First Hawaiian Bank trimmed its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 15.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 43,462 shares of the bank’s stock after selling 8,071 shares during the period. First Hawaiian Bank’s holdings in Citizens Financial Group were worth $1,919,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in Citizens Financial Group in the 4th quarter valued at about $166,208,000. Morgan Stanley lifted its stake in Citizens Financial Group by 16.0% in the 4th quarter. Morgan Stanley now owns 9,355,790 shares of the bank’s stock valued at $334,564,000 after purchasing an additional 1,292,344 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in Citizens Financial Group by 75.3% in the 4th quarter. UBS Asset Management Americas Inc. now owns 2,726,622 shares of the bank’s stock valued at $97,504,000 after purchasing an additional 1,170,998 shares during the last quarter. Lord Abbett & CO. LLC lifted its stake in Citizens Financial Group by 56.7% in the 4th quarter. Lord Abbett & CO. LLC now owns 2,906,730 shares of the bank’s stock valued at $103,945,000 after purchasing an additional 1,052,330 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in Citizens Financial Group by 41.7% in the 4th quarter. Nordea Investment Management AB now owns 2,103,045 shares of the bank’s stock valued at $75,205,000 after purchasing an additional 618,752 shares during the last quarter. Institutional investors own 92.77% of the company’s stock.
Shares of CFG opened at $45.37 on Monday. Citizens Financial Group, Inc. has a 12 month low of $17.15 and a 12 month high of $47.56. The firm’s 50 day moving average is $44.27 and its 200-day moving average is $36.17. The stock has a market capitalization of $19.29 billion, a PE ratio of 20.44 and a beta of 1.87. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.44.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 17th. Stockholders of record on Wednesday, February 3rd were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Tuesday, February 2nd. This represents a $1.56 annualized dividend and a dividend yield of 3.44%. Citizens Financial Group’s dividend payout ratio is presently 40.63%.
Citizens Financial Group announced that its board has initiated a stock buyback program on Wednesday, January 20th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
Several equities research analysts recently issued reports on CFG shares. Zacks Investment Research downgraded shares of Citizens Financial Group from a “strong-buy” rating to a “hold” rating and set a $48.00 target price for the company. in a research note on Tuesday, March 9th. Barclays raised their target price on shares of Citizens Financial Group from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, April 7th. Morgan Stanley increased their price target on shares of Citizens Financial Group from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Wednesday, March 24th. Argus increased their price target on shares of Citizens Financial Group from $34.00 to $47.00 in a report on Thursday, January 21st. Finally, Wedbush increased their price target on shares of Citizens Financial Group from $44.00 to $49.00 and gave the company an “outperform” rating in a report on Thursday, January 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $45.17.
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 in the United States. The company operates in two segments, Consumer Banking and Commercial Banking. The Consumer Banking segment offers traditional banking products and services, including checking and savings accounts, home and education loans, credit cards, business loans, mortgage and home equity lending, and unsecured product finance and personal loans, as well as wealth management and investment services to retail customers and small businesses.
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