Sit Investment Associates Inc. Increases Stock Position in Citizens Financial Group, Inc. $CFG

Sit Investment Associates Inc. raised its stake in Citizens Financial Group, Inc. (NYSE:CFG) by 15.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,225 shares of the bank’s stock after acquiring an additional 17,225 shares during the period. Sit Investment Associates Inc.’s holdings in Citizens Financial Group were worth $7,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in CFG. Channing Capital Management LLC acquired a new position in shares of Citizens Financial Group in the 3rd quarter valued at $7,528,000. Allspring Global Investments Holdings LLC boosted its stake in Citizens Financial Group by 5.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 504,595 shares of the bank’s stock worth $29,968,000 after purchasing an additional 25,180 shares during the period. Dynamic Advisor Solutions LLC purchased a new position in Citizens Financial Group during the 4th quarter worth $2,412,000. WealthTrust Asset Management LLC purchased a new position in Citizens Financial Group during the 3rd quarter worth $891,000. Finally, Todd Asset Management LLC increased its stake in Citizens Financial Group by 10.6% in the fourth quarter. Todd Asset Management LLC now owns 991,510 shares of the bank’s stock valued at $57,914,000 after purchasing an additional 94,774 shares during the period. Hedge funds and other institutional investors own 94.90% of the company’s stock.

Citizens Financial Group Stock Up 0.1%

Shares of NYSE CFG opened at $67.11 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.51. Citizens Financial Group, Inc. has a 52 week low of $41.37 and a 52 week high of $68.79. The firm has a 50-day moving average price of $64.07 and a 200 day moving average price of $61.79. The stock has a market capitalization of $28.38 billion, a price-to-earnings ratio of 15.87, a price-to-earnings-growth ratio of 0.53 and a beta of 0.68.

Citizens Financial Group (NYSE:CFG) last released its quarterly earnings data on Thursday, April 16th. The bank reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03. Citizens Financial Group had a net margin of 16.21% and a return on equity of 8.31%. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the previous year, the firm earned $0.77 earnings per share. The firm’s revenue was up 12.0% on a year-over-year basis. Equities research analysts anticipate that Citizens Financial Group, Inc. will post 5.2 EPS for the current fiscal year.

Citizens Financial Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Thursday, April 30th were paid a dividend of $0.46 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $1.84 annualized dividend and a dividend yield of 2.7%. Citizens Financial Group’s payout ratio is 43.50%.

Wall Street Analysts Forecast Growth

CFG has been the subject of a number of research reports. DA Davidson upped their target price on shares of Citizens Financial Group from $73.00 to $74.00 and gave the company a “buy” rating in a report on Monday, April 20th. Cantor Fitzgerald restated an “overweight” rating on shares of Citizens Financial Group in a research report on Tuesday, June 9th. Weiss Ratings raised Citizens Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. Morgan Stanley lowered their target price on Citizens Financial Group from $80.00 to $73.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Finally, Citigroup reissued a “buy” rating on shares of Citizens Financial Group in a report on Friday, May 8th. Eighteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $70.88.

Insider Activity at Citizens Financial Group

In related news, insider Michelle Moosally sold 6,050 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $62.16, for a total value of $376,068.00. Following the sale, the insider owned 22,565 shares in the company, valued at $1,402,640.40. This represents a 21.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.67% of the stock is owned by company insiders.

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.