Sowell Financial Services LLC Buys 172,626 Shares of Citizens Financial Group, Inc. $CFG

Key Points

• Sowell Financial Services increased its Citizens Financial Group stake by 2,887.7% in the third quarter, acquiring 172,626 additional shares valued at approximately $11.4 million. Institutional investors now own 94.9% of the bank’s stock.
• Citizens Financial Group reported quarterly EPS of $1.41, exceeding the $1.39 analyst consensus, while revenue reached $2.32 billion. The company also raised its quarterly dividend to $0.52 per share, representing a 3.2% annualized yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $77.47, although several firms recently lowered their targets. CEO Bruce Van Saun also sold 129,369 shares, reducing his ownership by 10.19%.

Sowell Financial Services LLC increased its stake in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 2,887.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 178,604 shares of the bank's stock after acquiring an additional 172,626 shares during the period. Sowell Financial Services LLC's holdings in Citizens Financial Group were worth $11,388,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in Citizens Financial Group during the second quarter worth approximately $3,415,046,000. Robeco Institutional Asset Management B.V. raised its stake in Citizens Financial Group by 7,979.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 12,165,352 shares of the bank's stock worth $775,663,000 after purchasing an additional 12,014,785 shares during the period. Assenagon Asset Management S.A. raised its stake in Citizens Financial Group by 1,252.4% during the third quarter. Assenagon Asset Management S.A. now owns 9,204,563 shares of the bank's stock worth $586,883,000 after purchasing an additional 8,523,938 shares during the period. Bank of America Corp DE purchased a new position in Citizens Financial Group during the second quarter worth approximately $223,386,000. Finally, Legal & General Group Plc acquired a new position in shares of Citizens Financial Group in the 2nd quarter valued at $207,234,000. 94.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Citizens Financial Group

In other Citizens Financial Group news, CEO Bruce Van Saun sold 129,369 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 1,140,763 shares in the company, valued at $82,214,789.41. The trade was a 10.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.67% of the stock is currently owned by corporate insiders.

Citizens Financial Group Stock Up 2.4%

Shares of NYSE:CFG opened at $64.25 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.86 and a current ratio of 0.86. Citizens Financial Group, Inc. has a 1 year low of $49.00 and a 1 year high of $75.33. The stock has a market capitalization of $27.06 billion, a P/E ratio of 12.93, a PEG ratio of 0.57 and a beta of 0.72. The stock has a 50-day simple moving average of $67.66 and a 200-day simple moving average of $67.16.

Citizens Financial Group (NYSE:CFG - Get Free Report) last posted its earnings results on Friday, October 16th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. Citizens Financial Group had a net margin of 18.07% and a return on equity of 9.52%. The firm had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the company earned $1.05 EPS. Equities analysts forecast that Citizens Financial Group, Inc. will post 5.30 earnings per share for the current year.

Citizens Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.2%. This is a positive change from Citizens Financial Group's previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, October 30th. Citizens Financial Group's dividend payout ratio is presently 41.85%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Stephens lowered their price objective on shares of Citizens Financial Group from $70.00 to $65.00 and set an "equal weight" rating for the company in a research note on Tuesday. Truist Financial dropped their price objective on Citizens Financial Group from $77.00 to $70.00 and set a "hold" rating for the company in a report on Tuesday. Cantor Fitzgerald cut their target price on Citizens Financial Group from $84.00 to $78.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 14th. Morgan Stanley cut their target price on Citizens Financial Group from $89.00 to $87.00 and set an "overweight" rating on the stock in a research report on Monday. Finally, Robert W. Baird lifted their target price on Citizens Financial Group from $72.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $77.47.

Citizens Financial Group Profile

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Its principal subsidiary, Citizens Bank, provides banking and financial services to consumers, small businesses, middle-market companies, large corporations and institutional clients.

The company offers consumer deposit accounts, residential mortgages, home equity financing, credit cards, personal loans and other lending products. Its commercial banking activities include business loans, equipment financing, treasury management, capital markets services and investment banking.

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