Allspring Global Investments Holdings LLC Sells 44,270 Shares of Citizens Financial Group, Inc. (NYSE:CFG)

Allspring Global Investments Holdings LLC cut its holdings in Citizens Financial Group, Inc. (NYSE:CFGGet Rating) by 8.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 488,049 shares of the bank’s stock after selling 44,270 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.10% of Citizens Financial Group worth $17,416,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Olstein Capital Management L.P. raised its position in shares of Citizens Financial Group by 1.4% in the 2nd quarter. Olstein Capital Management L.P. now owns 190,800 shares of the bank’s stock worth $6,810,000 after acquiring an additional 2,600 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in Citizens Financial Group by 13.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 133,162 shares of the bank’s stock valued at $4,753,000 after buying an additional 15,684 shares in the last quarter. Meritage Portfolio Management increased its position in Citizens Financial Group by 1.7% in the 2nd quarter. Meritage Portfolio Management now owns 147,679 shares of the bank’s stock valued at $5,271,000 after buying an additional 2,441 shares in the last quarter. BTC Capital Management Inc. increased its position in Citizens Financial Group by 42.2% in the 2nd quarter. BTC Capital Management Inc. now owns 58,651 shares of the bank’s stock valued at $2,090,000 after buying an additional 17,407 shares in the last quarter. Finally, Hohimer Wealth Management LLC increased its position in Citizens Financial Group by 14.9% in the 2nd quarter. Hohimer Wealth Management LLC now owns 95,522 shares of the bank’s stock valued at $3,409,000 after buying an additional 12,381 shares in the last quarter. 88.08% of the stock is owned by institutional investors.

Citizens Financial Group Price Performance

Shares of NYSE CFG opened at $34.17 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $16.94 billion, a PE ratio of 8.65 and a beta of 1.32. The stock’s 50 day moving average price is $36.79 and its 200-day moving average price is $38.29. Citizens Financial Group, Inc. has a twelve month low of $32.65 and a twelve month high of $57.00.

Citizens Financial Group (NYSE:CFGGet Rating) last posted its quarterly earnings results on Tuesday, July 19th. The bank reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.12. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations 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 previous year, the firm posted $1.46 EPS. On average, equities analysts anticipate that Citizens Financial Group, Inc. will post 4.36 EPS for the current year.

Citizens Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 16th. Investors of record on Tuesday, August 2nd were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date of this dividend was Monday, August 1st. This is a boost from Citizens Financial Group’s previous quarterly dividend of $0.39. Citizens Financial Group’s payout ratio is 42.53%.

Citizens Financial Group announced that its board has approved a share repurchase program on Monday, June 27th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 5.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CFG shares. Piper Sandler decreased their target price on Citizens Financial Group to $44.00 in a research report on Friday, July 22nd. Morgan Stanley decreased their target price on Citizens Financial Group from $51.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, October 5th. Jefferies Financial Group decreased their target price on Citizens Financial Group from $46.00 to $40.00 and set a “hold” rating for the company in a research report on Monday, July 11th. Wedbush reiterated an “outperform” rating and set a $44.00 price target on shares of Citizens Financial Group in a research note on Wednesday, September 28th. Finally, Barclays cut their price target on 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. One equities 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 stock. Based on data from MarketBeat, Citizens Financial Group currently has an average rating of “Moderate Buy” and a consensus target price of $46.47.

Citizens Financial Group Company Profile

(Get Rating)

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.

Further Reading

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

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