Citizens Financial Group (NYSE:CFG) Shares Gap Up Following Dividend Announcement

Citizens Financial Group, Inc. (NYSE:CFG)’s stock price gapped up before the market opened on Wednesday following a dividend announcement from the company. The stock had previously closed at $32.41, but opened at $33.28. Citizens Financial Group shares last traded at $33.28, with a volume of 4,663,974 shares trading hands.

The newly announced dividend which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date of this dividend is Tuesday, April 30th. Citizens Financial Group’s dividend payout ratio (DPR) is presently 60.87%.

Wall Street Analysts Forecast Growth

CFG has been the topic of several recent research reports. Jefferies Financial Group upped their price target on shares of Citizens Financial Group from $35.00 to $36.00 and gave the company a “hold” rating in a report on Monday, April 8th. Morgan Stanley increased their target price on shares of Citizens Financial Group from $31.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Royal Bank of Canada increased their target price on shares of Citizens Financial Group from $33.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. Keefe, Bruyette & Woods increased their target price on shares of Citizens Financial Group from $35.00 to $39.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Finally, TheStreet raised shares of Citizens Financial Group from a “c+” rating to a “b-” rating in a research note on Tuesday, December 26th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $36.29.

Citizens Financial Group Trading Up 3.3 %

The stock has a market capitalization of $15.58 billion, a PE ratio of 11.82 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The business’s 50-day moving average is $33.28 and its two-hundred day moving average is $30.58.

Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings results on Wednesday, April 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.10). The firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.96 billion. Citizens Financial Group had a return on equity of 6.62% and a net margin of 11.52%. The company’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.00 earnings per share. On average, analysts anticipate that Citizens Financial Group, Inc. will post 3.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Craig Jack Read sold 4,508 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $33.54, for a total value of $151,198.32. Following the transaction, the insider now owns 43,885 shares of the company’s stock, valued at approximately $1,471,902.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.62% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Citizens Financial Group

A number of large investors have recently added to or reduced their stakes in the company. Norden Group LLC bought a new stake in Citizens Financial Group in the 1st quarter valued at about $786,000. MV Capital Management Inc. raised its position in shares of Citizens Financial Group by 141.1% during the 1st quarter. MV Capital Management Inc. now owns 65,773 shares of the bank’s stock worth $2,387,000 after buying an additional 38,491 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in shares of Citizens Financial Group during the 1st quarter worth about $1,037,000. Diversified Trust Co grew its stake in shares of Citizens Financial Group by 5.7% in the 1st quarter. Diversified Trust Co now owns 10,532 shares of the bank’s stock worth $382,000 after purchasing an additional 570 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its stake in shares of Citizens Financial Group by 21.0% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 11,460 shares of the bank’s stock worth $416,000 after purchasing an additional 1,991 shares during the last quarter. 94.90% of the stock is owned by institutional investors and hedge funds.

Citizens Financial Group Company Profile

Citizens Financial Group, Inc operates as the bank holding company 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.