Cohen Capital Management Inc. Purchases 67,037 Shares of Citizens Financial Group, Inc. $CFG

Key Points

• Cohen Capital Management initiated a position in Citizens Financial Group by purchasing 67,037 shares valued at approximately $4.27 million. Institutional investors collectively own 94.9% of CFG’s outstanding stock.
• Citizens Financial Group exceeded quarterly expectations, reporting $1.30 in earnings per share versus the $1.25 consensus estimate, while revenue rose 12.1% year over year to $2.28 billion.
• Analysts maintain a generally positive outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $79.38. CEO Bruce Van Saun separately sold 129,369 shares, reducing his direct ownership by 10.19%.

Cohen Capital Management Inc. acquired a new position in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 67,037 shares of the bank's stock, valued at approximately $4,274,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of America Corp DE acquired a new stake in Citizens Financial Group in the second quarter valued at approximately $223,386,000. Freestone Grove Partners LP acquired a new position in shares of Citizens Financial Group during the second quarter worth $95,642,000. Andra AP fonden boosted its stake in shares of Citizens Financial Group by 94.7% in the second quarter. Andra AP fonden now owns 269,900 shares of the bank's stock valued at $18,912,000 after purchasing an additional 131,300 shares during the period. Junto Capital Management LP boosted its stake in shares of Citizens Financial Group by 3.3% in the second quarter. Junto Capital Management LP now owns 1,307,340 shares of the bank's stock valued at $91,605,000 after purchasing an additional 42,248 shares during the period. Finally, Tidal Investments LLC grew its holdings in Citizens Financial Group by 12.4% during the 2nd quarter. Tidal Investments LLC now owns 145,378 shares of the bank's stock valued at $10,187,000 after purchasing an additional 16,000 shares in the last quarter. Hedge funds and other institutional investors own 94.90% of the company's stock.

Insider Buying and Selling

In other news, CEO Bruce Van Saun sold 129,369 shares of the company's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $72.07, for a total transaction of $9,323,623.83. Following the completion of the transaction, the chief executive officer directly owned 1,140,763 shares of the company's stock, valued at approximately $82,214,789.41. This represents a 10.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.67% of the stock is currently owned by insiders.

Citizens Financial Group Stock Performance

Shares of CFG opened at $63.36 on Wednesday. The stock has a market capitalization of $26.69 billion, a PE ratio of 13.74, a price-to-earnings-growth ratio of 0.58 and a beta of 0.72. The business's fifty day moving average price is $68.62 and its 200 day moving average price is $67.00. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.86 and a quick ratio of 0.85. Citizens Financial Group, Inc. has a 12-month low of $47.96 and a 12-month high of $75.33.

Citizens Financial Group (NYSE:CFG - Get Free Report) last issued its earnings results on Thursday, July 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.05. Citizens Financial Group had a net margin of 17.18% and a return on equity of 8.85%. The company had revenue of $2.28 billion for the quarter, compared to analysts' expectations of $2.25 billion. During the same period in the prior year, the company earned $0.92 earnings per share. The firm's revenue was up 12.1% compared to the same quarter last year. Equities research analysts forecast that Citizens Financial Group, Inc. will post 5.29 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CFG. Truist Financial cut their price objective on shares of Citizens Financial Group from $80.00 to $77.00 and set a "hold" rating on the stock in a report on Wednesday, September 23rd. Cantor Fitzgerald raised their target price on Citizens Financial Group from $80.00 to $84.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. TD Cowen assumed coverage on Citizens Financial Group in a research report on Thursday, October 8th. They set a "buy" rating and a $75.00 target price on the stock. Stephens boosted their price target on Citizens Financial Group from $68.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Friday, July 17th. Finally, Robert W. Baird increased their price target on Citizens Financial Group from $72.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $79.38.

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 individuals, families, businesses and institutions through branches, digital channels and other delivery platforms.

The company's consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, credit cards, personal loans and other lending products. Through its commercial banking operations, Citizens provides business loans, commercial real estate financing, treasury management, capital markets services and other solutions for companies and institutional clients.

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