In a recent transaction on April 19, Craig Jack Read, the Controller of Citizens Financial Group Inc . (NYSE:CFG), sold 6,327 shares of the company's common stock. The sale was executed at a weighted average price of $33.70 per share, resulting in a total value of $213,219.
The shares were sold in multiple transactions at prices that ranged from $33.700 to $33.705. Following this sale, Read's direct holdings in the company decreased to 37,558 shares of common stock.
Citizens Financial Group, based in Providence, Rhode Island, operates as a state commercial bank. This transaction has been publicly filed with the Securities and Exchange Commission, providing transparency into the trading activities of the company's insiders.
Investors often monitor such sales as they may provide insights into an insider's perspective on the company's current valuation and future prospects. However, it's important to note that there could be various reasons for an insider to sell stock, and such transactions do not necessarily indicate a negative outlook on the company.
For those interested in the specifics of the transaction, the reporting person has committed to providing full information regarding the number of shares sold at each price within the stated range upon request by Citizens Financial Group, any security holder, or the SEC staff.
InvestingPro Insights
Amid the news of insider sales at Citizens Financial Group Inc. (NYSE:CFG), the company's market dynamics offer a broader perspective on its financial health. According to InvestingPro data, Citizens Financial Group currently holds a market capitalization of $15.8 billion, with a Price to Earnings (P/E) ratio of 12.35, reflecting investor sentiment on its earnings capacity. The slightly adjusted P/E ratio for the last twelve months as of Q1 2024 stands at 12.46.
Notably, the company's stock has experienced a significant price increase of 47.48% over the last six months, potentially indicating a positive market reaction to its operational performance or strategic decisions. This is further reinforced by the fact that the company's dividend yield stands at an attractive 4.94%, maintaining a history of dividend payments for 11 consecutive years, as highlighted in one of the InvestingPro Tips.
For investors considering the longer-term potential of Citizens Financial Group, it's encouraging to see that seven analysts have revised their earnings upwards for the upcoming period, suggesting a favorable outlook on the company's profitability. Additionally, another InvestingPro Tip indicates that analysts predict the company will be profitable this year, with the firm having been profitable over the last twelve months.
For those seeking more in-depth analysis and additional tips, InvestingPro offers a comprehensive set of insights. There are currently six more tips available for Citizens Financial Group, which can be accessed through the platform. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and enrich your investment decisions with valuable data and expert opinions.
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