NFJ Investment Group LLC purchased a new stake in shares of Citizens Financial Group, Inc. (NYSE:CFG) in the second quarter, Holdings Channel.com reports. The firm purchased 285,857 shares of the bank’s stock, valued at approximately $13,112,000.
A number of other hedge funds also recently added to or reduced their stakes in CFG. Harvest Fund Management Co. Ltd acquired a new position in Citizens Financial Group during the 1st quarter valued at about $30,000. Red Door Wealth Management LLC acquired a new position in Citizens Financial Group during the 2nd quarter valued at about $30,000. E Fund Management Co. Ltd. acquired a new position in Citizens Financial Group during the 1st quarter valued at about $33,000. Bedel Financial Consulting Inc. boosted its stake in Citizens Financial Group by 235.8% during the 2nd quarter. Bedel Financial Consulting Inc. now owns 712 shares of the bank’s stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. Finally, MUFG Americas Holdings Corp boosted its stake in Citizens Financial Group by 475.2% during the 2nd quarter. MUFG Americas Holdings Corp now owns 811 shares of the bank’s stock valued at $37,000 after purchasing an additional 670 shares during the last quarter. Institutional investors and hedge funds own 91.64% of the company’s stock.
CFG has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods upgraded Citizens Financial Group from a “market perform” rating to an “outperform” rating in a research note on Wednesday, July 7th. Zacks Investment Research upgraded Citizens Financial Group from a “hold” rating to a “strong-buy” rating and set a $48.00 target price on the stock in a research note on Wednesday, July 14th. Morgan Stanley boosted their target price on Citizens Financial Group from $56.00 to $57.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 26th. Citigroup initiated coverage on Citizens Financial Group in a research note on Friday, July 16th. They issued a “hold” rating and a $43.65 target price on the stock. Finally, Barclays boosted their target price on Citizens Financial Group from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, July 8th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Citizens Financial Group currently has an average rating of “Buy” and an average price target of $47.73.
Citizens Financial Group (NYSE:CFG) last released its quarterly earnings data on Monday, July 19th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.33. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Citizens Financial Group had a net margin of 28.12% and a return on equity of 10.11%. During the same period in the previous year, the company earned $0.53 EPS. On average, sell-side analysts expect that Citizens Financial Group, Inc. will post 5.15 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Friday, July 30th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, July 29th. This represents a $1.56 dividend on an annualized basis and a yield of 3.55%. Citizens Financial Group’s payout ratio is 64.73%.
About Citizens Financial Group
Citizens Financial Group, Inc engages in the provision of commercial banking services. It operates through the following segments: Consumer Banking and Commercial Banking. The Consumer Banking segment includes deposit products, mortgage and home equity lending, student loans, auto financing, credit cards, business loans, and wealth management and investment services.
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