Capital Research & Management Co recently announced the acquisition of new stake in Citizens Financial Group Inc (NYSE:CFG). The institutional investor has increased its shareholding in the Financial company by 53.16% to 33.96 million shares with purchase of 11.79 million shares. This fresh investment now brings its stake to 7.19% valued currently at $795.63 million. In addition, SSgA Funds Management, Inc. raised its holdings by 0.34 million to 25.53 million shares. And Hotchkis & Wiley Capital Manageme has lifted its position by 9.71% or 1.56 million shares – to 17.62 million shares.
With over 4.62 million Citizens Financial Group Inc (CFG) shares trading Tuesday and a closing price of $26.88 on the day, the dollar volume was approximately $124.17 million. The shares have shown a negative half year performance of -3.55% and its price on 11/21/23 lost nearly -2.54%. Currently, there are 492.28M common shares owned by the public and among those 463.14M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for CFG have a consensus price objective of $31.11. The analysts have set the share’s price value over the next 12 months at a high of $42.00 and a low of $25.00. The average price target is 13.6% above its recent price level and a downside to the estimated low will see the stock lose -7.52% over that period. But an upside of 36.0% will see the stock hit the forecast high price target while median target price for the stock is $31.00.
Insiders at the company have transacted a total of 105 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 73 of these insider trades were purchases, accounting for 873,864 shares. Insider sales of the common stock occurred on 32 occasions, with total insider shares sold totaling 444,049 shares.
The top 3 mutual fund holders in Citizens Financial Group Inc are Vanguard Total Stock Market ETF, Washington Mutual Investors Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 14.02 million shares of the company’s stock, all valued at over $328.51 million. The company bought an additional 21689.0 shares recently to bring their total holdings to about 2.97% of the shares outstanding. Washington Mutual Investors Fund sold 37459.0 shares to see its total holdings shrink to 13.81 million shares valued at over $323.47 million and representing 2.92% of the shares outstanding. Vanguard 500 Index Fund bought 50095.0 shares to bring its total holdings to over 11.4 million shares at a value of $267.15 million. Vanguard 500 Index Fund now owns shares totaling to 2.41% of the shares outstanding.
Shares of Citizens Financial Group Inc (NYSE: CFG) opened at $27.21, down -$0.37 from a prior closing price of $27.58. However, the script later moved the day high at 27.45, down -2.54%. The company’s stock has a 5-day price change of 1.13% and -0.15% over the past three months. CFG shares are trading -31.72% year to date (YTD), with the 12-month market performance down to -33.48% lower. It has a 12-month low price of $22.77 and touched a high of $44.82 over the same period. CFG has an average intraday trading volume of 5.46 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.76%, 3.75%, and -8.71% respectively.
Institutional ownership of Citizens Financial Group Inc (NYSE: CFG) shares accounts for 96.78% of the company’s 492.28M shares outstanding. Mutual fund holders own 37.40%, while other institutional holders and individual stakeholders account for 59.00% and 26.37% respectively.
It has a market capitalization of $12.53B and a beta (3y monthly) value of 1.40. The stock’s trailing 12-month PE ratio is 6.68, while the earnings-per-share (ttm) stands at $4.03. The company has a PEG of 7.85 and the debt-to-equity ratio at 0.77. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.72% over the week and 3.03% over the month.
Analysts forecast that Citizens Financial Group Inc (CFG) will achieve an EPS of $0.78 for the current quarter, $0.79 for the next quarter and $3.41 for 2024. The lowest estimate earnings-per-share for the quarter is $0.43 while analysts give the company a high EPS estimate of $0.9. Comparatively, EPS for the current quarter was $1.25 a year ago. Earnings per share for the fiscal year are expected to decrease by -13.54%, and -3.30% over the next financial year. EPS should shrink at an annualized rate of 0.85% over the next five years, compared to 4.75% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate Citizens Financial Group Inc (CFG) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 10 of the 22 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CFG, a number of firms have released research notes about the stock. Piper Sandler stated their Neutral rating for the stock in a research note on October 25, 2023, with the firm’s price target at $29-$26.
