Citizens Financial Group, Inc. $CFG Stock: Axecap Investments LLC Trims Position

Key Points

• Axecap Investments cut its Citizens Financial Group stake by 62.8% in the third quarter, selling 31,169 shares and retaining 18,494 shares valued at approximately $1.18 million. Institutional investors collectively own 94.9% of the company.
• Citizens Financial Group reported quarterly EPS of $1.41, exceeding estimates by $0.02, while revenue of $2.32 billion fell slightly short of expectations. The company also raised its quarterly dividend from $0.46 to $0.52, implying a 3.2% annual yield.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus and an average price target of $77.47, despite several recent target-price reductions. CEO Bruce Van Saun separately sold 129,369 shares worth about $9.32 million.

Axecap Investments LLC lowered its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 62.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,494 shares of the bank's stock after selling 31,169 shares during the period. Axecap Investments LLC's holdings in Citizens Financial Group were worth $1,179,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC grew its holdings in shares of Citizens Financial Group by 319.8% in the second quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank's stock valued at $30,000 after purchasing an additional 323 shares during the period. Cedar Mountain Advisors LLC acquired a new position in shares of Citizens Financial Group in the 1st quarter worth approximately $27,000. Keating Financial Advisory Services Inc. acquired a new position in shares of Citizens Financial Group in the 2nd quarter worth approximately $35,000. Virtus Advisers LLC purchased a new position in shares of Citizens Financial Group during the 2nd quarter worth approximately $35,000. Finally, Transamerica Financial Advisors LLC purchased a new position in shares of Citizens Financial Group during the 2nd quarter worth approximately $38,000. Institutional investors and hedge funds own 94.90% of the company's stock.

Insider Activity

In other news, CEO Bruce Van Saun sold 129,369 shares of Citizens Financial Group stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $72.07, for a total value of $9,323,623.83. Following the completion of the transaction, the chief executive officer owned 1,140,763 shares in the company, valued at approximately $82,214,789.41. This trade represents a 10.19% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.67% of the company's stock.

Citizens Financial Group Stock Up 2.4%

Shares of NYSE CFG opened at $64.25 on Wednesday. The stock has a market cap of $27.06 billion, a P/E ratio of 12.93, a PEG ratio of 0.57 and a beta of 0.72. The business's fifty day simple moving average is $67.66 and its 200-day simple moving average is $67.16. Citizens Financial Group, Inc. has a 12-month low of $49.00 and a 12-month high of $75.33. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.74.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its earnings results on Friday, October 16th. The bank reported $1.41 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $2.32 billion during the quarter, compared to analysts' expectations of $2.34 billion. During the same period in the previous year, the firm posted $1.05 EPS. As a group, equities analysts predict that Citizens Financial Group, Inc. will post 5.30 EPS for the current fiscal year.

Citizens Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $2.08 dividend on an annualized basis and a yield of 3.2%. This is an increase from Citizens Financial Group's previous quarterly dividend of $0.46. Citizens Financial Group's dividend payout ratio is 41.85%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Royal Bank Of Canada cut their target price on Citizens Financial Group from $79.00 to $74.00 and set an "outperform" rating on the stock in a research report on Monday. Jefferies Financial Group raised their price target on Citizens Financial Group from $85.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Truist Financial dropped their price objective on Citizens Financial Group from $77.00 to $70.00 and set a "hold" rating for the company in a research note on Tuesday. Weiss Ratings reiterated a "buy (b)" rating on shares of Citizens Financial Group in a report on Monday, August 3rd. Finally, Cantor Fitzgerald decreased their target price on 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. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $77.47.

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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