Tidal Investments LLC Increases Position in Citizens Financial Group, Inc. $CFG

Key Points

• Tidal Investments increased its Citizens Financial Group stake by 12.4% in the second quarter, bringing its holdings to 145,378 shares valued at approximately $10.2 million. Institutional investors collectively own 94.9% of CFG’s outstanding stock.
• Citizens Financial Group exceeded quarterly expectations, reporting $1.30 in EPS versus the $1.25 consensus estimate and $2.28 billion in revenue, up 12.1% year over year.
• The bank pays a quarterly dividend of $0.46, equal to an annualized $1.84 and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $79.80, above the reported $70.47 share price.

Tidal Investments LLC grew its position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 12.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 145,378 shares of the bank's stock after purchasing an additional 16,000 shares during the period. Tidal Investments LLC's holdings in Citizens Financial Group were worth $10,187,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CFG. BlackRock Inc. purchased a new position in shares of Citizens Financial Group during the 2nd quarter valued at approximately $3,415,046,000. California State Teachers Retirement System lifted its position in shares of Citizens Financial Group by 7,016.6% in the second quarter. California State Teachers Retirement System now owns 39,561,872 shares of the bank's stock valued at $2,772,100,000 after acquiring an additional 39,005,965 shares in the last quarter. Norges Bank purchased a new position in Citizens Financial Group in the 4th quarter valued at $355,909,000. Bank of America Corp DE purchased a new position in shares of Citizens Financial Group in the second quarter worth about $223,386,000. Finally, Legal & General Group Plc purchased a new position in Citizens Financial Group in the 2nd quarter worth approximately $207,234,000. Hedge funds and other institutional investors own 94.90% of the company's stock.

Citizens Financial Group Stock Performance

Shares of CFG stock opened at $70.47 on Friday. The firm has a market capitalization of $29.68 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 0.63 and a beta of 0.66. Citizens Financial Group, Inc. has a one year low of $47.96 and a one year high of $75.33. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 0.86. The company has a 50 day moving average price of $71.41 and a 200 day moving average price of $65.99.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.25 by $0.05. The firm had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.25 billion. Citizens Financial Group had a return on equity of 8.85% and a net margin of 17.18%.Citizens Financial Group's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 EPS. Sell-side analysts anticipate that Citizens Financial Group, Inc. will post 5.3 EPS for the current year.

Citizens Financial Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Thursday, July 30th were issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Thursday, July 30th. Citizens Financial Group's dividend payout ratio is 39.91%.

Insider Activity at Citizens Financial Group

In other Citizens Financial Group news, CEO Bruce Van Saun sold 129,369 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer owned 1,140,763 shares of the company's stock, valued at approximately $82,214,789.41. This trade represents a 10.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.67% of the company's stock.

Wall Street Analysts Forecast Growth

CFG has been the topic of a number of recent analyst reports. Royal Bank Of Canada upped their price objective on Citizens Financial Group from $70.00 to $79.00 and gave the company an "outperform" rating in a report on Friday, July 17th. Truist Financial lifted their price objective on shares of Citizens Financial Group from $72.00 to $80.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Argus set a $80.00 price target on Citizens Financial Group in a report on Wednesday, July 29th. Barclays increased their price objective on shares of Citizens Financial Group from $77.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. raised their target price on Citizens Financial Group from $76.00 to $78.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Sixteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Citizens Financial Group presently has an average rating of "Moderate Buy" and an average price target of $79.80.

Citizens Financial Group Profile

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Through its primary subsidiary, Citizens Bank, the company provides retail and commercial banking services to individuals, businesses, institutions and government entities.

Its offerings include checking and savings accounts, consumer and residential lending, credit cards, business loans, commercial real estate financing, treasury management, investment banking, capital markets services and wealth management.

Want to see what other hedge funds are holding CFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Citizens Financial Group, Inc. (NYSE:CFG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.