Prospera Financial Services Inc bought a new position in Citizens Financial Group, Inc. (NYSE:CFG – Get Rating) during the first quarter, according to its most recent filing with the SEC. The firm bought 3,039 shares of the bank’s stock, valued at approximately $138,000.
A number of other large investors also recently modified their holdings of the company. Capital International Investors lifted its holdings in shares of Citizens Financial Group by 26.0% in the 4th quarter. Capital International Investors now owns 29,095,135 shares of the bank’s stock worth $1,374,753,000 after purchasing an additional 6,009,500 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Citizens Financial Group by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,140,964 shares of the bank’s stock worth $526,411,000 after purchasing an additional 69,440 shares in the last quarter. Capital World Investors bought a new position in shares of Citizens Financial Group in the 4th quarter worth $510,236,000. Norges Bank bought a new position in shares of Citizens Financial Group in the 4th quarter worth $229,205,000. Finally, Marshall Wace LLP lifted its holdings in shares of Citizens Financial Group by 1,722.3% in the 4th quarter. Marshall Wace LLP now owns 3,879,285 shares of the bank’s stock worth $183,295,000 after purchasing an additional 3,666,412 shares in the last quarter. 94.81% of the stock is currently owned by institutional investors.
Citizens Financial Group Trading Down 1.8 %
Shares of CFG opened at $36.60 on Friday. The business has a 50-day moving average of $37.28 and a 200 day moving average of $43.32. Citizens Financial Group, Inc. has a fifty-two week low of $34.35 and a fifty-two week high of $57.00. The firm has a market cap of $18.13 billion, a P/E ratio of 9.27 and a beta of 1.41. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.88 and a current ratio of 0.90.
Citizens Financial Group Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 16th. Investors of record on Tuesday, August 2nd will be issued a $0.42 dividend. The ex-dividend date is Monday, August 1st. This represents a $1.68 annualized dividend and a yield of 4.59%. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.39. Citizens Financial Group’s dividend payout ratio (DPR) is 42.53%.
Citizens Financial Group declared that its board has authorized a share buyback plan on Monday, June 27th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the bank to buy up to 5.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on CFG. Wedbush increased their target price on Citizens Financial Group to $47.00 in a report on Friday, July 22nd. UBS Group upgraded Citizens Financial Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $48.00 to $54.00 in a research note on Monday, May 16th. Royal Bank of Canada dropped their price objective on Citizens Financial Group from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, July 7th. Jefferies Financial Group dropped their price objective on Citizens Financial Group from $46.00 to $40.00 and set a “hold” rating on the stock in a research note on Monday, July 11th. Finally, The Goldman Sachs Group dropped their price objective 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $48.33.
Citizens Financial Group Company Profile
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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