Meridian Wealth Management LLC Takes Position in Citizens Financial Group, Inc. $CFG

Key Points

• Meridian Wealth Management initiated a new position in Citizens Financial Group, buying 36,147 shares valued at about $2.11 million in the fourth quarter.
• The bank reported better-than-expected quarterly earnings, with EPS of $1.13 versus the $1.10 estimate and revenue of $2.17 billion, up 12% year over year.
• Citizens Financial Group declared a quarterly dividend of $0.46 per share and currently offers an annualized yield of about 3.0%; analysts remain broadly positive with a Moderate Buy consensus and an average price target of $70.88.

Meridian Wealth Management LLC purchased a new stake in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 36,147 shares of the bank's stock, valued at approximately $2,111,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. ABC Arbitrage SA purchased a new position in shares of Citizens Financial Group during the fourth quarter valued at approximately $281,000. HORAN Wealth LLC lifted its stake in shares of Citizens Financial Group by 1.7% during the fourth quarter. HORAN Wealth LLC now owns 80,435 shares of the bank's stock valued at $4,698,000 after buying an additional 1,336 shares during the period. Pier 88 Investment Partners LLC purchased a new position in shares of Citizens Financial Group during the fourth quarter valued at approximately $2,751,000. AG2R LA Mondiale Gestion D Actifs purchased a new position in shares of Citizens Financial Group during the fourth quarter valued at approximately $1,053,000. Finally, Fortem Financial Group LLC purchased a new position in shares of Citizens Financial Group during the fourth quarter valued at approximately $415,000. Hedge funds and other institutional investors own 94.90% of the company's stock.

Citizens Financial Group Stock Performance

NYSE:CFG opened at $61.96 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.51. The company has a market cap of $26.20 billion, a P/E ratio of 14.65, a P/E/G ratio of 0.49 and a beta of 0.70. Citizens Financial Group, Inc. has a fifty-two week low of $38.80 and a fifty-two week high of $68.79. The firm's 50 day moving average is $61.37 and its two-hundred day moving average is $59.51.

Citizens Financial Group (NYSE:CFG - Get Free Report) last posted its quarterly earnings results on Thursday, April 16th. The bank reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.03. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.16 billion. Citizens Financial Group had a net margin of 16.21% and a return on equity of 8.31%. Citizens Financial Group's revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.77 earnings per share. Analysts expect that Citizens Financial Group, Inc. will post 5.19 EPS for the current year.

Citizens Financial Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Thursday, April 30th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, April 30th. This represents a $1.84 dividend on an annualized basis and a yield of 3.0%. Citizens Financial Group's dividend payout ratio (DPR) is currently 43.50%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Evercore reissued an "outperform" rating and set a $75.00 price objective on shares of Citizens Financial Group in a research note on Tuesday, April 21st. New Street Research set a $73.00 price objective on shares of Citizens Financial Group in a research note on Thursday, January 22nd. Citigroup reissued a "buy" rating on shares of Citizens Financial Group in a research note on Friday. Argus upped their price objective on shares of Citizens Financial Group from $60.00 to $72.00 and gave the company a "buy" rating in a research note on Friday, January 23rd. Finally, Weiss Ratings raised shares of Citizens Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 6th. Nineteen research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $70.88.

Insiders Place Their Bets

In other Citizens Financial Group news, insider Susan Lamonica sold 13,258 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $58.04, for a total transaction of $769,494.32. Following the transaction, the insider owned 165,971 shares of the company's stock, valued at $9,632,956.84. This trade represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.67% of the stock is currently owned by corporate insiders.

About Citizens Financial Group

Citizens Financial Group, Inc NYSE: CFG is a bank holding company that provides a broad range of banking and financial services to individuals, small and middle-market businesses, corporations and institutional clients. Headquartered in Providence, Rhode Island, Citizens conducts its banking operations principally through its primary banking subsidiary, Citizens Bank, and serves customers through a combination of branch locations, ATMs and digital channels. The company is publicly traded and operates under the regulatory framework applicable to U.S.

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