5 Best Dividend Stocks to Buy According to Stanley Druckenmiller

2. Citigroup Inc. (NYSE:C)

Number of Hedge Fund Holders: 90

Ranking 2nd in our list of 10 best dividend stocks to buy according to Stanley Druckenmiller is Citigroup Inc. (NYSE:C). The New York-based multinational investment bank was founded in 1998. The company has over 200 million customer accounts in more than 160 countries. On April 1, Citigroup Inc.’s Board of Directors announced a quarterly dividend of $0.51 per share on the common stock, payable on May 28, 2021, to shareholders of record on May 3, 2021.

Citigroup Inc. (NYSE:C) revenue in the first quarter of 2021 came in at $19.3 billion, down from $20.7 billion in the same period in 2020. Shares of C jumped 64% over the past three months.

Artisan Partners Limited Partnership mentioned Citigroup Inc. (NYSE:C)  in its Q4 2020 investor letter:

“We fully exited position in Citigroup. Global financial services company Citigroup made a $900 million clerical error and received a public reprimand from federal regulators. This, after a decade focused on process control, information technology and risk systems, makes the error substantially more costly than just the $900 million mistake. Regulators believe the company’s risk management improvements have fallen short of expectations. To rectify the situation, a process and technology spending surge could negatively affect 2021-2022 profits by 10% to 20%. Trust and confidence are important in large financial institutions, and this incident combined with the CEO’s sudden retirement shook ours.”