Sterling Capital Management LLC Acquires 21,402 Shares of Citizens Financial Group, Inc. $CFG

Key Points

• Sterling Capital Management more than doubled its CFG holdings in the third quarter, adding 21,402 shares for a total of 40,195 shares valued at approximately $2.56 million. Institutional investors and hedge funds collectively own 94.9% of the stock.
• Analysts maintain a generally positive outlook, with Citizens Financial Group receiving a “Moderate Buy” consensus rating and an average price target of $77.47, compared with the stock’s opening price of $65.19.
• Citizens Financial Group increased its quarterly dividend to $0.52 per share, representing a $2.08 annualized payout and a 3.2% yield. The bank also exceeded quarterly EPS estimates, reporting $1.41 versus the $1.39 consensus.

Sterling Capital Management LLC increased its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 113.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,195 shares of the bank's stock after purchasing an additional 21,402 shares during the period. Sterling Capital Management LLC's holdings in Citizens Financial Group were worth $2,563,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Yousif Capital Management LLC lifted its position in shares of Citizens Financial Group by 1,199.7% in the third quarter. Yousif Capital Management LLC now owns 561,973 shares of the bank's stock worth $35,831,000 after purchasing an additional 518,733 shares in the last quarter. MBL Wealth LLC bought a new position in Citizens Financial Group in the third quarter valued at $4,083,000. Compass Wealth Management LLC grew its position in Citizens Financial Group by 52.1% in the third quarter. Compass Wealth Management LLC now owns 16,271 shares of the bank's stock valued at $1,037,000 after purchasing an additional 5,571 shares in the last quarter. Indiana Trust & Investment Management Co bought a new position in Citizens Financial Group in the third quarter valued at $938,000. Finally, Brookstone Capital Management increased its stake in Citizens Financial Group by 4,764.9% in the 3rd quarter. Brookstone Capital Management now owns 359,956 shares of the bank's stock valued at $22,951,000 after buying an additional 352,557 shares during the last quarter. 94.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CFG shares. Cantor Fitzgerald cut their price target on shares of 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. DA Davidson set a $82.00 price objective on Citizens Financial Group in a report on Monday, October 19th. Keefe, Bruyette & Woods lifted their target price on Citizens Financial Group from $75.00 to $90.00 and gave the company an "outperform" rating in a research report on Friday, July 17th. Raymond James Financial reiterated a "strong-buy" rating on shares of Citizens Financial Group in a report on Friday, October 16th. Finally, Argus set a $80.00 target price on Citizens Financial Group in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $77.47.

Citizens Financial Group Stock Up 0.1%

Shares of CFG opened at $65.19 on Monday. The stock has a market capitalization of $27.46 billion, a PE ratio of 13.12, a P/E/G ratio of 0.59 and a beta of 0.72. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.74. The firm's 50 day moving average is $67.11 and its 200-day moving average is $67.24. Citizens Financial Group, Inc. has a 12 month low of $49.00 and a 12 month high of $75.33.

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

Citizens Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a dividend of $0.52 per share. 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. This represents a $2.08 annualized dividend and a dividend yield of 3.2%. Citizens Financial Group's dividend payout ratio (DPR) is 37.02%.

Citizens Financial Group Company 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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