Intact Investment Management Inc. Takes $70,000 Position in Citizens Financial Group, Inc. (NYSE:CFG)

Intact Investment Management Inc. bought a new stake in Citizens Financial Group, Inc. (NYSE:CFG) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,700 shares of the bank’s stock, valued at approximately $70,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CFG. Innealta Capital LLC bought a new position in shares of Citizens Financial Group in the second quarter worth about $25,000. Versant Capital Management Inc grew its holdings in Citizens Financial Group by 262.8% during the 2nd quarter. Versant Capital Management Inc now owns 936 shares of the bank’s stock worth $34,000 after acquiring an additional 678 shares in the last quarter. Private Ocean LLC grew its holdings in Citizens Financial Group by 484.4% during the 2nd quarter. Private Ocean LLC now owns 1,011 shares of the bank’s stock worth $36,000 after acquiring an additional 838 shares in the last quarter. Ridgewood Investments LLC bought a new position in Citizens Financial Group during the 2nd quarter worth about $48,000. Finally, Atlas Capital Advisors LLC bought a new position in Citizens Financial Group during the 2nd quarter worth about $48,000. Hedge funds and other institutional investors own 94.90% of the company’s stock.

Citizens Financial Group Stock Performance

Shares of Citizens Financial Group stock opened at $42.22 on Wednesday. The firm has a market capitalization of $18.79 billion, a P/E ratio of 16.62, a PEG ratio of 1.59 and a beta of 1.07. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average price of $41.50 and a 200 day moving average price of $38.79. Citizens Financial Group, Inc. has a 52 week low of $24.61 and a 52 week high of $44.39.

Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $0.79 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.79. Citizens Financial Group had a net margin of 10.37% and a return on equity of 5.73%. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the firm posted $0.85 EPS. Citizens Financial Group’s revenue for the quarter was down 5.6% compared to the same quarter last year. Sell-side analysts expect that Citizens Financial Group, Inc. will post 3.19 EPS for the current year.

Citizens Financial Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, October 30th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date is Wednesday, October 30th. Citizens Financial Group’s dividend payout ratio is presently 66.14%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CFG shares. DA Davidson increased their target price on shares of Citizens Financial Group from $46.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Morgan Stanley raised their price target on shares of Citizens Financial Group from $41.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Keefe, Bruyette & Woods raised their price target on shares of Citizens Financial Group from $42.00 to $46.00 and gave the company a “market perform” rating in a report on Monday, September 30th. Stephens raised their price target on shares of Citizens Financial Group from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Finally, Barclays raised their price target on shares of Citizens Financial Group from $40.00 to $47.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $43.80.

About Citizens Financial Group

Citizens Financial Group, Inc operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, corporations, and institutions in the United States. The company operates in two segments, Consumer Banking and Commercial Banking.