analyst had a consensus of $1.05. The company had revenue of $17555.00 million for the quarter, compared to analysts expectations of $17444.17 million. The company’s revenue was down -11.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.52 EPS.

Many Wall Street Analysts have commented on Citigroup Inc. Citigroup Inc was Downgraded by Keefe Bruyette to ” Mkt Perform” on Apr 18, 2016. Company shares were Reiterated by UBS on Apr 18, 2016 to “Buy”, Firm has raised the Price Target to $ 54 from a previous price target of $50 .Shares were Reiterated by Barclays on Mar 14, 2016 to “Overweight” and Lowered the Price Target to $ 60 from a previous price target of $65 .

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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