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Prospera Financial Services Inc bought a new stake in shares of Citizens Financial Group, Inc. (NYSE:CFG – Get Rating) during the 1st quarter, Holdings Channel reports. The fund bought 3,039 shares of the bank’s stock, valued at approximately $138,000.
Other hedge funds have also recently made changes to their positions in the company. Daiwa Securities Group Inc. increased its stake in shares of Citizens Financial Group by 4.0% during the first quarter. Daiwa Securities Group Inc. now owns 26,188 shares of the bank’s stock valued at $1,187,000 after buying an additional 996 shares during the period. Victory Capital Management Inc. increased its stake in shares of Citizens Financial Group by 12.2% during the first quarter. Victory Capital Management Inc. now owns 712,659 shares of the bank’s stock valued at $28,708,000 after buying an additional 77,587 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in Citizens Financial Group in the first quarter worth $221,000. Guggenheim Capital LLC grew its stake in Citizens Financial Group by 3.4% in the fourth quarter. Guggenheim Capital LLC now owns 197,892 shares of the bank’s stock worth $9,350,000 after purchasing an additional 6,488 shares during the period. Finally, DNB Asset Management AS grew its stake in Citizens Financial Group by 8.8% in the first quarter. DNB Asset Management AS now owns 67,363 shares of the bank’s stock worth $3,054,000 after purchasing an additional 5,449 shares during the period. 94.81% of the stock is owned by hedge funds and other institutional investors.
Citizens Financial Group Stock Down 1.8 %
CFG stock opened at $36.60 on Friday. Citizens Financial Group, Inc. has a fifty-two week low of $34.35 and a fifty-two week high of $57.00. The business’s 50-day moving average is $37.28 and its two-hundred day moving average is $43.32. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.88 and a current ratio of 0.90. The company has a market cap of $18.13 billion, a price-to-earnings ratio of 9.27 and a beta of 1.41.
Citizens Financial Group (NYSE:CFG – Get Rating) last posted its earnings results on Tuesday, July 19th. The bank reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.35). Citizens Financial Group had a net margin of 25.04% and a return on equity of 10.26%. During the same period in the prior year, the company posted $1.46 earnings per share. As a group, analysts forecast that Citizens Financial Group, Inc. will post 4.38 earnings per share for the current year.
Citizens Financial Group Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 16th. Shareholders of record on Tuesday, August 2nd will be given a $0.42 dividend. This is a boost from Citizens Financial Group’s previous quarterly dividend of $0.39. The ex-dividend date is Monday, August 1st. This represents a $1.68 dividend on an annualized basis and a yield of 4.59%. Citizens Financial Group’s dividend payout ratio is presently 42.53%.
Citizens Financial Group announced that its Board of Directors has approved a share repurchase program on Monday, June 27th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the bank to buy up to 5.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on CFG shares. Barclays reduced their price target on Citizens Financial Group from $62.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. The Goldman Sachs Group reduced their price target on Citizens Financial Group from $60.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. Morgan Stanley reduced their price target on Citizens Financial Group from $53.00 to $51.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. Wedbush increased their target price on Citizens Financial Group to $47.00 in a research note on Friday, July 22nd. Finally, Piper Sandler cut their target price on Citizens Financial Group to $44.00 in a research note on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Citizens Financial Group presently has an average rating of “Moderate Buy” and an average target price of $48.33.
About Citizens Financial Group
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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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Want to see what other hedge funds are holding CFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Citizens Financial Group, Inc. (NYSE:CFG – Get Rating).
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