Red Cedar Investment Management LLC Acquires 15,700 Shares of Citizens Financial Group, Inc. $CFG

Key Points

• Red Cedar Investment Management increased its stake in Citizens Financial Group by 17.5% in the fourth quarter, buying 15,700 additional shares and bringing its total holdings to 105,183 shares worth about $6.14 million.
• Citizens Financial Group reported strong quarterly results, posting EPS of $1.13 versus estimates of $1.10 and revenue of $2.17 billion, while revenue rose 12% year over year.
• Wall Street remains constructive on CFG, with 19 analysts rating it a Buy and only one Hold, alongside a consensus “Moderate Buy” rating and an average price target of $70.88.

Red Cedar Investment Management LLC lifted its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 17.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 105,183 shares of the bank's stock after buying an additional 15,700 shares during the period. Red Cedar Investment Management LLC's holdings in Citizens Financial Group were worth $6,144,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Activest Wealth Management raised its holdings in Citizens Financial Group by 5,600.0% during the fourth quarter. Activest Wealth Management now owns 513 shares of the bank's stock worth $30,000 after acquiring an additional 504 shares in the last quarter. Fortitude Family Office LLC grew its stake in Citizens Financial Group by 632.0% in the fourth quarter. Fortitude Family Office LLC now owns 710 shares of the bank's stock valued at $41,000 after purchasing an additional 613 shares in the last quarter. Elyxium Wealth LLC acquired a new position in shares of Citizens Financial Group during the 4th quarter worth approximately $50,000. State of Wyoming acquired a new position in shares of Citizens Financial Group during the 2nd quarter worth approximately $39,000. Finally, Quest 10 Wealth Builders Inc. raised its stake in shares of Citizens Financial Group by 261.5% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 893 shares of the bank's stock worth $52,000 after purchasing an additional 646 shares in the last quarter. Institutional investors own 94.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CFG. Keefe, Bruyette & Woods raised their target price on shares of Citizens Financial Group from $70.00 to $72.00 and gave the company an "outperform" rating in a research note on Friday, April 17th. Royal Bank Of Canada upped their price target on shares of Citizens Financial Group from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Truist Financial increased their price target on shares of Citizens Financial Group from $63.00 to $69.00 and gave the company a "hold" rating in a research note on Friday, April 17th. DA Davidson lifted their price objective on shares of Citizens Financial Group from $73.00 to $74.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Citizens Financial Group in a research note on Tuesday. Nineteen analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $70.88.

Citizens Financial Group Stock Up 2.0%

CFG opened at $65.61 on Wednesday. The stock's fifty day simple moving average is $63.12 and its 200 day simple moving average is $61.08. Citizens Financial Group, Inc. has a 1-year low of $40.17 and a 1-year high of $68.79. The stock has a market cap of $27.75 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 0.51 and a beta of 0.68. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The bank reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.03. Citizens Financial Group had a net margin of 16.21% and a return on equity of 8.31%. The firm had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $2.16 billion. During the same period in the previous year, the business posted $0.77 earnings per share. The company's revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, research analysts expect that Citizens Financial Group, Inc. will post 5.2 earnings per share for the current year.

Citizens Financial Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Thursday, April 30th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $1.84 annualized dividend and a dividend yield of 2.8%. Citizens Financial Group's payout ratio is presently 43.50%.

Insider Buying and Selling

In other Citizens Financial Group news, insider Michelle Moosally sold 6,050 shares of the stock in a transaction dated 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 directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.67% of the company's stock.

Citizens Financial Group 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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