10 Best Bank Stocks With High Dividends

8. Citizens Financial Group, Inc. (NYSE:CFG)

Dividend Yield as of December 6: 3.59%

Number of Hedge Fund Holders: 46

Citizens Financial Group, Inc. (NYSE:CFG) is an American bank whose Consumer Banking segment covers everything from deposit accounts and mortgages to credit cards, loans, and wealth management services. Its Commercial Banking side focuses on lending, leasing, treasury management, and risk management solutions for industries like healthcare, technology, and real estate. Citizens Financial Group, Inc. (NYSE:CFG) certainly deserves a spot when discussing the best bank stocks. The bank has massive presence across the US, with 1,000 branches, $219.7 billion in total assets and $175.2 billion in deposits as of September 30, 2024.

In the third quarter, Citizens Financial Group, Inc. (NYSE:CFG) generated a net income of $392 million, with earnings per share of $0.79. The private banking deposits rose to $5.6 billion, up from $4 billion in the last quarter, and assets under management came in at $4.1 billion. CFG’s private banking segment reached break-even by the middle of the quarter and is expected to start adding to earnings in the fourth quarter. The Q4 forecast looks strong, with a nice rebound in net interest income (NII) and fees, giving CFG positive operating leverage. The bank expects credit to stay stable and will keep buying back shares.

Given its strong capital position, Citizens Financial Group, Inc. (NYSE:CFG) repurchased $325 million worth of common shares in Q3 2024. When you factor in dividends, the bank returned a total of $516 million to shareholders in the third quarter. This included a quarterly dividend payment of $0.42 per share distributed on November 13.

Insider Monkey’s Q3 data suggested that Citizens Financial Group, Inc. (NYSE:CFG) was found in 46 hedge fund portfolios, with Cliff Asness’ AQR Capital Management holding the biggest stake. Asness owns 4.6 million shares of CFG valued at almost $190 million.