177,591 Citizens Financial Group, Inc. $CFG Shares Acquired by Mystic Asset Management Inc.

Key Points

• Mystic Asset Management increased its Citizens Financial Group stake by 1,949.6% in the third quarter, acquiring 177,591 shares for a total holding of 186,700 shares valued at approximately $11.9 million.
• Institutional ownership remains high at 94.9%, while CEO Bruce Van Saun sold 129,369 shares worth about $9.3 million; insiders own 0.67% of the stock.
• Citizens Financial reported quarterly EPS of $1.30, exceeding estimates, with revenue rising 12.1% year over year to $2.28 billion. Analysts maintain a “Moderate Buy” consensus and an average price target of $79.08 versus the reported share price of $63.80.

Mystic Asset Management Inc. increased its position in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 1,949.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 186,700 shares of the bank's stock after buying an additional 177,591 shares during the period. Citizens Financial Group comprises approximately 2.6% of Mystic Asset Management Inc.'s holdings, making the stock its 7th largest holding. Mystic Asset Management Inc.'s holdings in Citizens Financial Group were worth $11,904,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue lifted its stake in Citizens Financial Group by 1,585.2% in the third quarter. State of Alaska Department of Revenue now owns 698,268 shares of the bank's stock worth $44,522,000 after acquiring an additional 656,833 shares during the period. Cherry Tree Wealth Management LLC increased its position in Citizens Financial Group by 11,427.8% during the 3rd quarter. Cherry Tree Wealth Management LLC now owns 2,075 shares of the bank's stock valued at $132,000 after purchasing an additional 2,057 shares during the period. Curated Wealth Partners LLC increased its position in Citizens Financial Group by 79.4% during the 3rd quarter. Curated Wealth Partners LLC now owns 52,448 shares of the bank's stock valued at $3,344,000 after purchasing an additional 23,220 shares during the period. InvesTrust bought a new stake in shares of Citizens Financial Group in the 3rd quarter valued at about $3,926,000. Finally, Nvwm LLC raised its holdings in shares of Citizens Financial Group by 15,228.2% in the 3rd quarter. Nvwm LLC now owns 13,029 shares of the bank's stock valued at $831,000 after purchasing an additional 12,944 shares in the last quarter. Hedge funds and other institutional investors own 94.90% of the company's stock.

Insider Activity at Citizens Financial Group

In other news, CEO Bruce Van Saun sold 129,369 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $72.07, for a total value of $9,323,623.83. Following the transaction, the chief executive officer owned 1,140,763 shares in the company, valued at $82,214,789.41. This trade represents a 10.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.67% of the stock is owned by insiders.

Citizens Financial Group Price Performance

Shares of NYSE:CFG traded up $1.24 during trading on Thursday, reaching $63.80. 1,514,824 shares of the company's stock traded hands, compared to its average volume of 4,580,229. The firm has a market cap of $26.87 billion, a PE ratio of 13.84, a P/E/G ratio of 0.58 and a beta of 0.72. Citizens Financial Group, Inc. has a fifty-two week low of $47.96 and a fifty-two week high of $75.33. The company has a 50-day simple moving average of $68.40 and a 200-day simple moving average of $67.03. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.63.

Citizens Financial Group (NYSE:CFG - Get Free Report) last announced its earnings results on Thursday, July 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.05. The business had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.25 billion. Citizens Financial Group had a return on equity of 8.85% and a net margin of 17.18%. The business's quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.92 EPS. As a group, analysts predict that Citizens Financial Group, Inc. will post 5.29 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Morgan Stanley lowered their price target on shares of Citizens Financial Group from $90.00 to $89.00 and set an "overweight" rating for the company in a research report on Monday, September 28th. Citigroup lifted their price target on Citizens Financial Group from $78.00 to $84.00 and gave the company a "buy" rating in a report on Monday, July 20th. Cantor Fitzgerald decreased their target price on shares of Citizens Financial Group from $84.00 to $78.00 and set an "overweight" rating for the company in a research report on Wednesday. Weiss Ratings reissued a "buy (b)" rating on shares of Citizens Financial Group in a report on Monday, August 3rd. Finally, Jefferies Financial Group boosted their price objective on shares of Citizens Financial Group from $85.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $79.08.

About Citizens Financial Group

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Its principal subsidiary, Citizens Bank, provides banking and financial services to individuals, families, businesses and institutions through branches, digital channels and other delivery platforms.

The company's consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, credit cards, personal loans and other lending products. Through its commercial banking operations, Citizens provides business loans, commercial real estate financing, treasury management, capital markets services and other solutions for companies and institutional clients.

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