Citizens Financial Group (NYSE:CFG) Sets New 12-Month High Following Strong Earnings

Shares of Citizens Financial Group, Inc. (NYSE:CFG - Get Free Report) hit a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $49.40 and last traded at $49.04, with a volume of 8211818 shares trading hands. The stock had previously closed at $46.97.

The bank reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.01 billion. Citizens Financial Group had a net margin of 13.26% and a return on equity of 6.94%. Citizens Financial Group's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.82 EPS.

Citizens Financial Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend is Thursday, July 31st. Citizens Financial Group's dividend payout ratio (DPR) is presently 51.06%.

Citizens Financial Group announced that its Board of Directors has initiated a share buyback plan on Friday, June 13th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the bank to purchase up to 8.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Raymond James Financial boosted their price target on Citizens Financial Group from $48.00 to $57.00 and gave the stock a "strong-buy" rating in a research note on Friday. Wells Fargo & Company set a $57.00 price target on Citizens Financial Group in a research note on Wednesday, July 2nd. TD Cowen assumed coverage on Citizens Financial Group in a research note on Thursday, May 15th. They set a "buy" rating and a $57.00 price target on the stock. Cowen assumed coverage on Citizens Financial Group in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Stephens dropped their price target on Citizens Financial Group from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Monday, April 7th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.05.

Hedge Funds Weigh In On Citizens Financial Group

Several hedge funds have recently bought and sold shares of the company. Ameriflex Group Inc. acquired a new stake in Citizens Financial Group in the 4th quarter valued at about $26,000. Trust Co. of Vermont grew its position in shares of Citizens Financial Group by 177.5% during the second quarter. Trust Co. of Vermont now owns 641 shares of the bank's stock worth $29,000 after buying an additional 410 shares in the last quarter. Investors Research Corp grew its position in shares of Citizens Financial Group by 344.8% during the second quarter. Investors Research Corp now owns 645 shares of the bank's stock worth $29,000 after buying an additional 500 shares in the last quarter. Grove Bank & Trust grew its position in shares of Citizens Financial Group by 97.1% during the first quarter. Grove Bank & Trust now owns 678 shares of the bank's stock worth $28,000 after buying an additional 334 shares in the last quarter. Finally, Colonial Trust Co SC grew its position in shares of Citizens Financial Group by 673.0% during the fourth quarter. Colonial Trust Co SC now owns 889 shares of the bank's stock worth $39,000 after buying an additional 774 shares in the last quarter. Institutional investors and hedge funds own 94.90% of the company's stock.

Citizens Financial Group Stock Performance

The firm has a market capitalization of $21.29 billion, a price-to-earnings ratio of 14.79, a P/E/G ratio of 0.83 and a beta of 0.76. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.54. The stock has a 50-day moving average price of $43.05 and a 200 day moving average price of $42.41.

About Citizens Financial Group

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.