M&R Capital Management Inc. Lowers Stake in Citizens Financial Group, Inc. (CFG)
M&R Capital Management Inc. cut its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 4.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 279,970 shares of the bank’s stock after selling 14,199 shares during the period. Citizens Financial Group comprises about 2.3% of M&R Capital Management Inc.’s investment portfolio, making the stock its 9th biggest holding. M&R Capital Management Inc. owned approximately 0.06% of Citizens Financial Group worth $9,353,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Sun Life Financial INC grew its stake in Citizens Financial Group by 41,266.7% in the second quarter. Sun Life Financial INC now owns 3,723 shares of the bank’s stock worth $133,000 after purchasing an additional 3,714 shares in the last quarter. Smithfield Trust Co. grew 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 purchasing an additional 70 shares in the last quarter. Courier Capital LLC acquired a new position in Citizens Financial Group in the second quarter worth about $214,000. Eagle Global Advisors LLC acquired a new position in Citizens Financial Group in the second quarter worth about $215,000. Finally, Veritable L.P. grew its stake in Citizens Financial Group by 1.2% in the second quarter. Veritable L.P. now owns 6,408 shares of the bank’s stock worth $229,000 after purchasing an additional 79 shares in the last quarter. Institutional investors own 96.76% of the company’s stock.
A number of equities analysts recently commented on CFG shares. TheStreet upgraded Citizens Financial Group from a “c” rating to a “b-” rating in a research note on Monday, August 7th. Keefe, Bruyette & Woods set a $40.00 price target on Citizens Financial Group and gave the stock a “buy” rating in a research note on Friday, August 11th. Zacks Investment Research upgraded Citizens Financial Group from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a research note on Friday, July 28th. BidaskClub upgraded Citizens Financial Group from a “hold” rating to a “buy” rating in a research note on Saturday, July 8th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Citizens Financial Group in a research note on Thursday, June 22nd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $37.12.
Shares of Citizens Financial Group, Inc. (CFG) traded down 0.600% during trading on Monday, reaching $37.265. 1,326,394 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $34.88 and a 200-day moving average price of $35.24. The company has a market capitalization of $18.66 billion, a PE ratio of 15.912 and a beta of 1.36. Citizens Financial Group, Inc. has a 52-week low of $24.22 and a 52-week high of $39.75.
Citizens Financial Group (NYSE:CFG) last posted its earnings results on Friday, July 21st. The bank reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Citizens Financial Group had a net margin of 19.86% and a return on equity of 6.08%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share. On average, equities analysts forecast that Citizens Financial Group, Inc. will post $2.54 earnings per share for the current year.
Citizens Financial Group declared that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $850.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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