51,373 Shares in Citizens Financial Group, Inc. $CFG Purchased by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 51,373 shares of Citizens Financial Group during the second quarter, valued at approximately $3.6 million. Institutional investors and hedge funds collectively own 94.9% of CFG’s outstanding shares.
• Citizens Financial Group reported quarterly earnings of $1.30 per share, exceeding estimates by $0.05, while revenue rose 12.1% year over year to $2.28 billion. The bank also pays a quarterly dividend of $0.46, for an annualized yield of approximately 2.6%.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $79.25, compared with the stock’s reported price of $69.86.

Bank of Nova Scotia purchased a new stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 51,373 shares of the bank's stock, valued at approximately $3,600,000.

Several other large investors have also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Citizens Financial Group during the 4th quarter worth approximately $26,000. Cedar Mountain Advisors LLC bought a new stake in shares of Citizens Financial Group during the first quarter valued at approximately $27,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Citizens Financial Group in the fourth quarter valued at $29,000. Activest Wealth Management raised its stake in shares of Citizens Financial Group by 5,600.0% in the fourth quarter. Activest Wealth Management now owns 513 shares of the bank's stock valued at $30,000 after purchasing an additional 504 shares in the last quarter. Finally, Elevation Wealth Partners LLC lifted its position in Citizens Financial Group by 319.8% in the second quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank's stock worth $30,000 after purchasing an additional 323 shares during the period. Institutional investors and hedge funds own 94.90% of the company's stock.

Citizens Financial Group Stock Down 0.5%

CFG opened at $69.86 on Wednesday. The firm has a market cap of $29.43 billion, a price-to-earnings ratio of 15.16, a PEG ratio of 0.54 and a beta of 0.67. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 0.86. The firm's 50-day simple moving average is $71.27 and its 200-day simple moving average is $65.62. Citizens Financial Group, Inc. has a twelve month low of $47.96 and a twelve month high of $75.33.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The bank reported $1.30 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 analyst estimates of $2.25 billion. Citizens Financial Group had a net margin of 17.18% and a return on equity of 8.85%. The company's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.92 earnings per share. Equities research analysts anticipate that Citizens Financial Group, Inc. will post 5.3 EPS for the current fiscal year.

Citizens Financial Group Announces Dividend

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

Insider Activity at Citizens Financial Group

In related news, CEO Saun Bruce Van sold 129,369 shares of the firm's stock in a transaction on Friday, July 24th. The stock was 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 directly owned 1,140,763 shares of the company's stock, valued at $82,214,789.41. This trade represents a 10.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.67% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CFG. Keefe, Bruyette & Woods lifted their price target 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. Royal Bank Of Canada increased their price objective on shares of Citizens Financial Group from $70.00 to $79.00 and gave the company an "outperform" rating in a research note on Friday, July 17th. Robert W. Baird raised their price objective on shares of Citizens Financial Group from $72.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, July 17th. Cantor Fitzgerald lifted their target price on shares of Citizens Financial Group from $80.00 to $84.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Citizens Financial Group in a research note on Monday, August 3rd. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $79.25.

About Citizens Financial Group

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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