Citizens Financial Group, Inc. (NYSE:CFG) Position Increased by Oppenheimer & Co. Inc.

Posted by Defense World Staff on May 13th, 2023

Oppenheimer & Co. Inc. lifted its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG – Get Rating) by 78.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,673 shares of the bank’s stock after buying an additional 8,213 shares during the period. Oppenheimer & Co. Inc.’s holdings in Citizens Financial Group were worth $735,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. grew its stake in shares of Citizens Financial Group by 23.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 10,537 shares of the bank’s stock worth $478,000 after purchasing an additional 1,980 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Citizens Financial Group by 29.7% during the first quarter. American Century Companies Inc. now owns 53,879 shares of the bank’s stock worth $2,442,000 after purchasing an additional 12,350 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Citizens Financial Group by 6.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 57,027 shares of the bank’s stock valued at $2,585,000 after buying an additional 3,531 shares during the period. Yousif Capital Management LLC lifted its stake in Citizens Financial Group by 9.3% in the first quarter. Yousif Capital Management LLC now owns 71,237 shares of the bank’s stock valued at $3,229,000 after acquiring an additional 6,060 shares during the last quarter. Finally, Blair William & Co. IL raised its holdings in shares of Citizens Financial Group by 1.5% during the 1st quarter. Blair William & Co. IL now owns 38,619 shares of the bank’s stock valued at $1,751,000 after purchasing an additional 586 shares in the last quarter. Institutional investors and hedge funds own 88.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on CFG shares. Robert W. Baird lowered their target price on shares of Citizens Financial Group from $48.00 to $44.00 and set an “outperform” rating on the stock in a research report on Thursday, April 20th. Citigroup boosted their price target 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. Barclays cut their price target on Citizens Financial Group from $44.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 20th. Credit Suisse Group decreased their price target on Citizens Financial Group from $44.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, April 20th. Finally, The Goldman Sachs Group dropped 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. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Citizens Financial Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.78.

Citizens Financial Group Stock Performance

NYSE:CFG opened at $24.80 on Friday. The stock has a 50 day simple moving average of $30.10 and a 200 day simple moving average of $37.26. The stock has a market cap of $12.01 billion, a P/E ratio of 5.98, a PEG ratio of 0.20 and a beta of 1.32. Citizens Financial Group, Inc. has a 1-year low of $23.37 and a 1-year high of $44.82. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.85.

Citizens Financial Group (NYSE:CFG – Get Rating) last released its quarterly earnings results on Wednesday, April 19th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.11). The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.14 billion. Citizens Financial Group had a return on equity of 11.12% and a net margin of 21.12%. Citizens Financial Group’s revenue was up 29.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.07 earnings per share. Research analysts anticipate that Citizens Financial Group, Inc. will post 4.53 earnings per share for the current year.

Citizens Financial Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 17th. Investors of record on Wednesday, May 3rd will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 6.77%. The ex-dividend date of this dividend is Tuesday, May 2nd. Citizens Financial Group’s dividend payout ratio is currently 40.48%.

Citizens Financial Group announced that its Board of Directors has authorized a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Shivan S. Subramaniam bought 3,300 shares of the business’s stock in a transaction dated Friday, April 21st. The stock was purchased at an average cost of $28.79 per share, for a total transaction of $95,007.00. Following the transaction, the director now owns 66,263 shares in the company, valued at approximately $1,907,711.77. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

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.