New York State Teachers Retirement System Raises Position in Citizens Financial Group, Inc. (NYSE:CFG)

Posted by on Apr 12th, 2023

New York State Teachers Retirement System grew its position in Citizens Financial Group, Inc. (NYSE:CFG – Get Rating) by 8.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 584,445 shares of the bank’s stock after buying an additional 47,425 shares during the period. New York State Teachers Retirement System owned approximately 0.12% of Citizens Financial Group worth $23,010,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CFG. Salem Investment Counselors Inc. raised its holdings in Citizens Financial Group by 1,656.0% in the third quarter. Salem Investment Counselors Inc. now owns 878 shares of the bank’s stock worth $30,000 after buying an additional 828 shares during the last quarter. Riverview Trust Co bought a new stake in shares of Citizens Financial Group in the third quarter worth approximately $36,000. Lindbrook Capital LLC grew its stake in shares of Citizens Financial Group by 63.0% in the fourth quarter. Lindbrook Capital LLC now owns 988 shares of the bank’s stock worth $39,000 after acquiring an additional 382 shares during the period. Guardian Wealth Advisors LLC bought a new stake in shares of Citizens Financial Group in the third quarter worth approximately $40,000. Finally, Coastal Investment Advisors Inc. bought a new stake in shares of Citizens Financial Group in the third quarter worth approximately $41,000. 88.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CFG. Barclays lifted their price target on shares of Citizens Financial Group from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. StockNews.com began coverage on shares of Citizens Financial Group in a research note on Thursday, March 16th. They issued a “hold” rating for the company. JPMorgan Chase & Co. reduced their price target on shares of Citizens Financial Group from $45.50 to $37.00 and set an “overweight” rating for the company in a research note on Monday. The Goldman Sachs Group cut their target price on shares of Citizens Financial Group from $49.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, March 30th. Finally, Citigroup boosted their target price on shares of Citizens Financial Group from $45.00 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, February 22nd. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Citizens Financial Group Price Performance

Shares of NYSE:CFG opened at $29.41 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.92 and a quick ratio of 0.92. Citizens Financial Group, Inc. has a 1-year low of $28.27 and a 1-year high of $45.34. The company has a market capitalization of $14.24 billion, a P/E ratio of 7.21, a P/E/G ratio of 2.23 and a beta of 1.32. The firm’s 50 day simple moving average is $36.89 and its two-hundred day simple moving average is $38.50.

Citizens Financial Group (NYSE:CFG – Get Rating) last issued 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). Citizens Financial Group had a net margin of 22.86% and a return on equity of 11.24%. The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Research analysts expect that Citizens Financial Group, Inc. will post 4.98 EPS for the current fiscal year.

Citizens Financial Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Tuesday, January 31st were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 5.71%. The ex-dividend date of this dividend was Monday, January 30th. Citizens Financial Group’s dividend payout ratio (DPR) is presently 41.18%.

Citizens Financial Group declared that its board has approved a stock repurchase program on Friday, February 17th that authorizes the company to repurchase $1.15 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 5.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Citizens Financial Group

In other news, Director Kevin Cummings sold 81,151 shares of the business’s stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $44.40, for a total value of $3,603,104.40. Following the transaction, the director now owns 455,789 shares of the company’s stock, valued at $20,237,031.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.53% of the company’s stock.

Citizens Financial Group Company Profile

(Get Rating)

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.

Featured Articles

Institutional Ownership by Quarter for Citizens Financial Group (NYSE:CFG)

Receive News & Ratings for Citizens Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Citizens Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.