Fox Run Management L.L.C. Makes New Investment in Citizens Financial Group, Inc. $CFG

Key Points

• Fox Run Management L.L.C. acquired a new stake in Citizens Financial Group, buying 8,099 shares valued at approximately $332,000 during the 1st quarter of the year.
• Equities analysts upgraded Citizens Financial Group's rating, with several setting price targets at $57.00, reflecting a positive outlook for the stock.
• The bank reported $0.92 earnings per share for the last quarter, outperforming expectations, and announced a $1.50 billion share buyback plan indicating potential undervaluation of its stock.

Fox Run Management L.L.C. acquired a new stake in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,099 shares of the bank's stock, valued at approximately $332,000.

A number of other institutional investors have also modified their holdings of the company. Great Valley Advisor Group Inc. raised its position in shares of Citizens Financial Group by 0.6% in the fourth quarter. Great Valley Advisor Group Inc. now owns 39,766 shares of the bank's stock valued at $1,740,000 after buying an additional 224 shares during the last quarter. True Wealth Design LLC raised its position in shares of Citizens Financial Group by 10.5% in the fourth quarter. True Wealth Design LLC now owns 2,890 shares of the bank's stock valued at $126,000 after buying an additional 275 shares during the last quarter. Park Avenue Securities LLC raised its position in shares of Citizens Financial Group by 0.5% in the first quarter. Park Avenue Securities LLC now owns 53,879 shares of the bank's stock valued at $2,207,000 after buying an additional 289 shares during the last quarter. Old Port Advisors raised its position in shares of Citizens Financial Group by 0.9% in the first quarter. Old Port Advisors now owns 32,767 shares of the bank's stock valued at $1,342,000 after buying an additional 296 shares during the last quarter. Finally, Gallagher Fiduciary Advisors LLC raised its position in shares of Citizens Financial Group by 1.9% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 17,386 shares of the bank's stock valued at $761,000 after buying an additional 327 shares during the last quarter. Institutional investors and hedge funds own 94.90% of the company's stock.

Citizens Financial Group Trading Up 4.7%

CFG traded up $2.2750 during trading on Friday, hitting $50.7350. 5,326,541 shares of the company's stock were exchanged, compared to its average volume of 3,873,187. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.54. Citizens Financial Group, Inc. has a 1 year low of $32.60 and a 1 year high of $50.79. The stock has a 50 day moving average price of $46.86 and a 200 day moving average price of $42.78. The firm has a market cap of $21.88 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 0.56 and a beta of 0.78.

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

Citizens Financial Group announced that its board has initiated a stock repurchase program on Friday, June 13th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the bank to purchase up to 8.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Citizens Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 3.3%. The ex-dividend date was Thursday, July 31st. Citizens Financial Group's payout ratio is currently 51.06%.

Wall Street Analyst Weigh In

CFG has been the subject of a number of analyst reports. Cowen initiated coverage on shares of Citizens Financial Group in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. JPMorgan Chase & Co. upgraded shares of Citizens Financial Group from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $48.50 to $52.00 in a report on Friday, August 1st. TD Cowen started coverage on shares of Citizens Financial Group in a report on Thursday, May 15th. They issued a "buy" rating and a $57.00 target price for the company. Evercore ISI upgraded shares of Citizens Financial Group from an "in-line" rating to an "outperform" rating and boosted their target price for the company from $48.00 to $55.00 in a report on Friday, July 18th. Finally, Barclays boosted their target price on shares of Citizens Financial Group from $49.00 to $55.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.53.

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.