Hartford Investment Management Co. cut its stake in Citizens Financial Group, Inc. (NYSE:CFG) by 4.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 115,892 shares of the bank’s stock after selling 5,991 shares during the period. Hartford Investment Management Co.’s holdings in Citizens Financial Group were worth $4,135,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System increased its position in Citizens Financial Group by 0.3% in the second quarter. Louisiana State Employees Retirement System now owns 31,400 shares of the bank’s stock valued at $1,120,000 after buying an additional 100 shares during the period. Bancorpsouth Inc. increased its position in Citizens Financial Group by 0.9% in the first quarter. Bancorpsouth Inc. now owns 14,542 shares of the bank’s stock valued at $502,000 after buying an additional 131 shares during the period. Commerzbank Aktiengesellschaft FI increased its position in Citizens Financial Group by 1.5% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 9,829 shares of the bank’s stock valued at $340,000 after buying an additional 149 shares during the period. BLB&B Advisors LLC increased its position in Citizens Financial Group by 2.5% in the first quarter. BLB&B Advisors LLC now owns 12,517 shares of the bank’s stock valued at $432,000 after buying an additional 300 shares during the period. Finally, Pacer Advisors Inc. increased its position in Citizens Financial Group by 3.2% in the first quarter. Pacer Advisors Inc. now owns 9,863 shares of the bank’s stock valued at $341,000 after buying an additional 308 shares during the period. 96.86% of the stock is owned by institutional investors.
Shares of Citizens Financial Group, Inc. (NYSE CFG) opened at 33.06 on Friday. The stock’s 50 day moving average is $35.34 and its 200-day moving average is $35.81. The company has a market cap of $16.55 billion, a price-to-earnings ratio of 14.12 and a beta of 1.31. Citizens Financial Group, Inc. has a 52 week low of $23.37 and a 52 week high of $39.75.
Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings results on Friday, July 21st. The bank reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.04. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate 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 was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.46 EPS. On average, equities analysts anticipate that Citizens Financial Group, Inc. will post $2.53 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Investors of record on Wednesday, August 2nd were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend was Monday, July 31st. This is an increase from Citizens Financial Group’s previous quarterly dividend of $0.14. Citizens Financial Group’s dividend payout ratio (DPR) is currently 30.64%.
Citizens Financial Group declared that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $850.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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Several research analysts recently commented on the stock. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Citizens Financial Group in a report on Saturday, April 22nd. BidaskClub downgraded shares of Citizens Financial Group from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. Morgan Stanley reaffirmed an “overweight” rating and issued a $41.00 price objective (up from $40.00) on shares of Citizens Financial Group in a report on Tuesday, June 6th. Citigroup Inc. reaffirmed a “hold” rating on shares of Citizens Financial Group in a report on Friday, April 21st. Finally, Keefe, Bruyette & Woods set a $40.00 target price on shares of Citizens Financial Group and gave the stock a “buy” rating in a research note on Friday, August 11th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. Citizens Financial Group has an average rating of “Hold” and an average target price 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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