Woodward Diversified Capital LLC Acquires 29,807 Shares of Citizens Financial Group, Inc. $CFG

Key Points

• Woodward Diversified Capital increased its Citizens Financial Group stake by 463.9%, purchasing 29,807 additional shares to own 36,232 shares valued at approximately $2.31 million.
• Citizens Financial reported quarterly EPS of $1.41, slightly exceeding estimates, while analysts maintain a “Moderate Buy” consensus with an average price target of $77.47.
• The bank raised its quarterly dividend to $0.52 per share, implying an annualized dividend of $2.08 and a 3.2% yield; meanwhile, CEO Bruce Van Saun sold 129,369 shares.

Woodward Diversified Capital LLC increased its holdings in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 463.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 36,232 shares of the bank's stock after purchasing an additional 29,807 shares during the quarter. Citizens Financial Group accounts for about 0.9% of Woodward Diversified Capital LLC's holdings, making the stock its 23rd largest holding. Woodward Diversified Capital LLC's holdings in Citizens Financial Group were worth $2,310,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CFG. Elevation Wealth Partners LLC grew its holdings in Citizens Financial Group by 319.8% in the second quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank's stock valued at $30,000 after purchasing an additional 323 shares during the period. Cedar Mountain Advisors LLC purchased a new stake in shares of Citizens Financial Group in the first quarter valued at approximately $27,000. Keating Financial Advisory Services Inc. acquired a new position in shares of Citizens Financial Group during the 2nd quarter worth approximately $35,000. Virtus Advisers LLC acquired a new position in shares of Citizens Financial Group during the 2nd quarter worth approximately $35,000. Finally, Transamerica Financial Advisors LLC acquired a new position in shares of Citizens Financial Group during the 2nd quarter worth approximately $38,000. Institutional investors and hedge funds own 94.90% of the company's stock.

Insider Buying and Selling

In related news, CEO Bruce Van Saun sold 129,369 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $72.07, for a total value of $9,323,623.83. Following the completion of the transaction, the chief executive officer directly owned 1,140,763 shares of the company's stock, valued at approximately $82,214,789.41. This represents a 10.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.67% of the company's stock.

Citizens Financial Group Price Performance

NYSE:CFG opened at $64.90 on Thursday. The stock has a 50 day moving average of $67.48 and a two-hundred day moving average of $67.19. Citizens Financial Group, Inc. has a 12 month low of $49.00 and a 12 month high of $75.33. The firm has a market cap of $27.33 billion, a P/E ratio of 13.06, a price-to-earnings-growth 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.

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

Citizens Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, October 30th. This is a positive change from Citizens Financial Group's previous quarterly dividend of $0.46. This represents a $2.08 annualized dividend and a dividend yield of 3.2%. Citizens Financial Group's dividend payout ratio (DPR) is presently 37.02%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CFG shares. Truist Financial decreased their target price on Citizens Financial Group from $77.00 to $70.00 and set a "hold" rating on the stock in a research report on Tuesday. Royal Bank Of Canada cut their price target on shares of Citizens Financial Group from $79.00 to $74.00 and set an "outperform" rating for the company in a report on Monday. Cantor Fitzgerald reduced their price objective on shares of Citizens Financial Group from $84.00 to $78.00 and set an "overweight" rating for the company in a research report on Wednesday, October 14th. Keefe, Bruyette & Woods increased their price objective on shares of Citizens Financial Group from $75.00 to $90.00 and gave the company an "outperform" rating in a report on Friday, July 17th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Citizens Financial Group in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Citizens Financial Group currently has an average rating of "Moderate Buy" and a consensus target price of $77.47.

About Citizens Financial Group

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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