CIBC Asset Management Inc Raises Stock Holdings in Citizens Financial Group, Inc. $CFG

Key Points

• CIBC Asset Management Inc increased its stake in Citizens Financial Group by 63.7% in the fourth quarter, bringing its holdings to 102,095 shares valued at about $5.96 million.
• Citizens Financial Group reported solid quarterly results, with earnings of $1.13 per share beating estimates and revenue of $2.17 billion slightly topping forecasts; revenue was up 12% year over year.
• Analysts remain upbeat on CFG, with 19 Buy ratings and one Hold, and a consensus price target of $70.88, while the company also pays a quarterly dividend of $0.46 per share.

CIBC Asset Management Inc lifted its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 63.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,095 shares of the bank's stock after purchasing an additional 39,733 shares during the quarter. CIBC Asset Management Inc's holdings in Citizens Financial Group were worth $5,963,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CFG. NewEdge Advisors LLC grew its holdings in shares of Citizens Financial Group by 2.4% during the first quarter. NewEdge Advisors LLC now owns 11,531 shares of the bank's stock worth $472,000 after purchasing an additional 274 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Citizens Financial Group by 6.7% during the first quarter. Empowered Funds LLC now owns 8,838 shares of the bank's stock worth $362,000 after purchasing an additional 554 shares in the last quarter. Woodline Partners LP grew its holdings in shares of Citizens Financial Group by 39.5% during the first quarter. Woodline Partners LP now owns 36,932 shares of the bank's stock worth $1,513,000 after purchasing an additional 10,466 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in Citizens Financial Group by 93.4% in the second quarter. Sivia Capital Partners LLC now owns 9,814 shares of the bank's stock worth $439,000 after buying an additional 4,739 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in Citizens Financial Group by 5.2% in the second quarter. Daiwa Securities Group Inc. now owns 65,564 shares of the bank's stock worth $2,934,000 after buying an additional 3,225 shares in the last quarter. Hedge funds and other institutional investors own 94.90% of the company's stock.

Citizens Financial Group Stock Performance

NYSE:CFG opened at $64.09 on Friday. The firm has a market cap of $27.10 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 0.51 and a beta of 0.68. Citizens Financial Group, Inc. has a fifty-two week low of $40.17 and a fifty-two week high of $68.79. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 0.85. The business has a 50 day moving average price of $62.84 and a 200-day moving average price of $60.81.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The bank reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.03. The firm had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.16 billion. Citizens Financial Group had a return on equity of 8.31% and a net margin of 16.21%.The business's quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.77 earnings per share. Equities research analysts predict that Citizens Financial Group, Inc. will post 5.2 earnings per share for the current year.

Citizens Financial Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Thursday, April 30th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Thursday, April 30th. Citizens Financial Group's dividend payout ratio is currently 43.50%.

Analysts Set New Price Targets

Several analysts have issued reports on CFG shares. DA Davidson upped their target price on Citizens Financial Group from $73.00 to $74.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Morgan Stanley cut their target price on Citizens Financial Group from $80.00 to $73.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. Robert W. Baird raised Citizens Financial Group from a "neutral" rating to an "outperform" rating and set a $65.00 target price for the company in a research note on Monday, March 9th. Keefe, Bruyette & Woods upped their target price on Citizens Financial Group from $70.00 to $72.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. Finally, Citigroup reaffirmed a "buy" rating on shares of Citizens Financial Group in a research note on Friday, May 8th. Nineteen equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Citizens Financial Group currently has a consensus rating of "Moderate Buy" and an average target price of $70.88.

Insider Buying and Selling

In related news, insider Susan Lamonica sold 13,258 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $58.04, for a total transaction of $769,494.32. Following the completion of the transaction, the insider owned 165,971 shares in the company, valued at $9,632,956.84. This represents a 7.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michelle Moosally sold 6,050 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $62.16, for a total value of $376,068.00. Following the transaction, the insider owned 22,565 shares of the company's stock, valued at approximately $1,402,640.40. This represents a 21.14% decrease in their position. The SEC filing for this sale provides additional information. 0.67% of the stock is owned by corporate insiders.

Citizens Financial Group Company Profile

Citizens Financial Group, Inc NYSE: CFG is a bank holding company that provides a broad range of banking and financial services to individuals, small and middle-market businesses, corporations and institutional clients. Headquartered in Providence, Rhode Island, Citizens conducts its banking operations principally through its primary banking subsidiary, Citizens Bank, and serves customers through a combination of branch locations, ATMs and digital channels. The company is publicly traded and operates under the regulatory framework applicable to U.S.

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