Comerica Bank Has $3.77 Million Stock Holdings in Citizens Financial Group, Inc. (NYSE:CFG)

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Comerica Bank boosted its stake in shares of Citizens Financial Group, Inc. (NYSE:CFGGet Rating) by 0.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 85,051 shares of the bank’s stock after buying an additional 670 shares during the quarter. Comerica Bank’s holdings in Citizens Financial Group were worth $3,769,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Shaker Investments LLC OH raised its stake in Citizens Financial Group by 0.5% in the first quarter. Shaker Investments LLC OH now owns 70,696 shares of the bank’s stock valued at $3,205,000 after buying an additional 350 shares during the period. Kornitzer Capital Management Inc. KS increased its stake in shares of Citizens Financial Group by 93.9% during the first quarter. Kornitzer Capital Management Inc. KS now owns 603,998 shares of the bank’s stock worth $27,379,000 after purchasing an additional 292,462 shares during the period. ARGI Investment Services LLC increased its stake in shares of Citizens Financial Group by 358.9% during the first quarter. ARGI Investment Services LLC now owns 104,046 shares of the bank’s stock worth $4,716,000 after purchasing an additional 81,373 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Citizens Financial Group by 10.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,324,730 shares of the bank’s stock worth $60,050,000 after purchasing an additional 128,361 shares during the period. Finally, Sciencast Management LP bought a new position in shares of Citizens Financial Group during the first quarter worth approximately $202,000. 94.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CFG shares. Keefe, Bruyette & Woods downgraded Citizens Financial Group from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $64.00 to $54.00 in a research report on Tuesday, April 5th. Royal Bank of Canada reduced their target price on Citizens Financial Group from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, July 7th. Citigroup reduced their target price on Citizens Financial Group from $45.00 to $39.00 in a report on Tuesday, July 12th. The Goldman Sachs Group reduced their target price on Citizens Financial Group from $60.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, May 31st. Finally, Piper Sandler set a $47.00 target price on Citizens Financial Group in a report on Monday, June 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $49.93.

Citizens Financial Group Stock Performance

CFG stock opened at $37.89 on Wednesday. The stock has a 50-day moving average price of $37.57 and a 200-day moving average price of $44.63. Citizens Financial Group, Inc. has a 1-year low of $34.35 and a 1-year high of $57.00. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.29. The firm has a market cap of $18.77 billion, a PE ratio of 8.03 and a beta of 1.45.

Citizens Financial Group (NYSE:CFGGet Rating) last posted its quarterly earnings data on Tuesday, July 19th. The bank reported $0.67 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.35). Citizens Financial Group had a return on equity of 10.69% and a net margin of 30.67%. During the same period in the prior year, the business earned $1.46 earnings per share. As a group, equities research analysts expect that Citizens Financial Group, Inc. will post 4.74 earnings per share for the current year.

Citizens Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 16th. Stockholders of record on Tuesday, August 2nd will be given a $0.42 dividend. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 4.43%. Citizens Financial Group’s dividend payout ratio (DPR) is 33.05%.

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

Insider Activity at Citizens Financial Group

In other news, Director Terrance Lillis bought 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 26th. The stock was acquired at an average cost of $41.31 per share, with a total value of $41,310.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $82,620. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.48% of the stock is currently owned by corporate insiders.

About Citizens Financial Group

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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

Want to see what other hedge funds are holding CFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Citizens Financial Group, Inc. (NYSE:CFGGet Rating).

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