Allied Investment Advisors LLC Purchases 473,320 Shares of Citizens Financial Group, Inc. $CFG

Key Points

• Allied Investment Advisors LLC acquired 473,320 shares of Citizens Financial Group in the third quarter, valued at about $30.2 million and representing 2.7% of its portfolio. Institutional investors collectively own 94.9% of CFG.
• Citizens Financial Group exceeded quarterly expectations, reporting EPS of $1.30 versus the $1.25 consensus and revenue of $2.28 billion, up 12.1% year over year.
• Analysts maintain a generally positive outlook, with CFG carrying a consensus “Moderate Buy” rating and an average price target of $79.38, compared with a recent share price of $63.36.

Allied Investment Advisors LLC acquired a new stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 473,320 shares of the bank's stock, valued at approximately $30,179,000. Citizens Financial Group accounts for approximately 2.7% of Allied Investment Advisors LLC's investment portfolio, making the stock its 9th biggest position. Allied Investment Advisors LLC owned 0.11% of Citizens Financial Group as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CFG. BlackRock Inc. acquired a new stake in Citizens Financial Group during the 2nd quarter worth approximately $3,415,046,000. Bank of America Corp DE bought a new position in shares of Citizens Financial Group during the second quarter worth about $223,386,000. Legal & General Group Plc bought a new position in shares of Citizens Financial Group during the second quarter worth about $207,234,000. Nykredit A S bought a new position in shares of Citizens Financial Group during the second quarter worth about $188,380,000. Finally, Bank of New York Mellon Corp acquired a new stake in Citizens Financial Group in the 2nd quarter valued at approximately $175,948,000. Institutional investors own 94.90% of the company's stock.

Insiders Place Their Bets

In other Citizens Financial Group news, CEO Bruce Van Saun sold 129,369 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $72.07, for a total transaction of $9,323,623.83. Following the transaction, the chief executive officer owned 1,140,763 shares in the company, valued at $82,214,789.41. This trade represents a 10.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.67% of the stock is owned by insiders.

Citizens Financial Group Price Performance

NYSE:CFG opened at $63.36 on Wednesday. Citizens Financial Group, Inc. has a one year low of $47.96 and a one year high of $75.33. The company has a market cap of $26.69 billion, a P/E ratio of 13.86, a P/E/G ratio of 0.58 and a beta of 0.72. The firm's fifty day moving average price is $68.62 and its two-hundred day moving average price is $67.00. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.86 and a quick ratio of 0.85.

Citizens Financial Group (NYSE:CFG - Get Free Report) last posted its earnings results on Thursday, July 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.05. The company had revenue of $2.28 billion during the quarter, compared to analysts' expectations of $2.25 billion. Citizens Financial Group had a net margin of 17.18% and a return on equity of 8.85%. Citizens Financial Group's quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 EPS. Equities analysts expect that Citizens Financial Group, Inc. will post 5.29 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CFG. TD Cowen initiated coverage on shares of Citizens Financial Group in a research note on Thursday, October 8th. They set a "buy" rating and a $75.00 price target for the company. Barclays raised their target price on shares of Citizens Financial Group from $77.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Truist Financial lowered their price target on shares of Citizens Financial Group from $80.00 to $77.00 and set a "hold" rating on the stock in a research note on Wednesday, September 23rd. Raymond James Financial began coverage on shares of Citizens Financial Group in a research report on Tuesday, October 6th. They set a "strong-buy" rating and a $77.00 price target on the stock. Finally, DA Davidson restated a "neutral" rating on shares of Citizens Financial Group in a research note on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $79.38.

About Citizens Financial Group

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Its principal subsidiary, Citizens Bank, provides banking and financial services to individuals, families, businesses and institutions through branches, digital channels and other delivery platforms.

The company's consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, credit cards, personal loans and other lending products. Through its commercial banking operations, Citizens provides business loans, commercial real estate financing, treasury management, capital markets services and other solutions for companies and institutional clients.

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