Citizens Financial Group, Inc. (NYSE:CFG) Stock Holdings Raised by Assetmark Inc.

Key Points

• Assetmark Inc. significantly increased its stake in Citizens Financial Group, acquiring an additional 1,335,577 shares to bring its total ownership to 1,347,537 shares, representing approximately 0.31% of the company.
• Citizens Financial Group recently announced a quarterly dividend of $0.42 per share, which equates to an annualized dividend yield of 3.40%, and has a share repurchase plan allowing for the repurchase of up to $1.50 billion in shares.
• In recent research, several analysts have set price targets for Citizens Financial Group, with a consensus rating of "Moderate Buy" and an average target price of $51.05, reflecting positive sentiment towards the stock.

Assetmark Inc. increased its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 11,167.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,347,537 shares of the bank's stock after buying an additional 1,335,577 shares during the quarter. Assetmark Inc. owned about 0.31% of Citizens Financial Group worth $55,209,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Ameriflex Group Inc. purchased a new stake in Citizens Financial Group in the fourth quarter valued at $26,000. Grove Bank & Trust grew its stake in Citizens Financial Group by 97.1% during the 1st quarter. Grove Bank & Trust now owns 678 shares of the bank's stock valued at $28,000 after acquiring an additional 334 shares in the last quarter. Colonial Trust Co SC grew its stake in Citizens Financial Group by 673.0% during the 4th quarter. Colonial Trust Co SC now owns 889 shares of the bank's stock valued at $39,000 after acquiring an additional 774 shares in the last quarter. NBT Bank N A NY purchased a new stake in Citizens Financial Group during the 1st quarter valued at about $45,000. Finally, Wayfinding Financial LLC purchased a new stake in shares of Citizens Financial Group in the 1st quarter valued at approximately $46,000. 94.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Citigroup lifted their target price on shares of Citizens Financial Group from $57.00 to $60.00 and gave the company a "buy" rating in a report on Monday, July 21st. Keefe, Bruyette & Woods upgraded shares of Citizens Financial Group from a "market perform" rating to an "outperform" rating and set a $57.00 target price for the company in a research note on Wednesday, July 9th. TD Cowen assumed coverage on shares of Citizens Financial Group in a research report on Thursday, May 15th. They issued a "buy" rating and a $57.00 price target for the company. Piper Sandler reduced their target price on shares of Citizens Financial Group from $48.00 to $43.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, DA Davidson increased their price target on shares of Citizens Financial Group from $49.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.05.

Citizens Financial Group Trading Up 0.4%

NYSE CFG traded up $0.20 during mid-day trading on Friday, reaching $49.48. 5,219,163 shares of the stock were exchanged, compared to its average volume of 5,833,958. The stock has a market capitalization of $21.63 billion, a PE ratio of 15.04, a PEG ratio of 0.54 and a beta of 0.76. The business's fifty day simple moving average is $43.81 and its 200 day simple moving average is $42.57. Citizens Financial Group, Inc. has a 1-year low of $32.60 and a 1-year high of $49.98. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.84 and a current ratio of 0.85.

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

Citizens Financial Group announced that its board has initiated a stock buyback program on Friday, June 13th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the bank to buy up to 8.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

Citizens Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be issued a $0.42 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.68 annualized dividend and a yield of 3.40%. Citizens Financial Group's dividend payout ratio is currently 51.06%.

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.