Citizens Financial Group (NYSE:CFG) Reaches New 52-Week High on Earnings Beat

Citizens Financial Group, Inc. (NYSE:CFG)’s share price hit a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $74.63 and last traded at $74.2280, with a volume of 1482379 shares. The stock had previously closed at $71.12.

The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.25 by $0.05. Citizens Financial Group had a return on equity of 8.31% and a net margin of 16.21%.During the same quarter in the previous year, the firm earned $0.92 EPS. Citizens Financial Group’s revenue was up 12.1% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Robert W. Baird reaffirmed a “neutral” rating and set a $72.00 price target on shares of Citizens Financial Group in a report on Monday, July 6th. Morgan Stanley boosted their price objective on shares of Citizens Financial Group from $73.00 to $79.00 and gave the company an “overweight” rating in a report on Monday, June 29th. DA Davidson raised their target price on shares of Citizens Financial Group from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Cantor Fitzgerald raised their target price on shares of Citizens Financial Group from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Evercore reaffirmed an “outperform” rating and issued a $80.00 target price on shares of Citizens Financial Group in a research report on Monday, July 6th. Sixteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Citizens Financial Group has an average rating of “Moderate Buy” and an average price target of $74.60.

Insider Activity

In related news, insider Michelle Moosally sold 6,050 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $62.16, for a total transaction of $376,068.00. Following the completion of the sale, the insider directly owned 22,565 shares in the company, valued at approximately $1,402,640.40. The trade was a 21.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CFG. NewEdge Advisors LLC increased its position in Citizens Financial Group by 2.4% in the first quarter. NewEdge Advisors LLC now owns 11,531 shares of the bank’s stock worth $472,000 after buying an additional 274 shares in the last quarter. Empowered Funds LLC raised its position in shares of Citizens Financial Group by 6.7% during the first quarter. Empowered Funds LLC now owns 8,838 shares of the bank’s stock valued at $362,000 after buying an additional 554 shares during the last quarter. Woodline Partners LP boosted its holdings in shares of Citizens Financial Group by 39.5% during the 1st quarter. Woodline Partners LP now owns 36,932 shares of the bank’s stock valued at $1,513,000 after purchasing an additional 10,466 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in Citizens Financial Group by 93.4% during the second quarter. Sivia Capital Partners LLC now owns 9,814 shares of the bank’s stock valued at $439,000 after buying an additional 4,739 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in shares of Citizens Financial Group by 5.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 65,564 shares of the bank’s stock valued at $2,934,000 after acquiring an additional 3,225 shares during the last quarter. 94.90% of the stock is currently owned by institutional investors.

Citizens Financial Group Stock Up 3.7%

The firm has a market cap of $31.19 billion, a P/E ratio of 17.44, a price-to-earnings-growth ratio of 0.58 and a beta of 0.67. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.85 and a quick ratio of 0.84. The company’s 50-day simple moving average is $66.04 and its 200 day simple moving average is $63.43.

About Citizens Financial Group

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.