PVG Asset Management Corp Invests $1.03 Million in Citizens Financial Group, Inc. $CFG

Key Points

• PVG Asset Management initiated a $1.03 million position in Citizens Financial Group by purchasing 17,245 shares during the first quarter. Institutional investors collectively own 94.9% of CFG’s outstanding stock.
• Citizens Financial Group reported quarterly earnings of $1.30 per share, exceeding estimates by $0.05, while revenue rose 12.1% year over year to $2.28 billion.
• The bank declared a quarterly dividend of $0.46 per share, representing an annualized payout of $1.84 and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $79.05.

PVG Asset Management Corp purchased a new stake in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 17,245 shares of the bank's stock, valued at approximately $1,034,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CFG. Geode Capital Management LLC lifted its position 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 worth $661,052,000 after acquiring an additional 32,264 shares in the last quarter. Morgan Stanley grew its position in shares of Citizens Financial Group by 2.7% in the fourth quarter. Morgan Stanley now owns 11,217,975 shares of the bank's stock valued at $655,242,000 after purchasing an additional 298,779 shares in the last quarter. Capital International Investors raised its stake in shares of Citizens Financial Group by 32.3% during the 4th quarter. Capital International Investors now owns 8,000,750 shares of the bank's stock valued at $467,389,000 after purchasing an additional 1,953,372 shares during the period. AQR Capital Management LLC raised its stake in shares of Citizens Financial Group by 56.9% during the 4th quarter. AQR Capital Management LLC now owns 7,722,559 shares of the bank's stock valued at $451,075,000 after purchasing an additional 2,799,050 shares during the period. Finally, Ninety One UK Ltd lifted its holdings in Citizens Financial Group by 13.1% during the 4th quarter. Ninety One UK Ltd now owns 6,574,714 shares of the bank's stock worth $384,029,000 after purchasing an additional 763,098 shares in the last quarter. 94.90% of the stock is owned by institutional investors.

Citizens Financial Group Stock Performance

Shares of CFG opened at $71.78 on Monday. Citizens Financial Group, Inc. has a 12-month low of $45.90 and a 12-month high of $74.70. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The company has a market cap of $30.36 billion, a PE ratio of 15.57, a price-to-earnings-growth ratio of 0.55 and a beta of 0.67. The stock has a 50-day moving average price of $68.44 and a 200-day moving average price of $64.45.

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

Citizens Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Thursday, July 30th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Thursday, July 30th. Citizens Financial Group's payout ratio is currently 39.91%.

Insider Buying and Selling

In other news, insider Michelle Moosally sold 6,050 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $62.16, for a total value of $376,068.00. Following the transaction, the insider owned 22,565 shares of the company's stock, valued at $1,402,640.40. This represents a 21.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Saun Bruce Van sold 129,369 shares of the firm's stock in a transaction on Friday, July 24th. The shares were 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 in the company, valued at approximately $82,214,789.41. This trade represents a 10.19% decrease in their position. The SEC filing for this sale provides additional information. 0.67% of the stock is owned by insiders.

Analyst Ratings Changes

CFG has been the topic of several analyst reports. Jefferies Financial Group upped their price target on Citizens Financial Group from $85.00 to $90.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Royal Bank Of Canada raised their price objective on shares of Citizens Financial Group from $70.00 to $79.00 and gave the company an "outperform" rating in a research report on Friday, July 17th. Morgan Stanley boosted their price objective on shares of Citizens Financial Group from $73.00 to $79.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Stephens upped their target price on shares of Citizens Financial Group from $68.00 to $70.00 and gave the stock an "equal weight" rating in a report on Friday, July 17th. Finally, Citigroup increased their target price on shares of Citizens Financial Group from $78.00 to $84.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $79.05.

Citizens Financial Group Company Profile

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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