3. Citigroup Inc. (NYSE:C)
Number of Hedge Fund Holders as of Q3: 88
Greenhaven Associates’ Equity Stake: $1.19 Billion
Citigroup Inc. (NYSE:C) is a leading multinational financial services company headquartered in New York City, formed in 1998 through the merger of Citicorp and Travelers. As the third-largest banking institution in the United States, Citi is part of the nation’s “Big Four” banks alongside JPMorgan Chase, Bank of America, and Wells Fargo. Recognized as a systemically important financial institution by the Financial Stability Board, it ranked 36th on the Fortune 500 and 24th on the Forbes Global 2000 list in 2023. Citigroup Inc. (NYSE:C) operates a vast global network spanning 180 countries, serving 85% of Fortune 500 companies and managing daily transactions worth approximately $5 trillion.
Citi operates through two primary divisions: Institutional Clients Group (ICG) and Personal Banking and Wealth Management (PBWM). ICG provides investment and corporate banking services, treasury and trade solutions, securities services, and custodian banking, while PBWM includes Citibank’s retail banking operations and credit card services. The company’s global reach, extensive financial solutions, and strong market presence have solidified its position as one of the leaders in the banking industry.
Ed Wachenheim holds roughly 16.87 million shares of Citigroup Inc. (NYSE:C) as of Q4 2024, which represents 17.56% of his portfolio. Insider Monkey saw that 88 hedge funds out of the 900 hedge funds held stakes in the company as of the end of Q3 2024 as opposed to 85 in Q2 which suggests an overall positive hedge fund sentiment about the stock.
Under Jane Fraser’s leadership, Citigroup Inc. (NYSE:C) demonstrated strong performance in 2024, promoting over 31,000 employees as part of its efforts to retain top talent amid a major restructuring. The bank achieved revenue growth across all five of its main divisions in 2024, with corporate and investment banking surging by 32%. However, with continued cost-cutting and strategic adjustments, the company is making steady progress toward its long-term profitability goals, reinforcing its strength in the financial sector.
Citigroup’s Q4 revenue was $19.58 billion with a year-on-year growth of 12%. Its adjusted operating income of $3.80 million increased 280.69% as compared to the same quarter in 2023. Moreover, the company’s EPS for Q4 2024 was announced as $1.36, which was $0.12 more than the estimated EPS of $1.24.
Diamond Hill Capital Long-Short Fund mentioned Citigroup Inc. (NYSE:C) in its first quarter 2024 investor letter. Here is what it said:
“Other top Q1 contributors included Meta Platforms, Citigroup Inc. (NYSE:C) and Walt Disney. Banking and financial services company Citigroup’s restructuring efforts are ongoing, and it continues remediating regulatory issues and building capital in anticipation of increased requirements. The company expects to see expenses fall meaningfully in the second half of 2024, bolstering the outlook from here.”
