Citizens Financial Group, Inc. (NYSE:CFG) Sees Significant Increase in Short Interest

Citizens Financial Group, Inc. (NYSE:CFG) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 12,650,000 shares, a growth of 9.7% from the August 31st total of 11,530,000 shares. Based on an average daily trading volume, of 5,520,000 shares, the days-to-cover ratio is presently 2.3 days.

Citizens Financial Group Stock Performance

Citizens Financial Group stock traded down $1.16 during midday trading on Tuesday, hitting $39.91. 5,415,188 shares of the company’s stock were exchanged, compared to its average volume of 5,399,405. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market cap of $18.16 billion, a price-to-earnings ratio of 14.46, a price-to-earnings-growth ratio of 1.43 and a beta of 1.08. Citizens Financial Group has a 12-month low of $22.77 and a 12-month high of $43.96. The firm’s 50 day simple moving average is $41.12 and its 200 day simple moving average is $37.49.

Citizens Financial Group (NYSE:CFG) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.95 billion. Citizens Financial Group had a return on equity of 6.21% and a net margin of 10.74%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.92 EPS. Equities research analysts predict that Citizens Financial Group will post 3.24 EPS for the current year.

Citizens Financial Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date was Wednesday, July 31st. Citizens Financial Group’s payout ratio is currently 60.87%.

Wall Street Analysts Forecast Growth

CFG has been the topic of several recent analyst reports. Royal Bank of Canada increased their target price on Citizens Financial Group from $35.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Raymond James initiated coverage on Citizens Financial Group in a report on Thursday, July 11th. They issued a “market perform” rating on the stock. Jefferies Financial Group boosted their target price on Citizens Financial Group from $36.00 to $37.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Piper Sandler increased their price target on shares of Citizens Financial Group from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Stephens raised their price objective on shares of Citizens Financial Group from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Ten investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Citizens Financial Group currently has an average rating of “Hold” and an average price target of $42.60.

Insider Activity

In related news, insider Craig Jack Read sold 3,938 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $43.26, for a total transaction of $170,357.88. Following the sale, the insider now directly owns 33,620 shares in the company, valued at $1,454,401.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Citizens Financial Group

Hedge funds have recently modified their holdings of the stock. US Bancorp DE lifted its stake in shares of Citizens Financial Group by 5.9% in the 4th quarter. US Bancorp DE now owns 32,329 shares of the bank’s stock worth $1,071,000 after acquiring an additional 1,815 shares during the period. Commerce Bank boosted its holdings in Citizens Financial Group by 6.6% in the 4th quarter. Commerce Bank now owns 14,751 shares of the bank’s stock valued at $489,000 after purchasing an additional 913 shares in the last quarter. TD Asset Management Inc boosted its holdings in Citizens Financial Group by 4.2% in the 4th quarter. TD Asset Management Inc now owns 165,751 shares of the bank’s stock valued at $5,493,000 after purchasing an additional 6,749 shares in the last quarter. Alberta Investment Management Corp acquired a new position in Citizens Financial Group during the 4th quarter worth approximately $867,000. Finally, California State Teachers Retirement System lifted its holdings in shares of Citizens Financial Group by 6.4% in the 4th quarter. California State Teachers Retirement System now owns 861,097 shares of the bank’s stock valued at $28,537,000 after buying an additional 51,418 shares during the period. 94.90% of the stock is owned by institutional investors and hedge funds.

Citizens Financial Group Company Profile

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.