Thrivent Financial for Lutherans Has $1.49 Million Stock Holdings in Citizens Financial Group, Inc. (NYSE:CFG)

Posted by MarketBeat News on May 22nd, 2023

Thrivent Financial for Lutherans lessened its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG – Get Rating) by 66.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,771 shares of the bank’s stock after selling 74,141 shares during the period. Thrivent Financial for Lutherans’ holdings in Citizens Financial Group were worth $1,487,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CFG. Connable Office Inc. grew its stake in shares of Citizens Financial Group by 3.4% in the fourth quarter. Connable Office Inc. now owns 7,174 shares of the bank’s stock worth $282,000 after acquiring an additional 237 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of Citizens Financial Group by 3.1% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 8,727 shares of the bank’s stock worth $344,000 after acquiring an additional 265 shares during the last quarter. Kinneret Advisory LLC grew its stake in shares of Citizens Financial Group by 2.3% in the first quarter. Kinneret Advisory LLC now owns 13,296 shares of the bank’s stock worth $603,000 after acquiring an additional 298 shares during the last quarter. Utah Retirement Systems grew its stake in shares of Citizens Financial Group by 0.3% in the third quarter. Utah Retirement Systems now owns 87,352 shares of the bank’s stock worth $3,001,000 after acquiring an additional 300 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Citizens Financial Group by 15.3% in the third quarter. EverSource Wealth Advisors LLC now owns 2,548 shares of the bank’s stock worth $88,000 after acquiring an additional 338 shares during the last quarter. Institutional investors and hedge funds own 88.96% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on CFG. Royal Bank of Canada lifted their price target on shares of Citizens Financial Group from $48.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, April 20th. StockNews.com upgraded shares of Citizens Financial Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 13th. Credit Suisse Group decreased their price target on shares of Citizens Financial Group from $44.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, April 20th. Bank of America downgraded shares of Citizens Financial Group from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $37.00 to $33.00 in a research note on Thursday, April 20th. Finally, Piper Sandler lifted their price target on shares of Citizens Financial Group from $47.00 to $51.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 15th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Citizens Financial Group presently has a consensus rating of “Moderate Buy” and an average target price of $43.18.

Insider Activity at Citizens Financial Group

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In other Citizens Financial Group news, Director Terrance Lillis purchased 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The stock was acquired at an average cost of $26.39 per share, with a total value of $26,390.00. Following the completion of the acquisition, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $79,170. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Terrance Lillis acquired 1,000 shares of the company’s stock in a transaction on Wednesday, May 17th. The stock was purchased at an average cost of $26.39 per share, with a total value of $26,390.00. Following the acquisition, the director now owns 3,000 shares of the company’s stock, valued at approximately $79,170. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Shivan S. Subramaniam acquired 3,300 shares of the company’s stock in a transaction on Friday, April 21st. The shares were purchased at an average cost of $28.79 per share, with a total value of $95,007.00. Following the completion of the acquisition, the director now directly owns 66,263 shares in the company, valued at approximately $1,907,711.77. The disclosure for this purchase can be found here. 0.53% of the stock is currently owned by company insiders.

Citizens Financial Group Stock Performance

Citizens Financial Group stock opened at $26.18 on Monday. The stock has a 50-day simple moving average of $28.94 and a 200 day simple moving average of $36.71. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.85. Citizens Financial Group, Inc. has a 12-month low of $23.37 and a 12-month high of $44.82. The stock has a market capitalization of $12.67 billion, a price-to-earnings ratio of 6.31, a P/E/G ratio of 0.20 and a beta of 1.32.

Citizens Financial Group (NYSE:CFG – Get Rating) last released its quarterly earnings results on Wednesday, April 19th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.11). Citizens Financial Group had a net margin of 21.12% and a return on equity of 11.12%. The business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the prior year, the firm earned $1.07 earnings per share. The business’s quarterly revenue was up 29.4% compared to the same quarter last year. On average, research analysts anticipate that Citizens Financial Group, Inc. will post 4.51 earnings per share for the current fiscal year.

Citizens Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 17th. Investors of record on Wednesday, May 3rd were issued a $0.42 dividend. The ex-dividend date of this dividend was Tuesday, May 2nd. This represents a $1.68 dividend on an annualized basis and a dividend yield of 6.42%. Citizens Financial Group’s dividend payout ratio is 40.48%.

Citizens Financial Group declared that its board has initiated a stock buyback program on Friday, February 17th that authorizes the company to buyback $1.15 billion in shares. This buyback authorization authorizes the bank to purchase up to 5.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Citizens Financial Group Company Profile

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Citizens Financial Group, Inc engages in the provision of commercial banking services. It operates through the Consumer Banking and Commercial Banking segments. The Consumer Banking segment includes deposit products, mortgage and home equity lending, student loans, auto financing, credit cards, business loans, and wealth management and investment services.