Steel Grove Capital Advisors LLC Makes New $5.63 Million Investment in Citizens Financial Group, Inc. $CFG

Steel Grove Capital Advisors LLC bought a new stake in shares of Citizens Financial Group, Inc. (NYSE:CFG) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 88,373 shares of the bank’s stock, valued at approximately $5,635,000. Citizens Financial Group comprises 0.4% of Steel Grove Capital Advisors LLC’s holdings, making the stock its 26th largest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cookson Peirce & Co. Inc. grew its holdings in shares of Citizens Financial Group by 0.3% in the second quarter. Cookson Peirce & Co. Inc. now owns 56,309 shares of the bank’s stock worth $3,946,000 after acquiring an additional 174 shares during the period. Trustmark Bank Trust Department increased its position in Citizens Financial Group by 4.9% during the second quarter. Trustmark Bank Trust Department now owns 4,278 shares of the bank’s stock valued at $300,000 after acquiring an additional 198 shares during the last quarter. GoalVest Advisory LLC lifted its holdings in Citizens Financial Group by 29.9% in the third quarter. GoalVest Advisory LLC now owns 883 shares of the bank’s stock valued at $56,000 after acquiring an additional 203 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in Citizens Financial Group by 0.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 64,323 shares of the bank’s stock valued at $3,757,000 after acquiring an additional 220 shares during the period. Finally, Legacy Wealth Managment LLC ID lifted its holdings in Citizens Financial Group by 12.8% in the first quarter. Legacy Wealth Managment LLC ID now owns 2,080 shares of the bank’s stock valued at $125,000 after acquiring an additional 236 shares during the period. 94.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on CFG. Robert W. Baird raised their target price on Citizens Financial Group from $72.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, July 17th. Truist Financial reduced their price target on shares of Citizens Financial Group from $80.00 to $77.00 and set a “hold” rating for the company in a research report on Wednesday, September 23rd. Argus set a $80.00 price target on shares of Citizens Financial Group in a research report on Wednesday, July 29th. JPMorgan Chase & Co. lowered their price objective on shares of Citizens Financial Group from $78.00 to $72.50 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. Finally, DA Davidson reissued a “neutral” rating on shares of Citizens Financial Group in a report on Friday, August 14th. One 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.38.

Insider Buying and Selling at Citizens Financial Group

In other news, CEO Bruce Van Saun sold 129,369 shares of Citizens Financial Group stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $72.07, for a total transaction of $9,323,623.83. Following the transaction, the chief executive officer directly owned 1,140,763 shares of the company’s stock, valued at $82,214,789.41. The trade was 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. 0.67% of the stock is currently owned by insiders.

Citizens Financial Group Stock Performance

Shares of CFG stock traded down $0.80 during mid-day trading on Tuesday, reaching $63.10. 1,291,825 shares of the company’s stock traded hands, compared to its average volume of 4,583,724. The firm has a market capitalization of $26.58 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.58 and a beta of 0.72. 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 firm has a 50 day moving average price of $68.82 and a two-hundred day moving average price of $66.97. Citizens Financial Group, Inc. has a 12 month low of $47.96 and a 12 month high of $75.33.

Citizens Financial Group (NYSE:CFG) last released its quarterly earnings results on Thursday, July 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the previous year, the company posted $0.92 earnings per share. Citizens Financial Group’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, research analysts forecast that Citizens Financial Group, Inc. will post 5.29 EPS for the current year.

Citizens Financial Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, July 30th were paid a $0.46 dividend. The ex-dividend date of this dividend was Thursday, July 30th. This represents a $1.84 annualized dividend and a dividend yield of 2.9%. Citizens Financial Group’s dividend payout ratio (DPR) is 39.91%.

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 individuals, families, businesses and institutions through branches, digital channels and other delivery platforms.

The company’s consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, credit cards, personal loans and other lending products. Through its commercial banking operations, Citizens provides business loans, commercial real estate financing, treasury management, capital markets services and other solutions for companies and institutional clients.