Ashurst Perkins Coie Trust Co Purchases New Position in Citizens Financial Group, Inc. $CFG

Key Points

• Ashurst Perkins Coie Trust Co acquired 62,520 shares of Citizens Financial Group in the third quarter, valued at approximately $3.99 million. Institutional investors collectively own 94.9% of the bank’s outstanding stock.
• Citizens Financial Group’s latest quarterly results exceeded expectations, with earnings of $1.30 per share and revenue of $2.28 billion, up 12.1% year over year.
• Analysts maintain a generally positive outlook, giving CFG a consensus “Moderate Buy” rating and an average price target of $79.08, compared with a reported opening price of $62.51.

Ashurst Perkins Coie Trust Co acquired a new position in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 62,520 shares of the bank's stock, valued at approximately $3,986,000.

A number of other institutional investors also recently bought and sold shares of CFG. Cedar Mountain Advisors LLC purchased a new stake in shares of Citizens Financial Group in the first quarter valued at $27,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in Citizens Financial Group in the fourth quarter valued at approximately $29,000. Elevation Wealth Partners LLC grew its holdings in Citizens Financial Group by 319.8% in the second quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank's stock valued at $30,000 after purchasing an additional 323 shares during the period. Virtus Advisers LLC acquired a new position in Citizens Financial Group during the second quarter worth approximately $35,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in Citizens Financial Group during the second quarter worth approximately $35,000. 94.90% of the stock is currently owned by hedge funds and other institutional investors.

Citizens Financial Group Price Performance

Shares of NYSE CFG opened at $62.51 on Thursday. Citizens Financial Group, Inc. has a 1-year low of $47.96 and a 1-year high of $75.33. The business has a 50-day moving average of $68.40 and a 200-day moving average of $67.03. 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 company has a market capitalization of $26.33 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 0.58 and a beta of 0.72.

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, topping the consensus estimate of $1.25 by $0.05. Citizens Financial Group had a return on equity of 8.85% and a net margin of 17.18%. The firm had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same period in the previous year, the company posted $0.92 EPS. Citizens Financial Group's revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities analysts anticipate that Citizens Financial Group, Inc. will post 5.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CFG shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Citizens Financial Group in a report on Monday, August 3rd. Stephens increased their target price on shares of Citizens Financial Group from $68.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Friday, July 17th. 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 report on Friday, July 17th. DA Davidson restated a "neutral" rating on shares of Citizens Financial Group in a report on Friday, August 14th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Citizens Financial Group from $78.00 to $72.50 and set an "overweight" rating on the stock in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Citizens Financial Group presently has a consensus rating of "Moderate Buy" and an average price target of $79.08.

Insider Activity at Citizens Financial Group

In other news, CEO Bruce Van Saun sold 129,369 shares of the company's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $72.07, for a total value of $9,323,623.83. Following the completion of the transaction, the chief executive officer directly owned 1,140,763 shares in the company, valued at approximately $82,214,789.41. This represents a 10.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.67% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.