152,132 Shares in Citizens Financial Group, Inc. $CFG Bought by Cibc World Market Inc.

Key Points

• CIBC World Markets bought 152,132 shares of Citizens Financial Group in the second quarter, valued at approximately $10.66 million. Institutional investors collectively own 94.9% of CFG’s outstanding stock.
• Citizens Financial Group reported quarterly EPS of $1.30, exceeding analyst expectations of $1.25, while revenue rose 12.1% year over year to $2.28 billion.
• The company maintains a quarterly dividend of $0.46 per share, equivalent to a 2.6% annualized yield. Analysts have a consensus “Moderate Buy” rating and an average price target of $79.25.

Cibc World Market Inc. bought a new stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 152,132 shares of the bank's stock, valued at approximately $10,660,000.

Several other hedge funds also recently added to or reduced their stakes in CFG. BlackRock Inc. purchased a new stake in shares of Citizens Financial Group in the second quarter worth about $3,415,046,000. Geode Capital Management LLC grew its holdings in Citizens Financial Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 11,361,142 shares of the bank's stock worth $661,052,000 after acquiring an additional 32,264 shares during the period. Morgan Stanley raised its position in Citizens Financial Group by 2.7% during the fourth quarter. Morgan Stanley now owns 11,217,975 shares of the bank's stock valued at $655,242,000 after acquiring an additional 298,779 shares in the last quarter. Capital International Investors lifted its holdings in Citizens Financial Group by 32.3% in the fourth quarter. Capital International Investors now owns 8,000,750 shares of the bank's stock valued at $467,389,000 after acquiring an additional 1,953,372 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Citizens Financial Group by 56.9% in the fourth quarter. AQR Capital Management LLC now owns 7,722,559 shares of the bank's stock valued at $451,075,000 after acquiring an additional 2,799,050 shares during the period. 94.90% of the stock is owned by hedge funds and other institutional investors.

Citizens Financial Group Trading Up 0.5%

Shares of NYSE:CFG opened at $70.23 on Tuesday. Citizens Financial Group, Inc. has a 1 year low of $47.96 and a 1 year high of $75.33. The firm has a market capitalization of $29.58 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 0.53 and a beta of 0.67. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.86 and a quick ratio of 0.85. The business's 50 day moving average price is $71.22 and its 200-day moving average price is $65.59.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.05. The firm had revenue of $2.28 billion for the quarter, compared to analysts' expectations of $2.25 billion. Citizens Financial Group had a net margin of 17.18% and a return on equity of 8.85%. The firm's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.92 EPS. On average, equities research analysts forecast that Citizens Financial Group, Inc. will post 5.3 earnings per share for the current fiscal year.

Citizens Financial Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, July 30th were given a $0.46 dividend. The ex-dividend date was Thursday, July 30th. This represents a $1.84 annualized dividend and a dividend yield of 2.6%. Citizens Financial Group's dividend payout ratio (DPR) is 39.91%.

Insider Activity

In other news, CEO Saun Bruce Van sold 129,369 shares of the business's stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $72.07, for a total transaction of $9,323,623.83. Following the completion of the sale, the chief executive officer owned 1,140,763 shares of the company's stock, valued at $82,214,789.41. The trade was a 10.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.67% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Citizens Financial Group in a research note on Monday, August 3rd. Truist Financial boosted their target price on shares of Citizens Financial Group from $72.00 to $80.00 and gave the company a "hold" rating in a research note on Tuesday, July 21st. Morgan Stanley increased their price target on shares of Citizens Financial Group from $73.00 to $79.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. DA Davidson reaffirmed a "neutral" rating on shares of Citizens Financial Group in a report on Friday, August 14th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Citizens Financial Group from $75.00 to $90.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Sixteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Citizens Financial Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.25.

Citizens Financial Group Profile

Citizens Financial Group, Inc NYSE: CFG is a bank holding company that provides a broad range of banking and financial services to individuals, small and middle-market businesses, corporations and institutional clients. Headquartered in Providence, Rhode Island, Citizens conducts its banking operations principally through its primary banking subsidiary, Citizens Bank, and serves customers through a combination of branch locations, ATMs and digital channels. The company is publicly traded and operates under the regulatory framework applicable to U.S.

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