State of Alaska Department of Revenue Reduces Stock Holdings in Citizens Financial Group, Inc. (NYSE:CFG)

State of Alaska Department of Revenue lessened its stake in shares of Citizens Financial Group, Inc. (NYSE:CFGGet Rating) by 17.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 170,739 shares of the bank’s stock after selling 35,280 shares during the quarter. State of Alaska Department of Revenue’s holdings in Citizens Financial Group were worth $6,092,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Capital World Investors acquired a new position in Citizens Financial Group in the fourth quarter valued at $510,236,000. 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 valued at $1,374,753,000 after purchasing an additional 6,009,500 shares during the last quarter. Norges Bank acquired a new stake in shares of Citizens Financial Group in the 4th quarter valued at about $229,205,000. First Trust Advisors LP grew its stake in Citizens Financial Group by 410.9% during the 1st quarter. First Trust Advisors LP now owns 5,770,863 shares of the bank’s stock worth $261,593,000 after buying an additional 4,641,334 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Citizens Financial Group by 1,722.3% during the fourth quarter. Marshall Wace LLP now owns 3,879,285 shares of the bank’s stock worth $183,295,000 after buying an additional 3,666,412 shares during the period. Institutional investors and hedge funds own 88.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CFG shares. Credit Suisse Group lowered their target price on shares of Citizens Financial Group to $42.00 in a research report on Friday, July 22nd. The Goldman Sachs Group dropped their price objective on shares of 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. Wedbush upped their target price on shares of Citizens Financial Group to $47.00 in a report on Friday, July 22nd. Royal Bank of Canada lowered their price target on Citizens Financial Group from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, July 7th. Finally, Wolfe Research reduced their price objective on Citizens Financial Group from $48.00 to $33.00 and set an “underperform” rating for the company in a research note on Thursday, May 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.44.

Citizens Financial Group Stock Up 1.1 %

Citizens Financial Group stock opened at $37.28 on Tuesday. The firm has a market capitalization of $18.48 billion, a price-to-earnings ratio of 9.44 and a beta of 1.40. 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, Inc. has a fifty-two week low of $34.35 and a fifty-two week high of $57.00. The stock’s fifty day moving average is $37.49 and its two-hundred day moving average is $39.91.

Citizens Financial Group (NYSE:CFGGet Rating) last announced its quarterly earnings results on Tuesday, July 19th. The bank reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.12. The company had revenue of $2 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $1.46 earnings per share. Analysts predict that Citizens Financial Group, Inc. will post 4.37 EPS for the current fiscal year.

Citizens Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 16th. Shareholders of record on Tuesday, August 2nd were paid a $0.42 dividend. This is a boost from Citizens Financial Group’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 4.51%. The ex-dividend date of this dividend was Monday, August 1st. Citizens Financial Group’s payout ratio is presently 42.53%.

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

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

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

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