American Century Companies Inc. Sells 3,528,423 Shares of Citizens Financial Group, Inc. (CFG)
American Century Companies Inc. reduced its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 70.5% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,475,304 shares of the bank’s stock after selling 3,528,423 shares during the period. American Century Companies Inc. owned approximately 0.29% of Citizens Financial Group worth $52,639,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. FTB Advisors Inc. boosted its stake in shares of Citizens Financial Group by 39.5% in the first quarter. FTB Advisors Inc. now owns 3,381 shares of the bank’s stock valued at $124,000 after buying an additional 957 shares during the last quarter. Smithfield Trust Co. raised its stake in shares of Citizens Financial Group by 1.4% in the second quarter. Smithfield Trust Co. now owns 4,994 shares of the bank’s stock valued at $178,000 after buying an additional 70 shares during the last quarter. Advisor Partners LLC acquired a new stake in shares of Citizens Financial Group during the first quarter valued at approximately $203,000. IFP Advisors Inc raised its stake in shares of Citizens Financial Group by 9.3% in the first quarter. IFP Advisors Inc now owns 5,899 shares of the bank’s stock valued at $204,000 after buying an additional 504 shares during the last quarter. Finally, Greenwood Capital Associates LLC acquired a new stake in shares of Citizens Financial Group during the first quarter valued at approximately $211,000. 96.83% of the stock is owned by institutional investors.
Citizens Financial Group, Inc. (CFG) opened at 33.31 on Wednesday. The company has a market cap of $16.68 billion, a price-to-earnings ratio of 14.22 and a beta of 1.31. The stock has a 50 day moving average price of $34.96 and a 200-day moving average price of $35.70. Citizens Financial Group, Inc. has a 12-month low of $23.64 and a 12-month high of $39.75.
Citizens Financial Group (NYSE:CFG) last released its quarterly earnings results on Friday, July 21st. The bank reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.04. Citizens Financial Group had a net margin of 19.86% and a return on equity of 6.08%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company earned $0.46 earnings per share. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, analysts predict that Citizens Financial Group, Inc. will post $2.53 EPS for the current fiscal year.
Citizens Financial Group declared that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $850.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 2nd were issued a $0.18 dividend. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.14. This represents a $0.72 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Monday, July 31st. Citizens Financial Group’s payout ratio is currently 30.64%.
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Several brokerages recently commented on CFG. BidaskClub lowered Citizens Financial Group from a “sell” rating to a “strong sell” rating in a research report on Monday, August 14th. Morgan Stanley restated an “overweight” rating and set a $41.00 target price (up previously from $40.00) on shares of Citizens Financial Group in a research report on Tuesday, June 6th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Citizens Financial Group in a research report on Thursday, June 22nd. Citigroup Inc. restated a “hold” rating on shares of Citizens Financial Group in a research report on Thursday, June 22nd. Finally, Keefe, Bruyette & Woods set a $40.00 target price on Citizens Financial Group and gave the company a “buy” rating in a research report on Friday, August 11th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. Citizens Financial Group presently has an average rating of “Hold” and an average price target of $35.19.
Citizens Financial Group Company Profile
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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