Citizens Financial Group, Inc. (CFG) Stake Lowered by Connable Office Inc.
Connable Office Inc. cut its stake in Citizens Financial Group, Inc. (NYSE:CFG) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 74,243 shares of the bank’s stock after selling 84 shares during the period. Connable Office Inc.’s holdings in Citizens Financial Group were worth $2,649,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CFG. FTB Advisors Inc. boosted its position 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 during the last quarter. Coconut Grove Bank boosted its position 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 during the last quarter. Smithfield Trust Co. boosted its position 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 during the last quarter. Advisor Partners LLC purchased a new position in shares of Citizens Financial Group during the first quarter valued at approximately $203,000. Finally, IFP Advisors Inc boosted its position 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 during the last quarter. Institutional investors own 96.09% of the company’s stock.
Citizens Financial Group, Inc. (NYSE:CFG) opened at 35.03 on Thursday. The company has a market cap of $17.72 billion, a price-to-earnings ratio of 14.96 and a beta of 1.31. Citizens Financial Group, Inc. has a 12 month low of $22.96 and a 12 month high of $39.75. The company’s 50-day moving average is $35.63 and its 200-day moving average is $35.96.
Citizens Financial Group (NYSE:CFG) last posted its quarterly 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. Citizens Financial Group had a return on equity of 6.08% and a net margin of 19.86%. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the business earned $0.46 EPS. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities research analysts anticipate that Citizens Financial Group, Inc. will post $2.53 earnings per share for the current year.
Citizens Financial Group announced that its board has authorized a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $850.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
The firm 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 $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Monday, July 31st. This is a boost from Citizens Financial Group’s previous quarterly dividend of $0.14. Citizens Financial Group’s dividend payout ratio is 30.64%.
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Several research analysts have commented on CFG shares. TheStreet upgraded shares of Citizens Financial Group from a “c” rating to a “b-” rating in a report on Monday. Zacks Investment Research upgraded shares of Citizens Financial Group from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a report on Monday, April 24th. Rafferty Capital Markets restated a “buy” rating and set a $40.00 price target (up from $36.00) on shares of Citizens Financial Group in a report on Monday, April 24th. BidaskClub upgraded shares of Citizens Financial Group from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Citizens Financial Group in a report on Thursday, June 22nd. 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. The company presently has a consensus rating of “Hold” and an average price target 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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