NewEdge Advisors LLC Increases Stock Holdings in Citizens Financial Group, Inc. $CFG

Key Points

• NewEdge Advisors increased its Citizens Financial Group stake by 67.3% in the first quarter, bringing its holdings to 112,088 shares valued at approximately $6.7 million. Institutional investors collectively own 94.9% of CFG’s outstanding stock.
• Analysts maintain a favorable outlook, with 17 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $79.05, above the reported share price of $72.59.
• Citizens Financial Group exceeded quarterly expectations with $1.30 in EPS and $2.28 billion in revenue, while announcing a quarterly dividend of $0.46 per share, equivalent to a 2.5% annualized yield.

NewEdge Advisors LLC increased its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 67.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 112,088 shares of the bank's stock after purchasing an additional 45,071 shares during the quarter. NewEdge Advisors LLC's holdings in Citizens Financial Group were worth $6,722,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Geode Capital Management LLC grew its stake in shares of Citizens Financial Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 11,361,142 shares of the bank's stock valued at $661,052,000 after buying an additional 32,264 shares during the last quarter. Jupiter Asset Management Ltd. lifted its stake in shares of Citizens Financial Group by 45.9% during the 4th quarter. Jupiter Asset Management Ltd. now owns 270,484 shares of the bank's stock worth $15,799,000 after acquiring an additional 85,052 shares during the last quarter. Todd Asset Management LLC boosted its holdings in Citizens Financial Group by 10.6% during the 4th quarter. Todd Asset Management LLC now owns 991,510 shares of the bank's stock valued at $57,914,000 after acquiring an additional 94,774 shares during the period. HighTower Advisors LLC boosted its holdings in Citizens Financial Group by 51.8% during the 4th quarter. HighTower Advisors LLC now owns 58,648 shares of the bank's stock valued at $3,426,000 after acquiring an additional 20,008 shares during the period. Finally, Greenwood Capital Associates LLC bought a new position in Citizens Financial Group in the 4th quarter valued at $1,466,000. Hedge funds and other institutional investors own 94.90% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CFG shares. Keefe, Bruyette & Woods increased their target price on Citizens Financial Group from $75.00 to $90.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Jefferies Financial Group upped their price target on shares of Citizens Financial Group from $85.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Royal Bank Of Canada raised their price target on shares of Citizens Financial Group from $70.00 to $79.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Weiss Ratings reiterated a "buy (b)" rating on shares of Citizens Financial Group in a report on Monday, August 3rd. Finally, Truist Financial boosted their price objective on shares of Citizens Financial Group from $72.00 to $80.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $79.05.

Citizens Financial Group Stock Down 0.1%

Shares of Citizens Financial Group stock opened at $72.59 on Tuesday. 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 cap of $30.57 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 0.55 and a beta of 0.67. The firm's 50-day moving average is $69.69 and its two-hundred day moving average is $64.98. Citizens Financial Group, Inc. has a 1 year low of $46.79 and a 1 year high of $74.70.

Citizens Financial Group (NYSE:CFG - Get Free Report) last posted 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. Citizens Financial Group had a net margin of 17.18% and a return on equity of 8.85%. The business had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the previous year, the business posted $0.92 EPS. The company's quarterly revenue was up 12.1% compared to the same quarter last year. As a group, research analysts expect that Citizens Financial Group, Inc. will post 5.3 earnings per share for the current fiscal year.

Citizens Financial Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Thursday, July 30th will be issued a dividend of $0.46 per share. The ex-dividend date is Thursday, July 30th. This represents a $1.84 dividend on an annualized basis and a yield of 2.5%. Citizens Financial Group's dividend payout ratio is currently 39.91%.

Insider Transactions at Citizens Financial Group

In other Citizens Financial Group news, CEO Saun Bruce Van sold 129,369 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $72.07, for a total transaction of $9,323,623.83. Following the sale, the chief executive officer owned 1,140,763 shares of the company's stock, valued at approximately $82,214,789.41. This trade represents a 10.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.67% of the company's stock.

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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