Citizens Financial Group, Inc. (CFG) Shares Sold by Great Lakes Advisors LLC
Great Lakes Advisors LLC decreased its stake in Citizens Financial Group, Inc. (NYSE:CFG) by 59.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,184 shares of the bank’s stock after selling 26,533 shares during the period. Great Lakes Advisors LLC’s holdings in Citizens Financial Group were worth $649,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of CFG. FTB Advisors Inc. raised 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 bought a new stake in shares of Citizens Financial Group during the first quarter valued at about $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 bought a new stake in shares of Citizens Financial Group during the first quarter valued at about $211,000. Institutional investors own 96.83% of the company’s stock.
Citizens Financial Group, Inc. (NYSE CFG) opened at 33.39 on Thursday. Citizens Financial Group, Inc. has a one year low of $23.64 and a one year high of $39.75. The firm has a 50-day moving average of $34.96 and a 200 day moving average of $35.70. The company has a market capitalization of $16.72 billion, a P/E ratio of 14.26 and a beta of 1.31.
Citizens Financial Group (NYSE:CFG) last posted its earnings results on Friday, July 21st. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the business posted $0.46 EPS. The business’s revenue was up 9.2% compared to the same quarter last year. On average, equities analysts forecast 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 repurchase plan on Wednesday, June 28th that permits the company to repurchase $850.00 million in shares. This repurchase authorization permits the bank to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 16th. Investors of record on Wednesday, August 2nd were paid a $0.18 dividend. This is a boost from Citizens Financial Group’s previous quarterly dividend of $0.14. This represents a $0.72 annualized dividend and a dividend yield of 2.16%. The ex-dividend date was Monday, July 31st. Citizens Financial Group’s payout ratio is currently 30.64%.
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A number of research analysts recently weighed in on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $41.00 price objective (up from $40.00) on shares of Citizens Financial Group in a research note on Tuesday, June 6th. BMO Capital Markets reiterated a “market perform” rating and issued a $39.00 price objective (up from $38.00) on shares of Citizens Financial Group in a research note on Tuesday, July 25th. Deutsche Bank AG reiterated a “hold” rating on shares of Citizens Financial Group in a research note on Wednesday, July 5th. 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, Citigroup Inc. reiterated a “hold” rating on shares of Citizens Financial Group in a research note on Thursday, June 22nd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Citizens Financial Group currently has an average rating of “Hold” and an average 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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