Seatown Holdings Pte. Ltd. Takes Position in Citizens Financial Group, Inc. (CFG)
Seatown Holdings Pte. Ltd. purchased a new stake in Citizens Financial Group, Inc. (NYSE:CFG) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 140,000 shares of the bank’s stock, valued at approximately $4,995,000.
A number of other large investors have also recently modified their holdings of the company. Boston Advisors LLC raised its stake in shares of Citizens Financial Group by 114.5% in the first quarter. Boston Advisors LLC now owns 617,718 shares of the bank’s stock valued at $21,342,000 after buying an additional 329,763 shares during the period. Oliver Luxxe Assets LLC increased its position in Citizens Financial Group by 7.4% in the first quarter. Oliver Luxxe Assets LLC now owns 103,967 shares of the bank’s stock valued at $3,592,000 after buying an additional 7,125 shares in the last quarter. Fox Run Management L.L.C. bought a new position in Citizens Financial Group during the first quarter valued at approximately $670,000. 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 in the last quarter. Finally, BKD Wealth Advisors LLC increased its position in Citizens Financial Group by 8.3% in the first quarter. BKD Wealth Advisors LLC now owns 9,566 shares of the bank’s stock valued at $331,000 after buying an additional 737 shares in the last quarter. 95.95% of the stock is owned by hedge funds and other institutional investors.
Shares of Citizens Financial Group, Inc. (CFG) opened at 35.62 on Friday. The stock has a 50 day moving average price of $35.82 and a 200-day moving average price of $35.96. Citizens Financial Group, Inc. has a 12 month low of $22.00 and a 12 month high of $39.75. The company has a market capitalization of $18.02 billion, a PE ratio of 15.21 and a beta of 1.31.
Citizens Financial Group (NYSE:CFG) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.04. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. Citizens Financial Group had a net margin of 19.86% and a return on equity of 6.08%. Citizens Financial Group’s revenue was up 9.2% compared to the same quarter last year. During the same period last year, the company posted $0.46 earnings per share. Analysts forecast that Citizens Financial Group, Inc. will post $2.53 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 16th. Investors of record on Wednesday, August 2nd will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.02%. This is a positive change 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 (DPR) is presently 30.64%.
Citizens Financial Group declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that allows the company to buyback $850.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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Several research analysts have recently commented on the company. Morgan Stanley reiterated an “overweight” rating and issued a $41.00 price objective (up previously from $40.00) on shares of Citizens Financial Group in a report on Tuesday, June 6th. Wedbush upgraded Citizens Financial Group from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $39.00 to $41.00 in a report on Monday, May 1st. BMO Capital Markets restated a “market perform” rating and set a $39.00 price target (up previously from $38.00) on shares of Citizens Financial Group in a report on Tuesday, July 25th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Citizens Financial Group in a report on Saturday, April 22nd. Finally, Zacks Investment Research downgraded Citizens Financial Group from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. Citizens Financial Group presently 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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