Citizens Financial Group, Inc. $CFG Shares Acquired by North Dakota State Investment Board

Key Points

• North Dakota State Investment Board more than doubled its Citizens Financial Group stake by 134.3% in the third quarter, acquiring 17,142 additional shares for a total position valued at approximately $1.9 million.
• Citizens Financial Group reported quarterly EPS of $1.41, exceeding analyst expectations of $1.39, while revenue of $2.32 billion came in slightly below estimates. Institutional investors own 94.9% of the company’s shares.
• The bank raised its quarterly dividend from $0.46 to $0.52 per share, implying an annualized dividend of $2.08 and a 3.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $77.28.

North Dakota State Investment Board lifted its position in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 134.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,905 shares of the bank's stock after acquiring an additional 17,142 shares during the period. North Dakota State Investment Board's holdings in Citizens Financial Group were worth $1,907,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE acquired a new stake in Citizens Financial Group during the second quarter worth about $223,386,000. Freestone Grove Partners LP acquired a new position in Citizens Financial Group in the second quarter valued at approximately $95,642,000. Tidal Investments LLC boosted its stake in Citizens Financial Group by 12.4% in the second quarter. Tidal Investments LLC now owns 145,378 shares of the bank's stock valued at $10,187,000 after acquiring an additional 16,000 shares during the period. Sterling Investment Management LLC bought a new stake in shares of Citizens Financial Group in the 3rd quarter worth approximately $2,164,000. Finally, Citizens Financial Group Inc. RI lifted its holdings in shares of Citizens Financial Group by 145.6% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 773,677 shares of the bank's stock worth $49,330,000 after purchasing an additional 458,698 shares during the last quarter. 94.90% of the stock is currently owned by institutional investors.

Citizens Financial Group Price Performance

NYSE CFG opened at $65.75 on Friday. Citizens Financial Group, Inc. has a 12 month low of $49.00 and a 12 month high of $75.33. The firm has a market capitalization of $27.69 billion, a PE ratio of 13.23, a P/E/G ratio of 0.59 and a beta of 0.72. The company's 50 day simple moving average is $66.56 and its 200 day simple moving average is $65.52. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.86 and a quick ratio of 0.86.

Citizens Financial Group (NYSE:CFG - Get Free Report) last issued its quarterly earnings results on Friday, October 16th. The bank reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. The company had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.34 billion. Citizens Financial Group had a net margin of 18.07% and a return on equity of 9.52%. During the same period in the prior year, the company earned $1.05 EPS. As a group, equities research analysts forecast that Citizens Financial Group, Inc. will post 5.30 EPS for the current fiscal year.

Citizens Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.52 per share. This is a positive change from Citizens Financial Group's previous quarterly dividend of $0.46. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Friday, October 30th. Citizens Financial Group's dividend payout ratio is presently 41.85%.

Wall Street Analysts Forecast Growth

CFG has been the subject of several analyst reports. Citigroup reduced their price target on shares of Citizens Financial Group from $84.00 to $74.00 and set a "buy" rating for the company in a report on Tuesday, October 20th. TD Cowen started coverage on shares of Citizens Financial Group in a report on Thursday, October 8th. They issued a "buy" rating and a $75.00 price objective on the stock. UBS Group cut their price objective on shares of Citizens Financial Group from $82.00 to $77.00 and set a "buy" rating on the stock in a research report on Monday, October 5th. Argus set a $80.00 target price on shares of Citizens Financial Group in a research note on Wednesday, July 29th. Finally, Jefferies Financial Group increased their price target on Citizens Financial Group from $85.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.28.

Citizens Financial Group Company Profile

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 consumers, small businesses, middle-market companies, large corporations and institutional clients.

The company offers consumer deposit accounts, residential mortgages, home equity financing, credit cards, personal loans and other lending products. Its commercial banking activities include business loans, equipment financing, treasury management, capital markets services and investment banking.

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