Red Cedar Investment Management LLC Acquires Shares of 30,612 Citizens Financial Group, Inc. (NYSE:CFG)

Red Cedar Investment Management LLC acquired a new position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 30,612 shares of the bank's stock, valued at approximately $1,254,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Ameriflex Group Inc. acquired a new position in Citizens Financial Group during the 4th quarter valued at approximately $26,000. Grove Bank & Trust lifted its stake in shares of Citizens Financial Group by 97.1% in the 1st quarter. Grove Bank & Trust now owns 678 shares of the bank's stock worth $28,000 after acquiring an additional 334 shares during the period. Colonial Trust Co SC lifted its stake in shares of Citizens Financial Group by 673.0% in the 4th quarter. Colonial Trust Co SC now owns 889 shares of the bank's stock worth $39,000 after acquiring an additional 774 shares during the period. NBT Bank N A NY acquired a new stake in Citizens Financial Group in the first quarter worth approximately $45,000. Finally, Duncker Streett & Co. Inc. acquired a new stake in Citizens Financial Group in the 4th quarter valued at about $51,000. 94.90% of the stock is owned by institutional investors and hedge funds.

Citizens Financial Group Stock Performance

NYSE CFG opened at $44.52 on Monday. The stock has a market cap of $19.46 billion, a P/E ratio of 14.13, a PEG ratio of 0.76 and a beta of 0.75. The company's 50-day simple moving average is $40.10 and its 200 day simple moving average is $42.05. Citizens Financial Group, Inc. has a twelve month low of $32.60 and a twelve month high of $49.25. The company has a quick ratio of 0.83, a current ratio of 0.85 and a debt-to-equity ratio of 0.54.

Citizens Financial Group (NYSE:CFG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The bank reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.02. Citizens Financial Group had a return on equity of 6.84% and a net margin of 12.76%. The firm had revenue of $1.94 billion for the quarter, compared to analysts' expectations of $1.94 billion. As a group, research analysts forecast that Citizens Financial Group, Inc. will post 3.92 earnings per share for the current fiscal year.

Citizens Financial Group announced that its board has approved a stock buyback plan on Friday, June 13th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 8.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Citizens Financial Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.77%. The ex-dividend date was Wednesday, April 30th. Citizens Financial Group's payout ratio is presently 53.33%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Barclays cut their target price on shares of Citizens Financial Group from $52.00 to $49.00 and set an "equal weight" rating for the company in a research note on Thursday, April 17th. Truist Financial reduced their price objective on Citizens Financial Group from $51.00 to $43.00 and set a "hold" rating for the company in a research note on Thursday, April 17th. Jefferies Financial Group assumed coverage on shares of Citizens Financial Group in a research report on Wednesday, May 21st. They issued a "buy" rating and a $50.00 target price for the company. Stephens cut their price objective on Citizens Financial Group from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Monday, April 7th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $48.00 price objective (down previously from $58.00) on shares of Citizens Financial Group in a research report on Thursday, April 17th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.89.

Citizens Financial Group Company 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.

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