BI Asset Management Fondsmaeglerselskab A S Sells 21,188 Shares of Citizens Financial Group, Inc. $CFG

Key Points

• BI Asset Management Fondsmaeglerselskab A S significantly reduced its stake in Citizens Financial Group by 48.8%, ending up with 22,192 shares valued at approximately $909,000.
• Analyst reports reveal positive sentiment toward Citizens Financial Group, with multiple firms raising their price targets, including JPMorgan Chase raising it to $52.00 and Citigroup to $60.00.
• Citizens Financial Group has initiated a stock buyback program allowing for the repurchase of up to $1.50 billion in shares, indicating management believes the stock is undervalued.

BI Asset Management Fondsmaeglerselskab A S decreased its position in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 48.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,192 shares of the bank's stock after selling 21,188 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Citizens Financial Group were worth $909,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Ameriflex Group Inc. acquired a new stake in shares of Citizens Financial Group during the fourth quarter worth approximately $26,000. Grove Bank & Trust increased its holdings in shares of Citizens Financial Group by 97.1% in the first quarter. Grove Bank & Trust now owns 678 shares of the bank's stock valued at $28,000 after purchasing an additional 334 shares in the last quarter. Colonial Trust Co SC increased its holdings in shares of Citizens Financial Group by 673.0% in the fourth quarter. Colonial Trust Co SC now owns 889 shares of the bank's stock valued at $39,000 after purchasing an additional 774 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Citizens Financial Group by 143.4% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 1,076 shares of the bank's stock valued at $44,000 after purchasing an additional 634 shares in the last quarter. Finally, NBT Bank N A NY acquired a new stake in shares of Citizens Financial Group in the first quarter valued at approximately $45,000. Institutional investors and hedge funds own 94.90% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Citizens Financial Group in a report on Wednesday, May 21st. They issued a "buy" rating and a $50.00 price target for the company. Barclays raised their price target on shares of Citizens Financial Group from $49.00 to $55.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Cowen assumed coverage on shares of Citizens Financial Group in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Wall Street Zen raised shares of Citizens Financial Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Finally, DA Davidson raised their price objective on shares of Citizens Financial Group from $49.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Citizens Financial Group currently has an average rating of "Moderate Buy" and a consensus price target of $51.53.

Citizens Financial Group Trading Up 1.2%

Shares of NYSE CFG traded up $0.62 during midday trading on Wednesday, reaching $51.93. 1,905,406 shares of the stock were exchanged, compared to its average volume of 4,762,821. The business has a 50-day simple moving average of $47.27 and a two-hundred day simple moving average of $42.82. The company has a market capitalization of $22.40 billion, a price-to-earnings ratio of 15.77, a P/E/G ratio of 0.55 and a beta of 0.78. Citizens Financial Group, Inc. has a 12 month low of $32.60 and a 12 month high of $52.01. 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 (NYSE:CFG - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The bank reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.04. The company had revenue of $2.04 billion for the quarter, compared to analysts' expectations of $2.01 billion. Citizens Financial Group had a net margin of 13.26% and a return on equity of 6.94%. The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $0.82 earnings per share. As a group, equities research analysts expect that Citizens Financial Group, Inc. will post 3.92 EPS for the current year.

Citizens Financial Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Thursday, July 31st. Citizens Financial Group's payout ratio is currently 51.06%.

Citizens Financial Group announced that its board has approved a stock repurchase plan on Friday, June 13th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 8.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Citizens Financial Group Company Profile

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.