Wedge Capital Management L L P NC Raises Stock Position in Citizens Financial Group, Inc. (NYSE:CFG)

Wedge Capital Management L L P NC lifted its stake in shares of Citizens Financial Group, Inc. (NYSE:CFGGet Rating) by 13.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 754,103 shares of the bank’s stock after buying an additional 88,173 shares during the quarter. Wedge Capital Management L L P NC owned about 0.15% of Citizens Financial Group worth $26,914,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. CVA Family Office LLC raised its position in Citizens Financial Group by 655.0% during the 2nd quarter. CVA Family Office LLC now owns 755 shares of the bank’s stock worth $27,000 after buying an additional 655 shares during the last quarter. Raleigh Capital Management Inc. purchased a new position in Citizens Financial Group during the 1st quarter worth $31,000. Carolinas Wealth Consulting LLC raised its position in Citizens Financial Group by 37.4% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 772 shares of the bank’s stock worth $36,000 after buying an additional 210 shares during the last quarter. Mystic Asset Management Inc. purchased a new position in Citizens Financial Group during the 4th quarter worth $37,000. Finally, J.W. Cole Advisors Inc. purchased a new position in Citizens Financial Group during the 1st quarter worth $38,000. Hedge funds and other institutional investors own 88.08% of the company’s stock.

Citizens Financial Group Trading Down 2.2 %

Shares of CFG stock opened at $36.87 on Monday. The firm has a market cap of $18.27 billion, a P/E ratio of 9.33 and a beta of 1.40. Citizens Financial Group, Inc. has a 1-year low of $34.35 and a 1-year high of $57.00. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.90 and a quick ratio of 0.88. The firm’s 50-day simple moving average is $37.49 and its 200-day simple moving average is $39.98.

Citizens Financial Group (NYSE:CFGGet Rating) last announced its quarterly earnings data on Tuesday, July 19th. The bank reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.12. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.99 billion. 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 firm posted $1.46 EPS. As a group, equities analysts forecast that Citizens Financial Group, Inc. will post 4.37 EPS for the current year.

Citizens Financial Group declared that its board has approved a stock buyback plan on Monday, June 27th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 5.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Citizens Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 16th. Investors of record on Tuesday, August 2nd were issued a $0.42 dividend. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Monday, August 1st. This represents a $1.68 annualized dividend and a yield of 4.56%. Citizens Financial Group’s dividend payout ratio (DPR) is presently 42.53%.

Analyst Ratings Changes

CFG has been the subject of a number of analyst reports. Citigroup cut their price objective on shares of Citizens Financial Group from $45.00 to $39.00 in a research report on Tuesday, July 12th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Citizens Financial Group from $56.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, September 12th. Wolfe Research lowered their price objective on shares of Citizens Financial Group from $48.00 to $33.00 and set an “underperform” rating on the stock in a research note on Thursday, May 26th. Barclays lowered their price objective on shares of 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. Finally, Credit Suisse Group lowered their price objective on shares of Citizens Financial Group to $42.00 in a research note on Friday, July 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.44.

Citizens Financial Group Profile

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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.

See Also

Institutional Ownership by Quarter for Citizens Financial Group (NYSE:CFG)

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