DAVENPORT & Co LLC Invests $1.78 Million in Citizens Financial Group, Inc. $CFG

DAVENPORT & Co LLC bought a new position in shares of Citizens Financial Group, Inc. (NYSE:CFG) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 33,412 shares of the bank’s stock, valued at approximately $1,776,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC grew its position in Citizens Financial Group by 1.5% during the 2nd quarter. Janney Montgomery Scott LLC now owns 35,352 shares of the bank’s stock worth $1,582,000 after purchasing an additional 512 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Citizens Financial Group by 5.3% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 856,204 shares of the bank’s stock worth $38,315,000 after buying an additional 42,971 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Citizens Financial Group during the first quarter worth about $3,177,000. Nordea Investment Management AB increased its position in Citizens Financial Group by 20.7% in the 2nd quarter. Nordea Investment Management AB now owns 6,399,905 shares of the bank’s stock valued at $287,932,000 after acquiring an additional 1,098,684 shares during the period. Finally, Pinnacle Associates Ltd. raised its stake in Citizens Financial Group by 78.7% during the 2nd quarter. Pinnacle Associates Ltd. now owns 19,735 shares of the bank’s stock valued at $883,000 after acquiring an additional 8,693 shares during the last quarter. 94.90% of the stock is currently owned by hedge funds and other institutional investors.

Citizens Financial Group Price Performance

Shares of NYSE CFG opened at $59.81 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.84 and a current ratio of 0.85. Citizens Financial Group, Inc. has a one year low of $32.60 and a one year high of $60.10. The firm has a market capitalization of $25.69 billion, a P/E ratio of 16.75, a PEG ratio of 0.64 and a beta of 0.74. The company’s fifty day moving average is $54.10 and its two-hundred day moving average is $50.72.

Citizens Financial Group (NYSE:CFG) last announced its quarterly earnings data on Wednesday, October 15th. The bank reported $1.05 EPS for the quarter, beating the consensus estimate of $1.03 by $0.02. The firm had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Citizens Financial Group had a net margin of 14.17% and a return on equity of 7.48%. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.79 earnings per share. Analysts forecast that Citizens Financial Group, Inc. will post 3.92 EPS for the current fiscal year.

Citizens Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 12th. Stockholders of record on Wednesday, October 29th were paid a dividend of $0.46 per share. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Wednesday, October 29th. This represents a $1.84 annualized dividend and a dividend yield of 3.1%. Citizens Financial Group’s dividend payout ratio is presently 51.54%.

Analyst Ratings Changes

Several brokerages have weighed in on CFG. Barclays lifted their target price on Citizens Financial Group from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, October 16th. Raymond James Financial set a $62.00 price objective on shares of Citizens Financial Group and gave the company a “strong-buy” rating in a research report on Tuesday, October 7th. DA Davidson restated a “buy” rating and set a $59.00 price objective on shares of Citizens Financial Group in a research report on Thursday, October 16th. UBS Group raised their target price on shares of Citizens Financial Group from $57.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Finally, Stephens reiterated an “overweight” rating and set a $60.00 price target on shares of Citizens Financial Group in a research note on Thursday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.57.

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.