Concurrent Investment Advisors LLC Buys Shares of 5,219 Citizens Financial Group, Inc. $CFG

Key Points

• Concurrent Investment Advisors LLC purchased 5,219 shares of Citizens Financial Group, valued at approximately $234,000, indicating growing institutional interest in the bank.
• Citizens Financial Group reported a quarterly EPS of $1.05, exceeding the consensus estimate by $0.02, alongside an 11.4% increase in revenue year-over-year.
• The company announced an increase in its quarterly dividend to $0.46, set to be paid on November 12th, reflecting a positive financial outlook with a dividend yield of 3.7%.

Concurrent Investment Advisors LLC bought a new stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 5,219 shares of the bank's stock, valued at approximately $234,000.

Other hedge funds have also bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Citizens Financial Group by 19.2% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 54,870 shares of the bank's stock valued at $2,248,000 after purchasing an additional 8,851 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Citizens Financial Group by 425.7% during the first quarter. Robeco Institutional Asset Management B.V. now owns 26,104 shares of the bank's stock valued at $1,069,000 after purchasing an additional 21,138 shares during the last quarter. World Investment Advisors bought a new stake in Citizens Financial Group during the first quarter valued at approximately $410,000. OneDigital Investment Advisors LLC lifted its position in Citizens Financial Group by 37.9% during the first quarter. OneDigital Investment Advisors LLC now owns 7,126 shares of the bank's stock valued at $292,000 after purchasing an additional 1,957 shares during the last quarter. Finally, IFM Investors Pty Ltd lifted its position in Citizens Financial Group by 12.0% during the first quarter. IFM Investors Pty Ltd now owns 107,788 shares of the bank's stock valued at $4,427,000 after purchasing an additional 11,521 shares during the last quarter. 94.90% of the stock is currently owned by institutional investors.

Citizens Financial Group Trading Up 2.1%

Shares of CFG opened at $50.34 on Tuesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.84 and a current ratio of 0.85. Citizens Financial Group, Inc. has a fifty-two week low of $32.60 and a fifty-two week high of $55.24. The firm has a 50 day moving average price of $51.43 and a 200-day moving average price of $45.33. The firm has a market cap of $21.71 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 0.54 and a beta of 0.79.

Citizens Financial Group (NYSE:CFG - Get Free Report) last issued its earnings results on Wednesday, October 15th. The bank reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. Citizens Financial Group had a net margin of 14.17% and a return on equity of 7.48%. The company had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the previous year, the firm earned $0.79 earnings per share. The firm's revenue for the quarter was up 11.4% on a year-over-year basis. As a group, equities research analysts forecast that Citizens Financial Group, Inc. will post 3.92 earnings per share for the current year.

Citizens Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 12th. Investors of record on Wednesday, October 29th will be paid a $0.46 dividend. The ex-dividend date of this dividend is Wednesday, October 29th. This is a positive change from Citizens Financial Group's previous quarterly dividend of $0.42. This represents a $1.84 annualized dividend and a dividend yield of 3.7%. Citizens Financial Group's payout ratio is presently 47.06%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Citizens Financial Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Citigroup boosted their price objective on shares of Citizens Financial Group from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, September 19th. Truist Financial lowered their price objective on shares of Citizens Financial Group from $58.00 to $56.00 and set a "hold" rating for the company in a report on Friday. Evercore ISI boosted their price objective on shares of Citizens Financial Group from $57.00 to $61.00 and gave the stock an "outperform" rating in a report on Tuesday, September 30th. Finally, Morgan Stanley upgraded shares of Citizens Financial Group from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $53.00 to $71.00 in a report on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $56.57.

Citizens Financial Group 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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