Confluence Wealth Services Inc. Acquires 107,308 Shares of Citizens Financial Group, Inc. $CFG

Confluence Wealth Services Inc. acquired a new position in shares of Citizens Financial Group, Inc. (NYSE:CFG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 107,308 shares of the bank’s stock, valued at approximately $6,842,000.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Citizens Financial Group during the second quarter valued at about $3,415,046,000. Robeco Institutional Asset Management B.V. increased its position in shares of Citizens Financial Group by 7,979.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 12,165,352 shares of the bank’s stock worth $775,663,000 after acquiring an additional 12,014,785 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Citizens Financial Group by 1,252.4% during the third quarter. Assenagon Asset Management S.A. now owns 9,204,563 shares of the bank’s stock worth $586,883,000 after acquiring an additional 8,523,938 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Citizens Financial Group by 4,682.2% during the third quarter. Commonwealth Equity Services LLC now owns 3,285,906 shares of the bank’s stock worth $209,509,000 after acquiring an additional 3,217,195 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Citizens Financial Group in the 2nd quarter worth about $223,386,000. 94.90% of the stock is owned by institutional investors.

Citizens Financial Group Price Performance

CFG opened at $64.91 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $27.21 billion, a price-to-earnings ratio of 13.06, a P/E/G ratio of 0.59 and a beta of 0.74. The firm’s fifty day moving average price is $65.70 and its two-hundred day moving average price is $65.65. Citizens Financial Group, Inc. has a 1 year low of $49.00 and a 1 year high of $75.33.

Citizens Financial Group (NYSE:CFG) last posted its 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 firm had revenue of $2.32 billion during 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 in the prior year, the business posted $1.05 EPS. As a group, analysts anticipate 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 of this dividend is Friday, October 30th. This is an increase from Citizens Financial Group’s previous quarterly dividend of $0.46. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.2%. Citizens Financial Group’s payout ratio is 41.85%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CFG shares. Evercore set a $74.00 price target on shares of Citizens Financial Group in a research report on Tuesday, October 27th. Jefferies Financial Group cut their price target on Citizens Financial Group from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, September 24th. Barclays boosted their price objective on Citizens Financial Group from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Royal Bank Of Canada lowered their price objective on Citizens Financial Group from $79.00 to $74.00 and set an “outperform” rating for the company in a research note on Monday, October 19th. Finally, Citigroup dropped their target price on Citizens Financial Group from $84.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, October 20th. Seventeen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.79.

Citizens Financial Group Company Profile

Citizens Financial Group, Inc. is a bank holding company headquartered in Providence, Rhode Island. Through Citizens Bank and related businesses, it provides retail and commercial banking services to individuals, businesses and institutions. Its offerings include checking and savings accounts, mortgages, personal and business loans, credit cards, wealth management, and commercial lending and cash-management services. The company also provides capital markets and other financial services to corporate clients.