Citizens Financial Group Inc (NYSE:CFG) Sees Significant Decline in Short Interest

Citizens Financial Group Inc (NYSE:CFG) was the target of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 6,101,000 shares, a decrease of 41.3% from the July 31st total of 10,396,000 shares. Approximately 1.4% of the company’s shares are sold short. Based on an average daily trading volume, of 4,320,000 shares, the short-interest ratio is presently 1.4 days.

Shares of NYSE:CFG traded up $0.46 on Friday, hitting $36.83. The company had a trading volume of 4,076,588 shares, compared to its average volume of 4,474,755. The firm’s 50-day simple moving average is $34.15 and its two-hundred day simple moving average is $34.80. Citizens Financial Group has a 1 year low of $27.62 and a 1 year high of $41.17. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $16.26 billion, a price-to-earnings ratio of 10.35, a P/E/G ratio of 1.75 and a beta of 1.47.

Citizens Financial Group (NYSE:CFG) last posted its earnings results on Friday, July 19th. The bank reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.02. Citizens Financial Group had a net margin of 22.61% and a return on equity of 8.94%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same period last year, the company posted $0.88 EPS. Equities research analysts anticipate that Citizens Financial Group will post 3.82 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.91%. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Tuesday, July 30th. Citizens Financial Group’s dividend payout ratio (DPR) is presently 40.45%.

In other news, Director Charles John Koch purchased 15,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was acquired at an average price of $32.45 per share, with a total value of $486,750.00. Following the transaction, the director now directly owns 68,781 shares of the company’s stock, valued at approximately $2,231,943.45. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.32% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. River & Mercantile Asset Management LLP increased its stake in shares of Citizens Financial Group by 1.1% in the 2nd quarter. River & Mercantile Asset Management LLP now owns 408,788 shares of the bank’s stock worth $14,457,000 after acquiring an additional 4,500 shares in the last quarter. Princeton Global Asset Management LLC increased its stake in shares of Citizens Financial Group by 4.4% in the 2nd quarter. Princeton Global Asset Management LLC now owns 44,683 shares of the bank’s stock worth $1,580,000 after acquiring an additional 1,889 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Citizens Financial Group by 2.5% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 309,200 shares of the bank’s stock worth $10,933,000 after acquiring an additional 7,549 shares in the last quarter. Nomura Holdings Inc. bought a new position in shares of Citizens Financial Group in the 2nd quarter worth about $56,779,000. Finally, Vestmark Advisory Solutions Inc. increased its stake in shares of Citizens Financial Group by 35.1% in the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 22,529 shares of the bank’s stock worth $797,000 after acquiring an additional 5,858 shares in the last quarter. Institutional investors own 96.78% of the company’s stock.

CFG has been the subject of several research analyst reports. Argus raised shares of Citizens Financial Group from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Monday, July 29th. JPMorgan Chase & Co. dropped their target price on shares of Citizens Financial Group from $41.50 to $40.50 and set an “overweight” rating for the company in a research report on Tuesday, July 9th. Citigroup cut shares of Citizens Financial Group from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $40.00 to $35.00 in a research report on Friday, July 12th. UBS Group cut shares of Citizens Financial Group from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $40.00 to $38.00 in a research report on Wednesday, July 10th. Finally, Zacks Investment Research cut shares of Citizens Financial Group from a “hold” rating to a “sell” rating and set a $37.00 target price for the company. in a research report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Citizens Financial Group presently has an average rating of “Hold” and a consensus price target of $40.42.

Citizens Financial Group Company Profile

Citizens Financial Group, Inc operates as the bank holding company for Citizens Bank, National Association and Citizens Bank of Pennsylvania that provides retail and commercial banking products and services in the United States. The company operates in two segments, Consumer Banking and Commercial Banking.

Further Reading: What is Cost of Goods Sold (COGS)?

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