Munich Reinsurance Co Stock Corp in Munich Has $3.97 Million Stake in Citizens Financial Group, Inc. $CFG

Key Points

• Munich Reinsurance reduced its Citizens Financial Group stake by 45.5% in the second quarter, selling 47,298 shares and retaining 56,711 shares valued at approximately $3.97 million. Institutional investors collectively own 94.9% of CFG’s stock.
• Citizens Financial reported quarterly earnings of $1.30 per share, exceeding estimates of $1.25, while revenue rose 12.1% year over year to $2.28 billion. The company also paid a quarterly dividend of $0.46 per share, representing a 2.6% annualized yield.
• Analysts maintain a “Moderate Buy” consensus on CFG, with 16 Buy ratings and four Holds and an average price target of $79.25, above the reported share price of $70.81.

Munich Reinsurance Co Stock Corp in Munich cut its holdings in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 45.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 56,711 shares of the bank's stock after selling 47,298 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich's holdings in Citizens Financial Group were worth $3,974,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Elevation Wealth Partners LLC grew its stake in shares of Citizens Financial Group by 319.8% during the second quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank's stock worth $30,000 after purchasing an additional 323 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new position in Citizens Financial Group in the fourth quarter valued at about $26,000. Cedar Mountain Advisors LLC bought a new position in Citizens Financial Group during the first quarter worth about $27,000. Keating Financial Advisory Services Inc. bought a new stake in shares of Citizens Financial Group in the 2nd quarter valued at about $35,000. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Citizens Financial Group in the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 94.90% of the company's stock.

Citizens Financial Group Trading Down 0.0%

Shares of NYSE:CFG opened at $70.81 on Friday. The company's 50-day moving average price is $71.48 and its two-hundred day moving average price is $65.80. Citizens Financial Group, Inc. has a one year low of $47.96 and a one year high of $75.33. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market capitalization of $29.82 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 0.64 and a beta of 0.66.

Citizens Financial Group (NYSE:CFG - Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.25 by $0.05. The firm had revenue of $2.28 billion during the quarter, compared to analysts' expectations of $2.25 billion. Citizens Financial Group had a return on equity of 8.85% and a net margin of 17.18%.The business's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.92 earnings per share. On average, equities analysts forecast that Citizens Financial Group, Inc. will post 5.3 EPS for the current fiscal year.

Citizens Financial Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, July 30th were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Thursday, July 30th. Citizens Financial Group's dividend payout ratio (DPR) is 39.91%.

Insider Buying and Selling at Citizens Financial Group

In other news, CEO Bruce Van Saun sold 129,369 shares of the company's stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $72.07, for a total value of $9,323,623.83. Following the sale, 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 position. The sale 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 owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. UBS Group lifted their price target on shares of Citizens Financial Group from $75.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Truist Financial increased their price target on Citizens Financial Group from $72.00 to $80.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. Keefe, Bruyette & Woods lifted their price objective on Citizens Financial Group from $75.00 to $90.00 and gave the company an "outperform" rating in a report on Friday, July 17th. Stephens lifted their price target on shares of Citizens Financial Group from $68.00 to $70.00 and gave the company an "equal weight" rating in a research note on Friday, July 17th. Finally, DA Davidson reaffirmed a "neutral" rating on shares of Citizens Financial Group in a research report on Friday, August 14th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $79.25.

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.

Want to see what other hedge funds are holding CFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Citizens Financial Group, Inc. (NYSE:CFG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source