Royal Palms Capital LLC Invests $1.03 Million in Citizens Financial Group, Inc. $CFG

Key Points

• Royal Palms Capital LLC opened a new position in Citizens Financial Group in the fourth quarter, buying 17,610 shares worth about $1.03 million. The stake represents about 1.2% of the fund’s holdings.
• Citizens Financial Group reported better-than-expected quarterly results, with EPS of $1.13 versus estimates of $1.10 and revenue of $2.17 billion. Revenue rose 12% year over year, and analysts now expect full-year EPS of 5.19.
• The bank also paid a quarterly dividend of $0.46 per share, equivalent to an annualized yield of 2.9%. Meanwhile, analysts remain broadly positive, with 19 Buy ratings and a consensus price target of $70.88.

Royal Palms Capital LLC purchased a new position in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 17,610 shares of the bank's stock, valued at approximately $1,029,000. Citizens Financial Group accounts for approximately 1.2% of Royal Palms Capital LLC's holdings, making the stock its 28th biggest position.

Other institutional investors also recently modified their holdings of the company. Channing Capital Management LLC acquired a new stake in shares of Citizens Financial Group during the 3rd quarter worth approximately $7,528,000. Envestnet Asset Management Inc. grew its position in shares of Citizens Financial Group by 25.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 687,602 shares of the bank's stock worth $36,553,000 after buying an additional 140,641 shares during the period. National Pension Service grew its position in shares of Citizens Financial Group by 33.5% during the 3rd quarter. National Pension Service now owns 135,208 shares of the bank's stock worth $7,188,000 after buying an additional 33,923 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Citizens Financial Group by 5.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 504,595 shares of the bank's stock worth $29,968,000 after buying an additional 25,180 shares during the period. Finally, Dynamic Advisor Solutions LLC acquired a new stake in shares of Citizens Financial Group during the 4th quarter worth approximately $2,412,000. Institutional investors and hedge funds own 94.90% of the company's stock.

Citizens Financial Group Stock Up 1.1%

Shares of NYSE CFG opened at $63.61 on Wednesday. The stock has a market cap of $26.90 billion, a P/E ratio of 15.04, a P/E/G ratio of 0.50 and a beta of 0.70. The firm has a 50 day moving average price of $62.04 and a 200 day moving average price of $60.27. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 0.85. Citizens Financial Group, Inc. has a 52-week low of $39.40 and a 52-week high of $68.79.

Citizens Financial Group (NYSE:CFG - Get Free Report) last issued its quarterly earnings data on Thursday, April 16th. The bank reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.03. The firm had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $2.16 billion. Citizens Financial Group had a net margin of 16.21% and a return on equity of 8.31%. The business's revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.77 earnings per share. Analysts expect that Citizens Financial Group, Inc. will post 5.19 EPS for the current year.

Citizens Financial Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Thursday, April 30th were paid a $0.46 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $1.84 dividend on an annualized basis and a yield of 2.9%. 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 Citizens Financial Group stock in a transaction that occurred 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 approximately $1,402,640.40. The trade was a 21.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Susan Lamonica sold 13,258 shares of Citizens Financial Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $58.04, for a total transaction of $769,494.32. Following the completion of the transaction, the insider directly owned 165,971 shares in the company, valued at approximately $9,632,956.84. The trade was a 7.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.67% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Weiss Ratings upgraded shares of Citizens Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 6th. Robert W. Baird upgraded shares of Citizens Financial Group from a "neutral" rating to an "outperform" rating and set a $65.00 price objective for the company in a report on Monday, March 9th. JPMorgan Chase & Co. boosted their price objective on shares of Citizens Financial Group from $68.00 to $68.50 and gave the company an "overweight" rating in a report on Thursday, April 30th. Keefe, Bruyette & Woods boosted their price objective on shares of Citizens Financial Group from $70.00 to $72.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Finally, Truist Financial boosted their price objective on shares of Citizens Financial Group from $63.00 to $69.00 and gave the company a "hold" rating in a report on Friday, April 17th. Nineteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $70.88.

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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