Federated Investors Inc. PA Raises Stake in Citizens Financial Group, Inc. (CFG)
Federated Investors Inc. PA raised its position in Citizens Financial Group, Inc. (NYSE:CFG) by 46.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 644,236 shares of the bank’s stock after buying an additional 203,792 shares during the period. Federated Investors Inc. PA owned about 0.13% of Citizens Financial Group worth $22,986,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of the company. FTB Advisors Inc. raised its stake in Citizens Financial Group by 39.5% in the first quarter. FTB Advisors Inc. now owns 3,381 shares of the bank’s stock worth $124,000 after buying an additional 957 shares during the last quarter. Coconut Grove Bank raised its stake in Citizens Financial Group by 59.1% in the first quarter. Coconut Grove Bank now owns 4,845 shares of the bank’s stock worth $167,000 after buying an additional 1,800 shares during the last quarter. Smithfield Trust Co. raised its stake in Citizens Financial Group by 1.4% in the second quarter. Smithfield Trust Co. now owns 4,994 shares of the bank’s stock worth $178,000 after buying an additional 70 shares during the last quarter. Advisor Partners LLC acquired a new stake in Citizens Financial Group during the first quarter worth $203,000. Finally, IFP Advisors Inc raised its stake in Citizens Financial Group by 9.3% in the first quarter. IFP Advisors Inc now owns 5,899 shares of the bank’s stock worth $204,000 after buying an additional 504 shares during the last quarter. 96.86% of the stock is currently owned by hedge funds and other institutional investors.
Citizens Financial Group, Inc. (CFG) opened at 33.85 on Friday. Citizens Financial Group, Inc. has a 12-month low of $23.81 and a 12-month high of $39.75. The firm’s 50-day moving average is $34.96 and its 200 day moving average is $35.70. The firm has a market cap of $16.95 billion, a P/E ratio of 14.45 and a beta of 1.31.
Citizens Financial Group (NYSE:CFG) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04. Citizens Financial Group had a return on equity of 6.08% and a net margin of 19.86%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the company earned $0.46 earnings per share. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. Equities analysts forecast that Citizens Financial Group, Inc. will post $2.53 earnings per share for the current year.
Citizens Financial Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $850.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 16th. Investors of record on Wednesday, August 2nd were given a dividend of $0.18 per share. The ex-dividend date was Monday, July 31st. This represents a $0.72 dividend on an annualized basis and a yield of 2.13%. This is an increase from Citizens Financial Group’s previous quarterly dividend of $0.14. Citizens Financial Group’s dividend payout ratio (DPR) is presently 30.64%.
A number of equities research analysts have weighed in on the stock. Morgan Stanley reissued an “overweight” rating and set a $41.00 target price (up from $40.00) on shares of Citizens Financial Group in a report on Tuesday, June 6th. Wedbush raised shares of Citizens Financial Group from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $39.00 to $41.00 in a report on Monday, May 1st. BMO Capital Markets reissued a “market perform” rating and set a $39.00 target price (up from $38.00) on shares of Citizens Financial Group in a report on Tuesday, July 25th. Zacks Investment Research lowered shares of Citizens Financial Group from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of Citizens Financial Group in a research note on Wednesday, July 5th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. Citizens Financial Group currently has an average rating of “Hold” and a consensus price target of $35.19.
About Citizens Financial Group
Citizens Financial Group, Inc is a retail bank holding company. The Company operates through two segments: Consumer Banking and Commercial Banking. Its Consumer Banking serves retail customers and small businesses. Consumer Banking products and services include deposit products, mortgage and home equity lending, auto financing, student loans, personal unsecured lines and loans, credit cards, business loans, wealth management and investment services.
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