Foundry Partners LLC Acquires 100,740 Shares of Citizens Financial Group, Inc. (CFG)
Foundry Partners LLC raised its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 30.5% during the second quarter, Holdings Channel reports. The institutional investor owned 431,225 shares of the bank’s stock after buying an additional 100,740 shares during the period. Foundry Partners LLC’s holdings in Citizens Financial Group were worth $15,386,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in CFG. CENTRAL TRUST Co raised its stake in 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. Creative Planning raised its stake in Citizens Financial Group by 6.1% in the first quarter. Creative Planning now owns 12,424 shares of the bank’s stock valued at $429,000 after buying an additional 717 shares in the last quarter. Gulf International Bank UK Ltd raised its stake in Citizens Financial Group by 1.2% in the first quarter. Gulf International Bank UK Ltd now owns 159,262 shares of the bank’s stock valued at $5,502,000 after buying an additional 1,900 shares in the last quarter. Capstone Asset Management Co. raised its stake in Citizens Financial Group by 3.3% in the first quarter. Capstone Asset Management Co. now owns 32,470 shares of the bank’s stock valued at $1,122,000 after buying an additional 1,040 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new stake in Citizens Financial Group during the first quarter valued at approximately $713,000. 96.09% of the stock is owned by institutional investors and hedge funds.
Citizens Financial Group, Inc. (CFG) opened at 33.71 on Friday. The firm has a 50-day moving average of $35.58 and a 200 day moving average of $35.94. The firm has a market cap of $16.88 billion, a price-to-earnings ratio of 14.39 and a beta of 1.31. Citizens Financial Group, Inc. has a 1-year low of $22.96 and a 1-year high of $39.75.
Citizens Financial Group (NYSE:CFG) last announced its earnings results on Friday, July 21st. The bank reported $0.63 EPS for the quarter, topping the consensus estimate of $0.59 by $0.04. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.40 billion. Citizens Financial Group had a net margin of 19.86% and a return on equity of 6.08%. The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the company posted $0.46 EPS. Analysts expect that Citizens Financial Group, Inc. will post $2.53 earnings per share for the current fiscal year.
The business 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 is an increase from Citizens Financial Group’s previous quarterly dividend of $0.14. This represents a $0.72 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Monday, July 31st. Citizens Financial Group’s dividend payout ratio (DPR) is 30.64%.
Citizens Financial Group announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $850.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.
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CFG has been the subject of several recent research reports. Piper Jaffray Companies raised shares of Citizens Financial Group from a “neutral” rating to an “overweight” rating and increased their target price for the company from $38.00 to $41.00 in a research note on Friday, April 21st. Citigroup Inc. reissued a “hold” rating on shares of Citizens Financial Group in a research note on Friday, April 21st. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Citizens Financial Group in a research note on Saturday, April 22nd. Rafferty Capital Markets reissued a “buy” rating and set 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 raised shares of Citizens Financial Group from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a research note on Monday, April 24th. Two investment 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. Citizens Financial Group currently has a consensus rating of “Hold” and an average target price 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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