Assenagon Asset Management S.A. Has $46.57 Million Position in Citizens Financial Group, Inc. $CFG

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Citizens Financial Group by 102.3%, owning approximately $46.57 million worth of the company's stock by the end of the last reporting period.
• Citizens Financial Group reported earnings of $0.92 per share, exceeding analysts' expectations of $0.88, with a net margin of 13.26% and revenue of $2.04 billion for the quarter.
• The bank approved a $1.5 billion share buyback plan, indicating confidence in its stock value as it plans to repurchase up to 8.5% of its shares.

Assenagon Asset Management S.A. boosted its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 102.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,040,719 shares of the bank's stock after purchasing an additional 526,228 shares during the period. Assenagon Asset Management S.A. owned approximately 0.24% of Citizens Financial Group worth $46,572,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CFG. Vident Advisory LLC boosted its holdings in shares of Citizens Financial Group by 71.1% in the 4th quarter. Vident Advisory LLC now owns 19,092 shares of the bank's stock valued at $836,000 after buying an additional 7,933 shares during the period. Woodline Partners LP acquired a new stake in shares of Citizens Financial Group during the fourth quarter valued at approximately $1,158,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Citizens Financial Group by 7.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,378,632 shares of the bank's stock worth $147,849,000 after acquiring an additional 233,997 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in Citizens Financial Group during the 4th quarter valued at $258,000. Finally, Vise Technologies Inc. raised its stake in shares of Citizens Financial Group by 113.7% in the 4th quarter. Vise Technologies Inc. now owns 11,655 shares of the bank's stock valued at $510,000 after buying an additional 6,200 shares in the last quarter. Hedge funds and other institutional investors own 94.90% of the company's stock.

Citizens Financial Group Stock Performance

Shares of CFG traded up $0.18 during midday trading on Tuesday, reaching $52.73. 2,215,097 shares of the stock were exchanged, compared to its average volume of 4,710,089. The company has a market capitalization of $22.74 billion, a price-to-earnings ratio of 16.04, a PEG ratio of 0.59 and a beta of 0.80. Citizens Financial Group, Inc. has a twelve month low of $32.60 and a twelve month high of $53.89. The business's 50-day moving average price is $49.85 and its 200 day moving average price is $43.70. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.85 and a quick ratio of 0.84.

Citizens Financial Group (NYSE:CFG - Get Free Report) last posted its earnings results on Thursday, July 17th. The bank reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.04. Citizens Financial Group had a return on equity of 6.94% and a net margin of 13.26%.The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the prior year, the company earned $0.82 EPS. Citizens Financial Group's revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts expect that Citizens Financial Group, Inc. will post 3.92 EPS for the current fiscal year.

Citizens Financial Group announced that its Board of Directors has initiated a share repurchase plan on Friday, June 13th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the bank to buy up to 8.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

Citizens Financial Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Thursday, July 31st. Citizens Financial Group's dividend payout ratio (DPR) is currently 51.06%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CFG shares. Keefe, Bruyette & Woods raised shares of Citizens Financial Group from a "market perform" rating to an "outperform" rating and set a $57.00 target price on the stock in a research note on Wednesday, July 9th. DA Davidson boosted their target price on Citizens Financial Group from $49.00 to $55.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Raymond James Financial increased their price target on Citizens Financial Group from $48.00 to $57.00 and gave the stock a "strong-buy" rating in a report on Friday, July 18th. Citigroup raised their price objective on Citizens Financial Group from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Friday. Finally, UBS Group lifted their target price on Citizens Financial Group from $50.00 to $53.00 and gave the company a "buy" rating in a report on Friday, May 30th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Citizens Financial Group presently has a consensus rating of "Moderate Buy" and an average price target of $52.35.

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.