NuWave Investment Management LLC increased its position in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 103.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,014 shares of the bank’s stock after purchasing an additional 1,535 shares during the period. NuWave Investment Management LLC’s holdings in Citizens Financial Group were worth $133,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vantage Consulting Group Inc purchased a new position in Citizens Financial Group during the fourth quarter worth about $27,000. Reby Advisors LLC purchased a new position in Citizens Financial Group in the fourth quarter valued at about $31,000. Alpha DNA Investment Management LLC purchased a new position in Citizens Financial Group in the fourth quarter valued at about $31,000. Regent Peak Wealth Advisors LLC purchased a new position in Citizens Financial Group in the fourth quarter valued at about $34,000. Finally, Perigon Wealth Management LLC purchased a new position in Citizens Financial Group in the fourth quarter valued at about $40,000. 92.77% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on CFG. Stephens increased their target price on shares of Citizens Financial Group from $45.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, March 30th. Barclays raised their target price on shares of Citizens Financial Group from $49.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 7th. Credit Suisse Group raised their target price on shares of Citizens Financial Group from $39.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, January 21st. Royal Bank of Canada raised their target price on shares of Citizens Financial Group from $29.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, January 21st. They noted that the move was a valuation call. Finally, Argus raised their target price on shares of Citizens Financial Group from $34.00 to $47.00 in a research report on Thursday, January 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. Citizens Financial Group presently has an average rating of “Buy” and a consensus target price of $45.17.
Citizens Financial Group (NYSE:CFG) last released its quarterly earnings results on Tuesday, January 19th. The bank reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.08. Citizens Financial Group had a net margin of 13.04% and a return on equity of 5.30%. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the firm posted $0.98 EPS. Analysts forecast that Citizens Financial Group, Inc. will post 2.3 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 17th. Investors of record on Wednesday, February 3rd were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.40%. The ex-dividend date was Tuesday, February 2nd. Citizens Financial Group’s dividend payout ratio (DPR) is 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 buy up to 4.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
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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