BTC Capital Management Inc. Increases Stock Position in Citizens Financial Group, Inc. $CFG

Key Points

• BTC Capital Management Inc. increased its stake in Citizens Financial Group by 10.3%, purchasing an additional 4,972 shares, bringing its total holdings to 53,167 shares valued at approximately $2.35 million.
• Several analysts have updated their price targets for Citizens Financial Group, with Wells Fargo & Company setting a target of $57.00 and a consensus price target of $52.35 suggesting a favorable outlook.
• Citizens Financial Group announced a $1.50 billion share buyback plan, indicating management's belief that the stock is undervalued, alongside a quarterly dividend of $0.42 per share.

BTC Capital Management Inc. lifted its stake in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 10.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,167 shares of the bank's stock after buying an additional 4,972 shares during the period. BTC Capital Management Inc.'s holdings in Citizens Financial Group were worth $2,349,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Ameriflex Group Inc. purchased a new position in shares of Citizens Financial Group in the fourth quarter worth about $26,000. Investors Research Corp increased its holdings in shares of Citizens Financial Group by 344.8% in the second quarter. Investors Research Corp now owns 645 shares of the bank's stock worth $29,000 after buying an additional 500 shares during the period. Grove Bank & Trust grew its stake 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 worth $28,000 after purchasing an additional 334 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its stake 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 worth $44,000 after purchasing an additional 634 shares during the last quarter. Finally, NBT Bank N A NY bought a new stake in shares of Citizens Financial Group in the first quarter worth about $45,000. Hedge funds and other institutional investors own 94.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CFG. DA Davidson raised their target price on Citizens Financial Group from $49.00 to $55.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Wells Fargo & Company set a $57.00 target price on Citizens Financial Group in a research note on Wednesday, July 2nd. Barclays raised their target price on Citizens Financial Group from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. raised Citizens Financial Group from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $48.50 to $52.00 in a research note on Friday, August 1st. Finally, Cantor Fitzgerald started coverage on Citizens Financial Group in a research note on Wednesday, September 10th. They issued an "overweight" rating and a $61.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $52.35.

Citizens Financial Group Stock Down 1.8%

Citizens Financial Group stock traded down $0.97 during trading hours on Monday, hitting $52.58. 3,353,620 shares of the stock traded hands, compared to its average volume of 4,725,321. The firm's 50-day moving average price is $49.85 and its two-hundred day moving average price is $43.70. Citizens Financial Group, Inc. has a one year low of $32.60 and a one year high of $53.78. The company has a market cap of $22.68 billion, a PE ratio of 15.98, a PEG ratio of 0.59 and a beta of 0.80. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.54.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its earnings results on Thursday, July 17th. The bank reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. Citizens Financial Group had a net margin of 13.26% and a return on equity of 6.94%. The firm had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period last year, the business earned $0.82 earnings per share. The business's revenue was up 3.8% on a year-over-year basis. On average, research analysts forecast that Citizens Financial Group, Inc. will post 3.92 EPS for the current year.

Citizens Financial Group declared that its board has initiated a stock buyback plan on Friday, June 13th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the bank to purchase up to 8.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

Citizens Financial Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Thursday, July 31st. Citizens Financial Group's dividend payout ratio (DPR) is presently 51.06%.

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.