Citizens Financial Group, Inc. (NYSE:CFG) Shares Bought by Daiwa Securities Group Inc.
Daiwa Securities Group Inc. boosted its stake in Citizens Financial Group, Inc. (NYSE:CFG) by 42.6% during the second quarter, Holdings Channel reports. The institutional investor owned 19,750 shares of the bank’s stock after buying an additional 5,900 shares during the period. Daiwa Securities Group Inc.’s holdings in Citizens Financial Group were worth $705,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. FTB Advisors Inc. boosted its stake 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 in the last quarter. Coconut Grove Bank boosted its stake 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 in the last quarter. Advisor Partners LLC purchased a new stake in shares of Citizens Financial Group during the first quarter valued at $203,000. IFP Advisors Inc boosted its stake 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 in the last quarter. Finally, CENTRAL TRUST Co boosted its stake in shares of Citizens Financial Group by 22.7% in the first quarter. CENTRAL TRUST Co now owns 6,117 shares of the bank’s stock valued at $211,000 after buying an additional 1,130 shares in the last quarter. 96.09% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Citizens Financial Group, Inc. (NYSE CFG) opened at 33.39 on Friday. The stock’s 50 day moving average is $35.54 and its 200 day moving average is $35.93. Citizens Financial Group, Inc. has a 1-year low of $23.20 and a 1-year high of $39.75. The company has a market capitalization of $16.72 billion, a PE ratio of 14.26 and a beta of 1.31.
Citizens Financial Group (NYSE:CFG) last posted its earnings results on Friday, July 21st. The bank reported $0.63 earnings per share for the quarter, topping the Zacks’ 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 analyst estimates of $1.40 billion. During the same period in the previous year, the firm posted $0.46 EPS. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, equities research analysts anticipate that Citizens Financial Group, Inc. will post $2.53 EPS for the current fiscal year.
Citizens Financial Group announced that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $850.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 2nd will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.16%. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, July 31st. Citizens Financial Group’s payout ratio is presently 30.64%.
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Several analysts have weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $41.00 price objective (up from $40.00) on shares of Citizens Financial Group in a research note on Tuesday, June 6th. Wedbush raised shares of Citizens Financial Group from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $39.00 to $41.00 in a research note on Monday, May 1st. BMO Capital Markets reaffirmed a “market perform” rating and set a $39.00 price objective (up from $38.00) on shares of Citizens Financial Group in a research note on Tuesday, July 25th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Citizens Financial Group in a research note on Saturday, April 22nd. Finally, Zacks Investment Research cut shares of Citizens Financial Group from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $35.19.
About Citizens Financial Group
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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