Man Group plc Invests $65.77 Million in Citizens Financial Group, Inc. $CFG

Man Group plc acquired a new position in Citizens Financial Group, Inc. (NYSE:CFG) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 938,595 shares of the bank’s stock, valued at approximately $65,767,000. Man Group plc owned 0.22% of Citizens Financial Group at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Citizens Financial Group during the 2nd quarter worth approximately $3,415,046,000. Geode Capital Management LLC boosted its stake in shares of Citizens Financial Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 11,361,142 shares of the bank’s stock valued at $661,052,000 after purchasing an additional 32,264 shares during the last quarter. Morgan Stanley increased its position in shares of Citizens Financial Group by 2.7% during the fourth quarter. Morgan Stanley now owns 11,217,975 shares of the bank’s stock worth $655,242,000 after buying an additional 298,779 shares during the period. Capital International Investors raised its stake in Citizens Financial Group by 32.3% during the fourth quarter. Capital International Investors now owns 8,000,750 shares of the bank’s stock worth $467,389,000 after buying an additional 1,953,372 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Citizens Financial Group by 56.9% during the fourth quarter. AQR Capital Management LLC now owns 7,722,559 shares of the bank’s stock worth $451,075,000 after buying an additional 2,799,050 shares during the last quarter. 94.90% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Saun Bruce Van sold 129,369 shares of Citizens Financial Group stock in a transaction on Friday, July 24th. The shares were sold at an average price of $72.07, for a total value of $9,323,623.83. Following the completion of the sale, 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 document filed with the SEC, which can be accessed through the SEC website. 0.67% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CFG has been the topic of a number of research analyst reports. Royal Bank Of Canada upped their price target on shares of Citizens Financial Group from $70.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. upped their target price on Citizens Financial Group from $76.00 to $78.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Barclays raised their target price on Citizens Financial Group from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Cantor Fitzgerald lifted their target price on Citizens Financial Group from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Finally, Robert W. Baird boosted their price target on Citizens Financial Group from $72.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, July 17th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.25.

Citizens Financial Group Stock Performance

Shares of Citizens Financial Group stock opened at $69.86 on Wednesday. Citizens Financial Group, Inc. has a one year low of $47.96 and a one year high of $75.33. The firm has a market capitalization of $29.43 billion, a price-to-earnings ratio of 15.16, a PEG ratio of 0.54 and a beta of 0.67. The business has a 50-day simple moving average of $71.27 and a 200 day simple moving average of $65.62. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.86 and a quick ratio of 0.85.

Citizens Financial Group (NYSE:CFG) last announced its quarterly earnings results on Thursday, July 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.05. Citizens Financial Group had a return on equity of 8.85% and a net margin of 17.18%.The business had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the prior year, the company earned $0.92 earnings per share. The company’s quarterly revenue was up 12.1% on a year-over-year basis. On average, research analysts anticipate that Citizens Financial Group, Inc. will post 5.3 earnings per share for the current fiscal year.

Citizens Financial Group Dividend Announcement

The company also recently announced 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 dividend yield of 2.6%. The ex-dividend date was Thursday, July 30th. Citizens Financial Group’s dividend payout ratio (DPR) is currently 39.91%.

Citizens Financial Group 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.