Principal Financial Group Inc. boosted its position in shares of Citizens Financial Group, Inc. (NYSE:CFG – Get Rating) by 10.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 618,306 shares of the bank’s stock after buying an additional 56,607 shares during the quarter. Principal Financial Group Inc.’s holdings in Citizens Financial Group were worth $22,068,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CFG. Capital World Investors increased its stake in Citizens Financial Group by 76.0% during the first quarter. Capital World Investors now owns 19,002,482 shares of the bank’s stock valued at $861,383,000 after acquiring an additional 8,203,831 shares during the period. First Trust Advisors LP grew its stake in shares of Citizens Financial Group by 410.9% in the 1st quarter. First Trust Advisors LP now owns 5,770,863 shares of the bank’s stock valued at $261,593,000 after purchasing an additional 4,641,334 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Citizens Financial Group in the 2nd quarter valued at approximately $37,423,000. Qube Research & Technologies Ltd grew its position in Citizens Financial Group by 525.1% during the 1st quarter. Qube Research & Technologies Ltd now owns 1,168,323 shares of the bank’s stock worth $52,960,000 after acquiring an additional 981,436 shares during the last quarter. Finally, KBC Group NV grew its position in Citizens Financial Group by 138.0% during the 1st quarter. KBC Group NV now owns 1,105,035 shares of the bank’s stock worth $50,092,000 after acquiring an additional 640,711 shares during the last quarter. 88.08% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on CFG shares. Morgan Stanley decreased their price target on Citizens Financial Group from $51.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 5th. Compass Point decreased their price target on Citizens Financial Group to $42.00 in a research report on Thursday, October 20th. JPMorgan Chase & Co. increased their price target on Citizens Financial Group from $39.50 to $43.00 in a research report on Wednesday, November 2nd. Wedbush restated an “outperform” rating and set a $44.00 price target on shares of Citizens Financial Group in a research report on Wednesday, September 28th. Finally, Citigroup increased their price target on Citizens Financial Group to $42.00 in a research report on Tuesday, November 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.71.
Citizens Financial Group Price Performance
Citizens Financial Group (NYSE:CFG – Get Rating) last released its quarterly earnings data on Wednesday, October 19th. The bank reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.09. Citizens Financial Group had a net margin of 24.05% and a return on equity of 10.88%. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the prior year, the company earned $1.22 EPS. On average, research analysts expect that Citizens Financial Group, Inc. will post 4.13 EPS for the current year.
Citizens Financial Group Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 16th. Investors of record on Wednesday, November 2nd were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend was Tuesday, November 1st. Citizens Financial Group’s dividend payout ratio is currently 42.00%.
About Citizens Financial Group
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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