Citizens Financial Group, Inc. $CFG Shares Sold by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC reduced its stake in Citizens Financial Group, Inc. by 16.1%, selling 41,029 shares during the latest quarter, leaving them with holdings worth $10,166,000.
• Citizens Financial Group recently declared a quarterly dividend of $0.42 per share, equating to an annual yield of 3.2%, with a payout ratio of 51.06%.
• Brokerages have shown positive sentiment towards the bank, with Citigroup and UBS Group both raising their target prices and maintaining "buy" ratings on the stock.

Wealth Enhancement Advisory Services LLC decreased its position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 16.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 213,029 shares of the bank's stock after selling 41,029 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Citizens Financial Group were worth $10,166,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameriflex Group Inc. acquired a new stake in Citizens Financial Group during the fourth quarter worth approximately $26,000. Grove Bank & Trust boosted its position in shares of Citizens Financial Group by 97.1% during the 1st quarter. Grove Bank & Trust now owns 678 shares of the bank's stock worth $28,000 after purchasing an additional 334 shares in the last quarter. Investors Research Corp boosted its position in shares of Citizens Financial Group by 344.8% during the 2nd quarter. Investors Research Corp now owns 645 shares of the bank's stock worth $29,000 after purchasing an additional 500 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its position in shares of Citizens Financial Group by 143.4% during the 1st 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 in the last quarter. Finally, NBT Bank N A NY purchased a new stake in shares of Citizens Financial Group during the 1st quarter worth $45,000. Institutional investors and hedge funds own 94.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CFG. Citigroup boosted their target price on shares of Citizens Financial Group from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday. Keefe, Bruyette & Woods upgraded shares of Citizens Financial Group from a "market perform" rating to an "outperform" rating and set a $57.00 target price on the stock in a research report on Wednesday, July 9th. UBS Group boosted their target price on shares of Citizens Financial Group from $50.00 to $53.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Cantor Fitzgerald assumed coverage on shares of Citizens Financial Group in a research report on Wednesday, September 10th. They set an "overweight" rating and a $61.00 target price on the stock. Finally, DA Davidson lifted their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $52.35.

Citizens Financial Group Stock Down 1.8%

CFG opened at $52.58 on Tuesday. The firm has a 50 day moving average price of $49.85 and a 200 day moving average price of $43.70. The company has a market cap of $22.68 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 0.59 and a beta of 0.80. Citizens Financial Group, Inc. has a 1 year low of $32.60 and a 1 year high of $53.78. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.84 and a current ratio of 0.85.

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

Citizens Financial Group Dividend Announcement

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

Citizens Financial Group declared that its board has authorized a share buyback program on Friday, June 13th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the bank to reacquire up to 8.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are 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.

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