Citizens Financial Group, Inc. $CFG Stock: Asset Dedication LLC Increases Holdings

Key Points

• Asset Dedication LLC increased its Citizens Financial Group stake by 15,615% in the third quarter, ending with 19,958 shares valued at about $1.27 million. Institutional investors and hedge funds collectively own 94.9% of the stock.
• Analysts maintain a “Moderate Buy” consensus, with 17 Buy ratings and four Hold ratings and an average price target of $76.79.
• Citizens reported quarterly earnings of $1.41 per share, beating estimates of $1.39, while revenue came in below estimates. The bank also raised its quarterly dividend from $0.46 to $0.52 per share.

Asset Dedication LLC boosted its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 15,615.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,958 shares of the bank's stock after purchasing an additional 19,831 shares during the quarter. Asset Dedication LLC's holdings in Citizens Financial Group were worth $1,273,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Cedar Mountain Advisors LLC acquired a new stake in Citizens Financial Group during the first quarter valued at approximately $27,000. Carolina Wealth Advisors LLC acquired a new position in shares of Citizens Financial Group during the third quarter valued at $29,000. Elevation Wealth Partners LLC grew its position in Citizens Financial Group by 319.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank's stock worth $30,000 after purchasing an additional 323 shares during the last quarter. Virtus Advisers LLC bought a new position in Citizens Financial Group in the 2nd quarter worth approximately $35,000. Finally, Keating Financial Advisory Services Inc. bought a new position in shares of Citizens Financial Group in the second quarter worth $35,000. Institutional investors and hedge funds own 94.90% of the company's stock.

Wall Street Analyst Weigh In

CFG has been the topic of a number of research analyst reports. Cantor Fitzgerald lowered their price objective on shares of Citizens Financial Group from $84.00 to $78.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 14th. Keefe, Bruyette & Woods lifted their price objective 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. Raymond James Financial dropped their target price on Citizens Financial Group from $77.00 to $76.00 and set an "outperform" rating on the stock in a report on Monday, October 19th. Argus dropped their price target on shares of Citizens Financial Group from $80.00 to $78.00 in a research note on Monday, October 19th. Finally, Bank of America cut their price objective on shares of Citizens Financial Group from $82.00 to $76.00 in a research report on Thursday, October 8th. Seventeen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $76.79.

Citizens Financial Group Stock Down 0.8%

CFG stock opened at $63.34 on Friday. Citizens Financial Group, Inc. has a twelve month low of $49.00 and a twelve month high of $75.33. The company has a market cap of $26.55 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 0.58 and a beta of 0.74. The business's 50-day simple moving average is $65.87 and its 200 day simple moving average is $65.64. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.74.

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

Citizens Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid 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 yield of 3.3%. The ex-dividend date is Friday, October 30th. Citizens Financial Group's dividend payout ratio is 41.85%.

Citizens Financial Group Profile

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Through Citizens Bank and related businesses, it provides retail and commercial banking services to individuals, businesses and institutions.

Its offerings include checking and savings accounts, mortgages, personal and business loans, credit cards, wealth management, and commercial lending and cash-management services. The company also provides capital markets and other financial services to corporate clients.

Citizens traces its history to High Street Bank, founded in Providence in 1828.

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