Foundation Resource Management Inc. Purchases 938,979 Shares of Citizens Financial Group, Inc. $CFG

Foundation Resource Management Inc. acquired a new position in Citizens Financial Group, Inc. (NYSE:CFG) during the third quarter, Holdings Channel reports. The firm acquired 938,979 shares of the bank’s stock, valued at approximately $59,869,000. Citizens Financial Group makes up approximately 5.0% of Foundation Resource Management Inc.’s portfolio, making the stock its 3rd biggest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in CFG. Elevation Wealth Partners LLC boosted its stake in Citizens Financial Group by 319.8% during the second quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank’s stock valued at $30,000 after buying an additional 323 shares during the period. Cedar Mountain Advisors LLC purchased a new position in Citizens Financial Group during the first quarter worth about $27,000. Keating Financial Advisory Services Inc. purchased a new position in Citizens Financial Group during the second quarter worth about $35,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Citizens Financial Group during the fourth quarter worth about $29,000. Finally, Virtus Advisers LLC bought a new position in Citizens Financial Group in the 2nd quarter worth about $35,000. Hedge funds and other institutional investors own 94.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CFG. Barclays raised their price target on Citizens Financial Group from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Friday, July 17th. JPMorgan Chase & Co. dropped their price target on Citizens Financial Group from $78.00 to $72.50 and set an “overweight” rating for the company in a research report on Friday, October 2nd. Truist Financial cut their price objective on Citizens Financial Group from $80.00 to $77.00 and set a “hold” rating for the company in a report on Wednesday, September 23rd. Raymond James Financial reissued a “strong-buy” rating on shares of Citizens Financial Group in a report on Friday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Citizens Financial Group in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Citizens Financial Group has an average rating of “Moderate Buy” and a consensus target price of $78.58.

Citizens Financial Group Price Performance

Shares of Citizens Financial Group stock traded down $0.66 on Monday, hitting $62.70. 7,835,547 shares of the company traded hands, compared to its average volume of 4,635,413. The firm’s 50-day simple moving average is $68.03 and its 200 day simple moving average is $67.11. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.74. The company has a market cap of $26.41 billion, a P/E ratio of 12.62, a P/E/G ratio of 0.58 and a beta of 0.72. Citizens Financial Group, Inc. has a 12-month low of $49.00 and a 12-month high of $75.33.

Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings data on Friday, October 16th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Citizens Financial Group had a net margin of 18.07% and a return on equity of 9.52%. The company had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the previous year, the firm posted $1.05 EPS. Analysts expect that Citizens Financial Group, Inc. will post 5.29 earnings per share for the current fiscal year.

Citizens Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, October 30th. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.46. This represents a $2.08 dividend on an annualized basis and a yield of 3.3%. Citizens Financial Group’s dividend payout ratio (DPR) is 37.02%.

Insiders Place Their Bets

In other Citizens Financial Group news, CEO Bruce Van Saun sold 129,369 shares of Citizens Financial Group stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $72.07, for a total transaction of $9,323,623.83. Following the completion of the sale, the chief executive officer owned 1,140,763 shares of the company’s stock, valued at $82,214,789.41. The trade was a 10.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.67% of the stock is owned by insiders.

About Citizens Financial Group

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Its principal subsidiary, Citizens Bank, provides banking and financial services to consumers, small businesses, middle-market companies, large corporations and institutional clients.

The company offers consumer deposit accounts, residential mortgages, home equity financing, credit cards, personal loans and other lending products. Its commercial banking activities include business loans, equipment financing, treasury management, capital markets services and investment banking.