Citizens Financial Group, Inc. (NYSE:CFG) – Research analysts at Wedbush increased their FY2021 earnings per share estimates for shares of Citizens Financial Group in a report released on Tuesday, April 6th. Wedbush analyst P. Winter now anticipates that the bank will post earnings per share of $4.21 for the year, up from their prior forecast of $4.19. Wedbush currently has a “Outperform” rating and a $49.00 target price on the stock.
Several other equities research analysts have also recently issued reports on the stock. Compass Point raised shares of Citizens Financial Group from a “neutral” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Friday, February 12th. Stephens boosted their price objective on shares of Citizens Financial Group from $45.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, March 30th. Morgan Stanley boosted their price objective on shares of Citizens Financial Group from $52.00 to $55.00 and gave the company an “overweight” rating in a research report on Wednesday, March 24th. Argus boosted their price objective on shares of Citizens Financial Group from $34.00 to $47.00 in a research report on Thursday, January 21st. Finally, Barclays boosted their price objective on shares of Citizens Financial Group from $49.00 to $54.00 and gave the company an “overweight” rating in a research report on Wednesday. One 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. Citizens Financial Group has a consensus rating of “Buy” and an average price target of $43.63.
Citizens Financial Group (NYSE:CFG) last issued its quarterly earnings results on Tuesday, January 19th. The bank reported $0.99 EPS for the quarter, beating the consensus estimate of $0.91 by $0.08. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.71 billion. Citizens Financial Group had a net margin of 13.04% and a return on equity of 5.30%. During the same period in the prior year, the firm posted $0.98 EPS.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 17th. Stockholders of record on Wednesday, February 3rd were given a $0.39 dividend. The ex-dividend date was Tuesday, February 2nd. This represents a $1.56 annualized dividend and a dividend yield of 3.47%. Citizens Financial Group’s payout ratio is presently 40.63%.
Citizens Financial Group announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 20th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the bank to buy up to 4.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Several institutional investors and hedge funds have recently made changes to their positions in CFG. Norges Bank purchased a new stake in shares of Citizens Financial Group in the 4th quarter worth approximately $166,208,000. Morgan Stanley lifted its position in Citizens Financial Group by 16.0% during the fourth quarter. Morgan Stanley now owns 9,355,790 shares of the bank’s stock valued at $334,564,000 after acquiring an additional 1,292,344 shares during the last quarter. UBS Asset Management Americas Inc. lifted its position in Citizens Financial Group by 75.3% during the fourth quarter. UBS Asset Management Americas Inc. now owns 2,726,622 shares of the bank’s stock valued at $97,504,000 after acquiring an additional 1,170,998 shares during the last quarter. Lord Abbett & CO. LLC boosted its stake in Citizens Financial Group by 56.7% in the fourth quarter. Lord Abbett & CO. LLC now owns 2,906,730 shares of the bank’s stock valued at $103,945,000 after acquiring an additional 1,052,330 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in Citizens Financial Group by 41.7% in the fourth quarter. Nordea Investment Management AB now owns 2,103,045 shares of the bank’s stock worth $75,205,000 after purchasing an additional 618,752 shares during the last quarter. 92.77% of the stock is owned by hedge funds and other institutional investors.
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 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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