Pinnacle Holdings LLC Makes New $809,000 Investment in Citizens Financial Group, Inc. $CFG

Pinnacle Holdings LLC purchased a new stake in Citizens Financial Group, Inc. (NYSE:CFG) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 11,550 shares of the bank’s stock, valued at approximately $809,000.

A number of other hedge funds have also recently made changes to their positions in CFG. University of Texas Texas AM Investment Management Co. bought a new position in shares of Citizens Financial Group in the fourth quarter worth $26,000. Cedar Mountain Advisors LLC bought a new stake in Citizens Financial Group during the first quarter valued at $27,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Citizens Financial Group during the fourth quarter valued at $29,000. Activest Wealth Management boosted its stake in Citizens Financial Group by 5,600.0% during the fourth quarter. Activest Wealth Management now owns 513 shares of the bank’s stock valued at $30,000 after buying an additional 504 shares during the period. Finally, Elevation Wealth Partners LLC grew its position in Citizens Financial Group by 319.8% during the second quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank’s stock worth $30,000 after buying an additional 323 shares in the last quarter. 94.90% of the stock is currently owned by hedge funds and other institutional investors.

Citizens Financial Group Trading Down 0.0%

Shares of CFG stock opened at $69.84 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.63. The business has a 50-day moving average price of $71.15 and a two-hundred day moving average price of $65.57. Citizens Financial Group, Inc. has a 12-month low of $47.96 and a 12-month high of $75.33. The firm has a market cap of $29.42 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 0.53 and a beta of 0.67.

Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings data on Thursday, July 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.05. The firm had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Citizens Financial Group had a return on equity of 8.85% and a net margin of 17.18%.The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.92 EPS. Equities analysts anticipate that Citizens Financial Group, Inc. will post 5.3 EPS for the current fiscal year.

Citizens Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Shareholders 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 yield of 2.6%. Citizens Financial Group’s dividend payout ratio is currently 39.91%.

Insider Buying and Selling

In other Citizens Financial Group news, CEO Saun Bruce Van sold 129,369 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were 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 in the company, valued at $82,214,789.41. This trade represents a 10.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.67% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CFG has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on Citizens Financial Group from $76.00 to $78.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Truist Financial boosted their price objective on Citizens Financial Group from $72.00 to $80.00 and gave the stock a “hold” rating in a report on Tuesday, July 21st. Stephens raised their target price on shares of Citizens Financial Group from $68.00 to $70.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Robert W. Baird lifted their target price on shares of Citizens Financial Group from $72.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, July 17th. Finally, Argus set a $80.00 price target on shares of Citizens Financial Group in a research note on Wednesday, July 29th. Sixteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Citizens Financial Group has an average rating of “Moderate Buy” and a consensus target price of $79.25.

Citizens Financial Group Company 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.