Pacer Advisors Inc. Lowers Stake in Citizens Financial Group, Inc. (NYSE:CFG)

Key Points

• Pacer Advisors Inc. has significantly reduced its holdings in Citizens Financial Group by 56.8%, now owning 22,480 shares valued at approximately $921,000.
• The bank recently reported a quarterly earnings per share (EPS) of $0.92, exceeding analysts' estimates, while its revenue grew by 3.8% year-over-year to $2.04 billion.
• Citizens Financial Group has announced a stock buyback plan worth $1.50 billion, allowing for the repurchase of up to 8.5% of its shares, indicating that its board believes the stock is undervalued.

Pacer Advisors Inc. cut its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 56.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,480 shares of the bank's stock after selling 29,501 shares during the period. Pacer Advisors Inc.'s holdings in Citizens Financial Group were worth $921,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ameriflex Group Inc. bought a new position in shares of Citizens Financial Group during the fourth quarter valued at approximately $26,000. Grove Bank & Trust boosted its stake in shares of Citizens Financial Group by 97.1% during the first quarter. Grove Bank & Trust now owns 678 shares of the bank's stock valued at $28,000 after purchasing an additional 334 shares in the last quarter. Colonial Trust Co SC lifted its position in Citizens Financial Group by 673.0% during the fourth 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 last quarter. NBT Bank N A NY purchased a new stake in Citizens Financial Group during the first quarter valued at approximately $45,000. Finally, Wayfinding Financial LLC purchased a new stake in Citizens Financial Group during the first quarter valued at approximately $46,000. 94.90% of the stock is currently owned by institutional investors.

Citizens Financial Group Trading Down 1.9%

NYSE:CFG traded down $0.93 on Friday, hitting $46.79. The stock had a trading volume of 5,798,990 shares, compared to its average volume of 5,412,584. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.54. The stock has a market cap of $20.45 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 0.51 and a beta of 0.78. The company has a fifty day moving average price of $44.60 and a two-hundred day moving average price of $42.73. Citizens Financial Group, Inc. has a 1-year low of $32.60 and a 1-year high of $49.98.

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

Citizens Financial Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.6%. The ex-dividend date is Thursday, July 31st. Citizens Financial Group's payout ratio is presently 51.06%.

Citizens Financial Group declared that its board has authorized a stock repurchase plan on Friday, June 13th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the bank to purchase up to 8.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently commented on CFG shares. Cowen started coverage on shares of Citizens Financial Group in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Stephens lowered their price objective on shares of Citizens Financial Group from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, April 7th. Barclays lifted their price objective on shares of Citizens Financial Group from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Argus set a $45.00 price objective on shares of Citizens Financial Group in a research note on Thursday, April 24th. Finally, DA Davidson lifted their price objective on shares of Citizens Financial Group from $49.00 to $55.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Citizens Financial Group 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.