Citizens Financial Group (NYSE:CFG) Reaches New 12-Month High Following Analyst Upgrade

Citizens Financial Group, Inc. (NYSE:CFG) reached a new 52-week high on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $48.00 to $50.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Citizens Financial Group traded as high as $48.09 and last traded at $48.06, with a volume of 4896721 shares trading hands. The stock had previously closed at $46.84.

A number of other equities analysts have also weighed in on the company. Zacks Investment Research lowered Citizens Financial Group from a “strong-buy” rating to a “hold” rating and set a $48.00 price objective for the company. in a research note on Tuesday, March 9th. Jefferies Financial Group lifted their price objective on Citizens Financial Group from $42.00 to $47.00 and gave the company a “hold” rating in a research note on Friday, April 9th. Argus lifted their price target on Citizens Financial Group from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, April 19th. Stephens lifted their price target on Citizens Financial Group from $45.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, March 30th. Finally, Compass Point upgraded Citizens Financial Group from a “neutral” rating to a “buy” rating and set a $46.00 price target for the company in a research note on Friday, February 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the stock. Citizens Financial Group presently has an average rating of “Buy” and a consensus target price of $47.27.

Several institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in shares of Citizens Financial Group by 4.1% during the 1st quarter. Victory Capital Management Inc. now owns 775,214 shares of the bank’s stock worth $34,225,000 after purchasing an additional 30,392 shares during the last quarter. SeaTown Holdings Pte. Ltd. acquired a new position in shares of Citizens Financial Group during the 1st quarter worth approximately $19,426,000. Ieq Capital LLC acquired a new position in shares of Citizens Financial Group during the 1st quarter worth approximately $290,000. Valmark Advisers Inc. acquired a new position in shares of Citizens Financial Group during the 1st quarter worth approximately $778,000. Finally, Savant Capital LLC acquired a new position in shares of Citizens Financial Group during the 1st quarter worth approximately $218,000. Institutional investors and hedge funds own 92.77% of the company’s stock.

The stock has a market capitalization of $20.43 billion, a price-to-earnings ratio of 21.65 and a beta of 1.87. The business has a fifty day moving average of $44.85 and a 200 day moving average of $38.53. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.92.

Citizens Financial Group (NYSE:CFG) last released its quarterly earnings data on Thursday, April 15th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.40. Citizens Financial Group had a return on equity of 5.30% and a net margin of 13.04%. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the prior year, the firm posted $0.03 earnings per share. The firm’s quarterly revenue was up .1% on a year-over-year basis. On average, equities research analysts expect that Citizens Financial Group, Inc. will post 2.3 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 13th. Investors of record on Thursday, April 29th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Wednesday, April 28th. Citizens Financial Group’s dividend payout ratio is presently 40.63%.

Citizens Financial Group declared that its board has approved a share repurchase plan on Wednesday, January 20th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

About Citizens Financial Group (NYSE:CFG)

Citizens Financial Group, Inc operates as the bank holding company for Citizens Bank, National Association that provides retail and commercial banking products and services in the United States. The company operates in two segments, Consumer Banking and Commercial Banking. The Consumer Banking segment offers traditional banking products and services, including checking and savings accounts, home and education loans, credit cards, business loans, mortgage and home equity lending, and unsecured product finance and personal loans, as well as wealth management and investment services to retail customers and small businesses.

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