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Citizens Financial (NYSE: CFG) Stock Jumps 7.3% in Debut; Industry Concerns Loom

CFG stock

Citizens Financial Group Inc. (NYSE: CFG) stock closed its first day of trading today (Wednesday) at $23.08, a 7.3% gain from its offer price of $21.50.

Citizens Financial had initially set a price range of $23 to $26 for its IPO price, so the $21.50 offer price was a disappointment for early investors. Still, the 140 million shares sold made CFG the second-largest IPO of 2014 by raising $3 billion.

The first-day pop for CFG stock was bigger than other banking IPOs in 2014 have seen. In fact, this has been a rough year for financial IPOs, and that doesn't bode well for CFG stock now...