Citizens Financial Group, Inc. $CFG Shares Sold by Red Cedar Investment Management LLC

Red Cedar Investment Management LLC cut its stake in Citizens Financial Group, Inc. (NYSE:CFG) by 18.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,607 shares of the bank’s stock after selling 18,904 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Citizens Financial Group were worth $5,458,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Elevation Wealth Partners LLC boosted its position in shares of Citizens Financial Group by 319.8% in 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 during the period. Carolina Wealth Advisors LLC acquired a new stake in shares of Citizens Financial Group in the third quarter valued at about $29,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of Citizens Financial Group during the 2nd quarter valued at about $35,000. Virtus Advisers LLC purchased a new stake in shares of Citizens Financial Group during the 2nd quarter valued at about $35,000. Finally, Transamerica Financial Advisors LLC purchased a new stake in shares of Citizens Financial Group during the 2nd quarter valued at about $38,000. Institutional investors and hedge funds own 94.90% of the company’s stock.

Citizens Financial Group Stock Up 3.2%

Shares of NYSE CFG opened at $65.27 on Tuesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.86 and a current ratio of 0.86. Citizens Financial Group, Inc. has a 1 year low of $49.00 and a 1 year high of $75.33. The stock’s 50-day simple moving average is $65.78 and its 200-day simple moving average is $65.65. The firm has a market cap of $27.36 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 0.60 and a beta of 0.74.

Citizens Financial Group (NYSE:CFG) last issued its quarterly earnings results on Friday, October 16th. The bank reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.34 billion. Citizens Financial Group had a return on equity of 9.52% and a net margin of 18.07%. During the same quarter in the prior year, the business posted $1.05 earnings per share. As a group, equities analysts anticipate that Citizens Financial Group, Inc. will post 5.30 earnings per share for the current fiscal year.

Citizens Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, October 30th. This represents a $2.08 annualized dividend and a yield of 3.2%. This is a boost from Citizens Financial Group’s previous quarterly dividend of $0.46. Citizens Financial Group’s dividend payout ratio (DPR) is presently 41.85%.

Analyst Ratings Changes

Several equities analysts recently commented on CFG shares. Stephens reduced their price target on Citizens Financial Group from $70.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 20th. Keefe, Bruyette & Woods increased their price objective on shares of Citizens Financial Group from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. The Goldman Sachs Group dropped their price objective on shares of Citizens Financial Group from $81.00 to $79.00 and set a “buy” rating on the stock in a research note on Monday, October 19th. DA Davidson set a $82.00 target price on shares of Citizens Financial Group in a research report on Monday, October 19th. Finally, Barclays boosted their target price on shares of Citizens Financial Group from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $76.79.

About Citizens Financial Group

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Through Citizens Bank and related businesses, it provides retail and commercial banking services to individuals, businesses and institutions.

Its offerings include checking and savings accounts, mortgages, personal and business loans, credit cards, wealth management, and commercial lending and cash-management services. The company also provides capital markets and other financial services to corporate clients.

Citizens traces its history to High Street Bank, founded in Providence in 1828.