Neuberger Berman Group LLC grew its position in Citizens Financial Group, Inc. (NYSE:CFG – Get Rating) by 12.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,711,085 shares of the bank’s stock after purchasing an additional 188,059 shares during the period. Neuberger Berman Group LLC’s holdings in Citizens Financial Group were worth $77,596,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raleigh Capital Management Inc. acquired a new stake in shares of Citizens Financial Group during the first quarter worth approximately $31,000. Carolinas Wealth Consulting LLC boosted its holdings in shares of Citizens Financial Group by 37.4% during the fourth quarter. Carolinas Wealth Consulting LLC now owns 772 shares of the bank’s stock worth $36,000 after purchasing an additional 210 shares during the period. Mystic Asset Management Inc. acquired a new stake in shares of Citizens Financial Group during the fourth quarter worth approximately $37,000. Spire Wealth Management boosted its holdings in shares of Citizens Financial Group by 24.3% during the first quarter. Spire Wealth Management now owns 1,483 shares of the bank’s stock worth $67,000 after purchasing an additional 290 shares during the period. Finally, Ten Capital Wealth Advisors LLC acquired a new stake in shares of Citizens Financial Group during the first quarter worth approximately $73,000. 88.08% of the stock is currently owned by institutional investors and hedge funds.
Citizens Financial Group Trading Down 2.2 %
Shares of CFG stock opened at $36.87 on Friday. Citizens Financial Group, Inc. has a 1 year low of $34.35 and a 1 year high of $57.00. The firm’s fifty day simple moving average is $37.49 and its 200 day simple moving average is $40.05. The firm has a market capitalization of $18.27 billion, a P/E ratio of 9.33 and a beta of 1.40. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.65.
Citizens Financial Group announced that its board has authorized a share buyback program on Monday, June 27th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the bank to reacquire up to 5.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Citizens Financial Group Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 16th. Shareholders of record on Tuesday, August 2nd were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Monday, August 1st. This represents a $1.68 dividend on an annualized basis and a yield of 4.56%. This is an increase from Citizens Financial Group’s previous quarterly dividend of $0.39. Citizens Financial Group’s payout ratio is currently 42.53%.
Wall Street Analyst Weigh In
Several analysts recently commented on CFG shares. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Citizens Financial Group from $56.00 to $50.00 and set a “buy” rating for the company in a report on Monday, September 12th. Jefferies Financial Group reduced their target price on shares of Citizens Financial Group from $46.00 to $40.00 and set a “hold” rating for the company in a research note on Monday, July 11th. Barclays reduced their target price on shares of Citizens Financial Group from $62.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, July 20th. Wedbush lifted their target price on shares of Citizens Financial Group to $47.00 in a research note on Friday, July 22nd. Finally, The Goldman Sachs Group reduced their target price on shares of Citizens Financial Group from $60.00 to $49.00 and set a “buy” rating for the company 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 nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Citizens Financial Group presently has an average rating of “Moderate Buy” and an average price target of $48.44.
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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