Magnetar Financial LLC Takes $2.68 Million Position in Citizens Financial Group, Inc. $CFG

Key Points

• Magnetar Financial LLC invested approximately $2.68 million in Citizens Financial Group, acquiring 65,520 shares during the first quarter.
• Citizens Financial Group recently reported earnings per share of $0.92 for the last quarter, surpassing analysts' expectations of $0.88.
• The company declared a quarterly dividend of $0.42, representing a yield of 3.2% and a dividend payout ratio of 51.06%.

Magnetar Financial LLC acquired a new position in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 65,520 shares of the bank's stock, valued at approximately $2,684,000.

Several other institutional investors also recently bought and sold shares of the company. Ameriflex Group Inc. purchased a new position in shares of Citizens Financial Group in the 4th quarter valued at $26,000. Grove Bank & Trust increased its holdings in shares of Citizens Financial Group by 97.1% in the 1st quarter. Grove Bank & Trust now owns 678 shares of the bank's stock valued at $28,000 after acquiring an additional 334 shares during the period. Colonial Trust Co SC increased its holdings in shares of Citizens Financial Group by 673.0% in the 4th quarter. Colonial Trust Co SC now owns 889 shares of the bank's stock valued at $39,000 after acquiring an additional 774 shares during the period. Cary Street Partners Investment Advisory LLC boosted its position in shares of Citizens Financial Group by 143.4% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 1,076 shares of the bank's stock worth $44,000 after purchasing an additional 634 shares in the last quarter. Finally, NBT Bank N A NY acquired a new stake in shares of Citizens Financial Group in the 1st quarter worth $45,000. 94.90% of the stock is currently owned by hedge funds and other institutional investors.

Citizens Financial Group Price Performance

NYSE:CFG traded up $0.36 during trading hours on Thursday, hitting $52.03. 681,449 shares of the stock were exchanged, compared to its average volume of 4,720,950. Citizens Financial Group, Inc. has a 52-week low of $32.60 and a 52-week high of $52.53. The firm's fifty day moving average price is $48.45 and its 200 day moving average price is $43.06. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.54. The company has a market cap of $22.44 billion, a P/E ratio of 15.80, a P/E/G ratio of 0.57 and a beta of 0.80.

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

Citizens Financial Group declared that its board has approved a share repurchase program on Friday, June 13th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the bank to purchase up to 8.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Citizens Financial Group Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Thursday, July 31st. Citizens Financial Group's dividend payout ratio is 51.06%.

Analysts Set New Price Targets

A number of analysts have commented on CFG shares. Keefe, Bruyette & Woods raised Citizens Financial Group from a "market perform" rating to an "outperform" rating and set a $57.00 price target for the company in a research report on Wednesday, July 9th. JPMorgan Chase & Co. raised Citizens Financial Group from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $48.50 to $52.00 in a research report on Friday, August 1st. DA Davidson lifted their price target on Citizens Financial Group from $49.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Jefferies Financial Group began coverage on Citizens Financial Group in a research report on Wednesday, May 21st. They set a "buy" rating and a $50.00 price target for the company. Finally, Barclays boosted their price objective on 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 equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average 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.