Citizens Financial Group, Inc. to Issue Quarterly Dividend of $0.18 (CFG)
Citizens Financial Group, Inc. (NYSE:CFG) declared a quarterly dividend on Monday, October 23rd, Wall Street Journal reports. Shareholders of record on Wednesday, November 1st will be paid a dividend of 0.18 per share by the bank on Wednesday, November 15th. This represents a $0.72 annualized dividend and a yield of 1.87%. The ex-dividend date is Tuesday, October 31st.
Citizens Financial Group has a dividend payout ratio of 28.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Citizens Financial Group to earn $2.82 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 25.5%.
Shares of Citizens Financial Group (NYSE:CFG) traded up 0.44% on Monday, reaching $38.50. The company’s stock had a trading volume of 8,428,438 shares. The company’s 50-day moving average is $36.01 and its 200 day moving average is $35.44. The company has a market capitalization of $19.28 billion, a price-to-earnings ratio of 16.44 and a beta of 1.37. Citizens Financial Group has a 12-month low of $25.50 and a 12-month high of $39.75.
Citizens Financial Group (NYSE:CFG) last issued its quarterly earnings results on Friday, October 20th. The bank reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Citizens Financial Group had a return on equity of 6.08% and a net margin of 19.86%. The business’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 earnings per share. Equities analysts anticipate that Citizens Financial Group will post $2.64 earnings per share for the current fiscal year.
Citizens Financial Group announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $850.00 million in shares. This repurchase authorization authorizes the bank to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
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A number of analysts have commented on the company. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Citizens Financial Group in a research report on Monday. TheStreet upgraded Citizens Financial Group from a “c” rating to a “b-” rating in a research report on Monday, August 7th. BidaskClub lowered Citizens Financial Group from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. Zacks Investment Research lowered Citizens Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, Barclays PLC upped their price objective on Citizens Financial Group from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $38.00.
Citizens Financial Group Company Profile
Citizens Financial Group, Inc is a retail bank holding company. The Company operates through two segments: Consumer Banking and Commercial Banking. Its Consumer Banking serves retail customers and small businesses. Consumer Banking products and services include deposit products, mortgage and home equity lending, auto financing, student loans, personal unsecured lines and loans, credit cards, business loans, wealth management and investment services.
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