Citizens Financial Group (NYSE:CFG) Reaches New 52-Week High – Here’s Why

Citizens Financial Group, Inc. (NYSE:CFG)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $61.15 and last traded at $61.3070, with a volume of 627843 shares changing hands. The stock had previously closed at $59.39.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Truist Financial upped their target price on shares of Citizens Financial Group from $56.00 to $63.00 and gave the stock a “hold” rating in a research report on Monday, December 22nd. Cowen reaffirmed a “buy” rating on shares of Citizens Financial Group in a research note on Monday, December 1st. Stephens reissued an “overweight” rating and issued a $60.00 price target on shares of Citizens Financial Group in a research report on Thursday, October 16th. Robert W. Baird reaffirmed a “neutral” rating and set a $60.00 price objective on shares of Citizens Financial Group in a research report on Thursday, December 11th. Finally, Raymond James Financial set a $62.00 price objective on Citizens Financial Group and gave the company a “strong-buy” rating in a research note on Tuesday, October 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Citizens Financial Group currently has an average rating of “Moderate Buy” and a consensus target price of $58.57.

Citizens Financial Group Stock Performance

The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $26.38 billion, a P/E ratio of 17.20, a P/E/G ratio of 0.49 and a beta of 0.72. The business has a fifty day moving average price of $54.89 and a 200-day moving average price of $51.42.

Citizens Financial Group (NYSE:CFG) last issued its earnings results on Wednesday, October 15th. The bank reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.02. The business had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.10 billion. Citizens Financial Group had a return on equity of 7.48% and a net margin of 14.17%.Citizens Financial Group’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.79 EPS. On average, sell-side analysts expect that Citizens Financial Group, Inc. will post 3.92 EPS for the current year.

Citizens Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Investors of record on Wednesday, October 29th were issued a $0.46 dividend. This is an increase from Citizens Financial Group’s previous quarterly dividend of $0.42. This represents a $1.84 annualized dividend and a yield of 3.0%. The ex-dividend date was Wednesday, October 29th. Citizens Financial Group’s dividend payout ratio is 51.54%.

Hedge Funds Weigh In On Citizens Financial Group

Several hedge funds and other institutional investors have recently modified their holdings of CFG. StoneX Group Inc. grew its holdings in shares of Citizens Financial Group by 0.4% in the second quarter. StoneX Group Inc. now owns 60,307 shares of the bank’s stock worth $2,699,000 after acquiring an additional 213 shares during the period. Brookstone Capital Management boosted its position in Citizens Financial Group by 2.9% in the second quarter. Brookstone Capital Management now owns 7,497 shares of the bank’s stock worth $336,000 after purchasing an additional 214 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Citizens Financial Group by 3.3% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 6,784 shares of the bank’s stock valued at $361,000 after purchasing an additional 219 shares during the period. Profund Advisors LLC increased its position in shares of Citizens Financial Group by 2.9% during the 3rd quarter. Profund Advisors LLC now owns 7,821 shares of the bank’s stock valued at $416,000 after purchasing an additional 221 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of Citizens Financial Group by 4.9% in the 3rd quarter. Versant Capital Management Inc now owns 4,821 shares of the bank’s stock worth $256,000 after purchasing an additional 224 shares during the period. 94.90% of the stock is owned by institutional investors.

About Citizens Financial Group

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.