ABC Arbitrage SA Makes New Investment in Citizens Financial Group, Inc. (NYSE:CFG)

Key Points

• ABC Arbitrage SA invested approximately $1.23 million in Citizens Financial Group, acquiring nearly 30,000 shares during the first quarter of the year.
• Citizens Financial Group's recent quarterly earnings report showed an earnings per share (EPS) of $0.92, exceeding analyst estimates and representing a 3.8% year-over-year revenue increase.
• The bank's Board of Directors has authorized a $1.50 billion share buyback plan, indicating their confidence in the company's value and commitment to returning capital to shareholders.

ABC Arbitrage SA acquired a new position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 29,966 shares of the bank's stock, valued at approximately $1,228,000.

A number of other large investors have also recently made changes to their positions in the business. Great Valley Advisor Group Inc. boosted its holdings in Citizens Financial Group by 0.6% in the fourth quarter. Great Valley Advisor Group Inc. now owns 39,766 shares of the bank's stock worth $1,740,000 after acquiring an additional 224 shares in the last quarter. True Wealth Design LLC boosted its holdings in Citizens Financial Group by 10.5% in the fourth quarter. True Wealth Design LLC now owns 2,890 shares of the bank's stock worth $126,000 after acquiring an additional 275 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Citizens Financial Group by 0.5% during the first quarter. Park Avenue Securities LLC now owns 53,879 shares of the bank's stock valued at $2,207,000 after purchasing an additional 289 shares in the last quarter. Old Port Advisors lifted its holdings in shares of Citizens Financial Group by 0.9% during the first quarter. Old Port Advisors now owns 32,767 shares of the bank's stock valued at $1,342,000 after purchasing an additional 296 shares in the last quarter. Finally, Gallagher Fiduciary Advisors LLC lifted its holdings in shares of Citizens Financial Group by 1.9% during the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 17,386 shares of the bank's stock valued at $761,000 after purchasing an additional 327 shares in the last quarter. 94.90% of the stock is currently owned by institutional investors.

Citizens Financial Group Stock Performance

Citizens Financial Group stock traded up $0.65 during mid-day trading on Friday, reaching $47.29. 3,150,619 shares of the stock traded hands, compared to its average volume of 5,305,761. The stock has a market capitalization of $20.40 billion, a PE ratio of 14.37, a price-to-earnings-growth ratio of 0.52 and a beta of 0.78. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.85 and a quick ratio of 0.84. Citizens Financial Group, Inc. has a 12-month low of $32.60 and a 12-month high of $49.98. The business's 50-day moving average is $45.31 and its 200-day moving average is $42.69.

Citizens Financial Group (NYSE:CFG - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.04. The business had revenue of $2.04 billion during the quarter, compared to analysts' expectations of $2.01 billion. Citizens Financial Group had a return on equity of 6.94% and a net margin of 13.26%. The business's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.82 earnings per share. As a group, sell-side analysts predict that Citizens Financial Group, Inc. will post 3.92 EPS for the current fiscal year.

Citizens Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be given a $0.42 dividend. The ex-dividend date is Thursday, July 31st. This represents a $1.68 dividend on an annualized basis and a yield of 3.6%. Citizens Financial Group's dividend payout ratio is presently 51.06%.

Citizens Financial Group announced that its Board of Directors has approved a share repurchase program on Friday, June 13th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the bank to buy up to 8.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CFG. Raymond James Financial upped their price target on Citizens Financial Group from $48.00 to $57.00 and gave the company a "strong-buy" rating in a report on Friday, July 18th. Truist Financial lowered their price target on Citizens Financial Group from $51.00 to $43.00 and set a "hold" rating on the stock in a report on Thursday, April 17th. Citigroup upped their price target on Citizens Financial Group from $57.00 to $60.00 and gave the company a "buy" rating in a report on Monday, July 21st. The Goldman Sachs Group lowered their price target on Citizens Financial Group from $55.00 to $48.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Finally, Royal Bank Of Canada lowered their price target on Citizens Financial Group from $50.00 to $44.00 and set an "outperform" rating on the stock in a report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $51.53.

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.