Citizens Financial Group, Inc. (CFG) Position Increased by TD Asset Management Inc.
TD Asset Management Inc. raised its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 9.9% during the second quarter, Holdings Channel reports. The firm owned 1,042,933 shares of the bank’s stock after buying an additional 93,709 shares during the period. TD Asset Management Inc.’s holdings in Citizens Financial Group were worth $37,211,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of CFG. Goelzer Investment Management Inc. increased its stake in shares of Citizens Financial Group by 3.7% in the second quarter. Goelzer Investment Management Inc. now owns 192,357 shares of the bank’s stock valued at $6,863,000 after buying an additional 6,858 shares during the period. Tdam USA Inc. increased its stake in Citizens Financial Group by 7.9% in the second quarter. Tdam USA Inc. now owns 228,175 shares of the bank’s stock worth $8,134,000 after buying an additional 16,616 shares during the last quarter. IFP Advisors Inc increased its stake in Citizens Financial Group by 172.1% in the second quarter. IFP Advisors Inc now owns 16,050 shares of the bank’s stock worth $573,000 after buying an additional 10,151 shares during the last quarter. Smithfield Trust Co. increased its stake 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. Finally, Seatown Holdings Pte. Ltd. purchased a new stake in Citizens Financial Group during the second quarter worth about $4,995,000. 96.09% of the stock is currently owned by institutional investors.
Citizens Financial Group, Inc. (NYSE:CFG) opened at 35.03 on Thursday. Citizens Financial Group, Inc. has a 52-week low of $22.96 and a 52-week high of $39.75. The company has a market cap of $17.72 billion, a P/E ratio of 14.96 and a beta of 1.31. The stock’s 50 day moving average price is $35.63 and its 200 day moving average price is $35.96.
Citizens Financial Group (NYSE:CFG) last posted its earnings results on Friday, July 21st. The bank reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.04. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Citizens Financial Group had a return on equity of 6.08% and a net margin of 19.86%. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 earnings per share. Analysts expect that Citizens Financial Group, Inc. will post $2.53 earnings per share for the current year.
Citizens Financial Group announced that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that permits the company to repurchase $850.00 million in shares. This repurchase authorization permits the bank to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 2nd will be paid a $0.18 dividend. 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. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.06%. Citizens Financial Group’s payout ratio is presently 30.64%.
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A number of analysts have issued reports on the company. TheStreet raised Citizens Financial Group from a “c” rating to a “b-” rating in a research note on Monday. Zacks Investment Research raised Citizens Financial Group from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a research note on Friday, July 28th. BidaskClub downgraded Citizens Financial Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Citizens Financial Group in a research note on Tuesday, July 25th. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of Citizens Financial Group in a research note on Wednesday, July 5th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. Citizens Financial Group has a consensus 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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