BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $18.78 Million Stake in Citizens Financial Group, Inc. (NYSE:CFG)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in Citizens Financial Group, Inc. (NYSE:CFG) by 6.9% during the second quarter, Holdings Channel reports. The firm owned 526,336 shares of the bank’s stock after selling 38,913 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Citizens Financial Group were worth $18,780,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Smithfield Trust Co. raised its position in Citizens Financial Group by 1.4% in the second quarter. Smithfield Trust Co. now owns 4,994 shares of the bank’s stock worth $178,000 after buying an additional 70 shares during the last quarter. Louisiana State Employees Retirement System raised its position in Citizens Financial Group by 0.3% in the second quarter. Louisiana State Employees Retirement System now owns 31,400 shares of the bank’s stock worth $1,120,000 after buying an additional 100 shares during the last quarter. Bancorpsouth Inc. raised its position in Citizens Financial Group by 0.9% in the first quarter. Bancorpsouth Inc. now owns 14,542 shares of the bank’s stock worth $502,000 after buying an additional 131 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in Citizens Financial Group by 1.5% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 9,829 shares of the bank’s stock worth $340,000 after buying an additional 149 shares during the last quarter. Finally, Wedbush Securities Inc. raised its position in Citizens Financial Group by 0.8% in the second quarter. Wedbush Securities Inc. now owns 38,873 shares of the bank’s stock worth $1,387,000 after buying an additional 306 shares during the last quarter. Institutional investors and hedge funds own 96.86% of the company’s stock.
Shares of Citizens Financial Group, Inc. (NYSE:CFG) opened at 34.22 on Tuesday. Citizens Financial Group, Inc. has a one year low of $22.96 and a one year high of $39.75. The company has a market capitalization of $17.13 billion, a P/E ratio of 14.61 and a beta of 1.31. The firm has a 50-day moving average of $35.53 and a 200-day moving average of $35.89.
Citizens Financial Group (NYSE:CFG) last released its quarterly earnings data on Friday, July 21st. The bank reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.04. Citizens Financial Group had a net margin of 19.86% and a return on equity of 6.08%. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the company earned $0.46 earnings per share. The company’s quarterly revenue was up 9.2% on a year-over-year basis. Equities research analysts expect that Citizens Financial Group, Inc. will post $2.53 EPS for the current fiscal year.
Citizens Financial Group declared that its board has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $850.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 2nd will be issued a $0.18 dividend. This is an increase from Citizens Financial Group’s previous quarterly dividend of $0.14. This represents a $0.72 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Monday, July 31st. Citizens Financial Group’s payout ratio is currently 30.64%.
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CFG has been the topic of a number of research analyst reports. Piper Jaffray Companies upgraded shares of Citizens Financial Group from a “neutral” rating to an “overweight” rating and raised their target price for the company from $38.00 to $41.00 in a research note on Friday, April 21st. Citigroup Inc. reiterated a “hold” rating on shares of Citizens Financial Group in a research note on Friday, April 21st. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Citizens Financial Group in a research note on Saturday, April 22nd. Rafferty Capital Markets reiterated a “buy” rating and issued a $40.00 target price (up from $36.00) on shares of Citizens Financial Group in a research note on Monday, April 24th. Finally, Zacks Investment Research upgraded shares of Citizens Financial Group from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Monday, April 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. Citizens Financial Group currently has an average rating of “Hold” and a consensus 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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