Transform Wealth LLC trimmed its position in shares of Citizens Financial Group, Inc. (NYSE:CFG – Get Rating) by 76.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,308 shares of the bank’s stock after selling 106,595 shares during the period. Transform Wealth LLC’s holdings in Citizens Financial Group were worth $1,189,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of the company. HighTower Advisors LLC raised its holdings in Citizens Financial Group by 17.7% during the 4th quarter. HighTower Advisors LLC now owns 25,736 shares of the bank’s stock valued at $1,216,000 after buying an additional 3,871 shares during the period. Gotham Asset Management LLC purchased a new stake in Citizens Financial Group during the 4th quarter valued at $218,000. GSA Capital Partners LLP purchased a new stake in Citizens Financial Group during the 4th quarter valued at $270,000. Blair William & Co. IL raised its holdings in Citizens Financial Group by 1.2% during the 4th quarter. Blair William & Co. IL now owns 38,033 shares of the bank’s stock valued at $1,797,000 after buying an additional 435 shares during the period. Finally, LPL Financial LLC raised its holdings in Citizens Financial Group by 14.4% during the 4th quarter. LPL Financial LLC now owns 158,873 shares of the bank’s stock valued at $7,507,000 after buying an additional 20,037 shares during the period. 88.08% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their price target on Citizens Financial Group from $56.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, September 12th. Royal Bank of Canada cut their price objective on Citizens Financial Group from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Thursday, July 7th. Wedbush upped their price objective on Citizens Financial Group to $47.00 in a research report on Friday, July 22nd. Morgan Stanley cut their price objective on Citizens Financial Group from $53.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 20th. Finally, The Goldman Sachs Group cut their price objective on Citizens Financial Group from $60.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, May 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.44.
Citizens Financial Group Stock Down 3.5 %
Citizens Financial Group (NYSE:CFG – Get Rating) last released its quarterly earnings results on Tuesday, July 19th. The bank reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.12. Citizens Financial Group had a return on equity of 10.26% and a net margin of 25.04%. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.99 billion. During the same period last year, the business posted $1.46 earnings per share. On average, research analysts expect that Citizens Financial Group, Inc. will post 4.36 earnings per share for the current year.
Citizens Financial Group declared that its Board of Directors has initiated a stock repurchase program on Monday, June 27th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the bank to repurchase up to 5.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Citizens Financial Group Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 16th. Shareholders of record on Tuesday, August 2nd were paid a $0.42 dividend. The ex-dividend date was Monday, August 1st. This is a boost from Citizens Financial Group’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 4.95%. Citizens Financial Group’s dividend payout ratio (DPR) is 42.53%.
About Citizens Financial Group
Citizens Financial Group, Inc operates as the bank holding company for Citizens Bank, National Association that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, corporations, and institutions in the United States. The company operates in two segments, Consumer Banking and Commercial Banking.
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