Citizens Financial Group, Inc. (NYSE:CFG) Stake Raised by NGAM Advisors L.P.
NGAM Advisors L.P. increased its position in Citizens Financial Group, Inc. (NYSE:CFG) by 9.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 349,807 shares of the bank’s stock after buying an additional 29,644 shares during the period. NGAM Advisors L.P. owned approximately 0.07% of Citizens Financial Group worth $12,481,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the company. FTB Advisors Inc. boosted its stake in 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 boosted its stake in 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. Advisor Partners LLC acquired a new stake in Citizens Financial Group during the first quarter valued at $203,000. IFP Advisors Inc boosted its stake in 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. Finally, Greenwood Capital Associates LLC acquired a new stake in Citizens Financial Group during the first quarter valued at $211,000. 96.09% of the stock is owned by hedge funds and other institutional investors.
Shares of Citizens Financial Group, Inc. (NYSE CFG) traded down 0.95% on Friday, reaching $33.39. The company had a trading volume of 4,223,715 shares. Citizens Financial Group, Inc. has a 52-week low of $23.20 and a 52-week 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 firm has a market capitalization of $16.72 billion, a price-to-earnings ratio of 14.26 and a beta of 1.31.
Citizens Financial Group (NYSE:CFG) last released its earnings results on Friday, July 21st. The bank reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion. Citizens Financial Group had a return on equity of 6.08% and a net margin of 19.86%. The company’s revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 EPS. On average, analysts predict that Citizens Financial Group, Inc. will post $2.53 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 2nd will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.16%. This is an increase from Citizens Financial Group’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, July 31st. Citizens Financial Group’s dividend payout ratio is presently 30.64%.
Citizens Financial Group announced that its board has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $850.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 4.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
CFG has been the subject of several research reports. Rafferty Capital Markets reissued a “buy” rating and issued a $40.00 price objective (up from $36.00) on shares of Citizens Financial Group in a research report on Monday, April 24th. Zacks Investment Research raised Citizens Financial Group from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Monday, April 24th. Wedbush raised Citizens Financial Group from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $39.00 to $41.00 in a research report on Monday, May 1st. TheStreet cut Citizens Financial Group from a “b-” rating to a “c” rating in a research report on Monday, June 26th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $39.00 price objective (up from $38.00) on shares of Citizens Financial Group in a research report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently 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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