Arkadios Wealth Advisors Sells 1,189 Shares of Citizens Financial Group, Inc. (NYSE:CFG)

Posted by Defense World Staff on Mar 21st, 2023

Arkadios Wealth Advisors reduced its position in shares of Citizens Financial Group, Inc. (NYSE:CFG – Get Rating) by 8.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,970 shares of the bank’s stock after selling 1,189 shares during the quarter. Arkadios Wealth Advisors’ holdings in Citizens Financial Group were worth $511,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Citizens Financial Group by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 57,764,211 shares of the bank’s stock valued at $1,984,777,000 after purchasing an additional 498,557 shares during the period. BlackRock Inc. grew its stake in shares of Citizens Financial Group by 1.7% during the 3rd quarter. BlackRock Inc. now owns 47,431,255 shares of the bank’s stock valued at $1,629,737,000 after purchasing an additional 787,199 shares during the period. State Street Corp grew its stake in shares of Citizens Financial Group by 5.0% during the 3rd quarter. State Street Corp now owns 26,089,425 shares of the bank’s stock valued at $896,433,000 after purchasing an additional 1,246,261 shares during the period. Capital World Investors grew its stake in shares of Citizens Financial Group by 76.0% during the 1st quarter. Capital World Investors now owns 19,002,482 shares of the bank’s stock valued at $861,383,000 after purchasing an additional 8,203,831 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Citizens Financial Group by 0.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,191,346 shares of the bank’s stock valued at $507,304,000 after purchasing an additional 50,382 shares during the period. 88.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CFG shares. Wolfe Research boosted their price target on Citizens Financial Group from $33.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday, December 1st. DA Davidson assumed coverage on Citizens Financial Group in a research note on Wednesday, December 21st. They set a “buy” rating and a $47.00 price objective for the company. Piper Sandler boosted their price objective on Citizens Financial Group from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Wednesday, February 15th. Morgan Stanley boosted their price objective on Citizens Financial Group from $48.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, December 5th. Finally, Citigroup boosted their price objective on Citizens Financial Group from $45.00 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, February 22nd. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Citizens Financial Group currently has an average rating of “Moderate Buy” and a consensus price target of $48.17.

Insider Transactions at Citizens Financial Group

In other news, Director Kevin Cummings sold 81,151 shares of the company’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $44.40, for a total transaction of $3,603,104.40. Following the sale, the director now directly owns 455,789 shares of the company’s stock, valued at approximately $20,237,031.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.48% of the company’s stock.

Citizens Financial Group Trading Up 2.2 %

CFG stock opened at $31.55 on Tuesday. Citizens Financial Group, Inc. has a 1-year low of $29.72 and a 1-year high of $50.80. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $15.28 billion, a price-to-earnings ratio of 7.73, a PEG ratio of 2.34 and a beta of 1.37. The business has a 50 day simple moving average of $40.63 and a two-hundred day simple moving average of $39.24.

Citizens Financial Group (NYSE:CFG – Get Rating) last posted its quarterly earnings results on Tuesday, January 17th. The bank reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.05). The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.22 billion. Citizens Financial Group had a return on equity of 11.24% and a net margin of 22.86%. Research analysts anticipate that Citizens Financial Group, Inc. will post 5.03 EPS for the current fiscal year.

Citizens Financial Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Tuesday, January 31st were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Monday, January 30th. This represents a $1.68 annualized dividend and a dividend yield of 5.32%. Citizens Financial Group’s dividend payout ratio (DPR) is 41.18%.

Citizens Financial Group announced that its Board of Directors has initiated a stock buyback program on Friday, February 17th that permits the company to buyback $1.15 billion in outstanding shares. This buyback authorization permits the bank to purchase up to 5.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

About Citizens Financial Group

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Citizens Financial Group, Inc engages in the provision of commercial banking services. It operates through the Consumer Banking and Commercial Banking segments. The Consumer Banking segment includes deposit products, mortgage and home equity lending, student loans, auto financing, credit cards, business loans, and wealth management and investment services.