First Trust Advisors LP Has $79.17 Million Position in Citizens Financial Group, Inc. (CFG)
First Trust Advisors LP increased its position in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,218,939 shares of the bank’s stock after buying an additional 25,731 shares during the period. First Trust Advisors LP owned approximately 0.44% of Citizens Financial Group worth $79,172,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in 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 in the last quarter. Coconut Grove Bank raised its stake in shares of Citizens Financial Group by 59.1% in the first quarter. Coconut Grove Bank now owns 4,845 shares of the bank’s stock valued at $167,000 after buying an additional 1,800 shares in 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 in the last quarter. Advisor Partners LLC acquired a new stake in shares of Citizens Financial Group during the first quarter valued at about $203,000. Finally, 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 in the last quarter. 96.09% of the stock is owned by institutional investors and hedge funds.
Citizens Financial Group, Inc. (NYSE CFG) opened at 33.39 on Friday. Citizens Financial Group, Inc. has a one year low of $23.20 and a one year high of $39.75. The company’s 50 day moving average price is $35.54 and its 200-day moving average price is $35.93. The stock has a market capitalization of $16.72 billion, a PE ratio of 14.26 and a beta of 1.31.
Citizens Financial Group (NYSE:CFG) last announced its quarterly earnings results on Friday, July 21st. The bank reported $0.63 EPS 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 during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the company earned $0.46 earnings per share. The firm’s revenue was up 9.2% on a year-over-year basis. Analysts expect that Citizens Financial Group, Inc. will post $2.53 earnings per share for the current year.
Citizens Financial Group declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $850.00 million in shares. This buyback authorization permits the bank to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 16th. Investors of record on Wednesday, August 2nd will be paid a dividend of $0.18 per share. The ex-dividend date is Monday, July 31st. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.14. This represents a $0.72 dividend on an annualized basis and a yield of 2.16%. Citizens Financial Group’s dividend payout ratio is presently 30.64%.
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Several brokerages have recently issued reports on CFG. 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. Zacks Investment Research lowered Citizens Financial Group from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. TheStreet upgraded Citizens Financial Group from a “c” rating to a “b-” rating in a research note on Monday, August 7th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Citizens Financial Group in a research note on Saturday, April 22nd. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $39.00 price target (up previously from $38.00) on shares of Citizens Financial Group in a research note on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price 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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