Rhino Investment Partners Inc Has $21.05 Million Stock Position in Citizens Financial Group, Inc. $CFG

Key Points

• Rhino Investment Partners Inc has reduced its holdings in Citizens Financial Group, Inc. by 6.6%, making it the 6th largest position in their portfolio, now comprising about 5.2% of their assets.
• Citizens Financial Group's recent earnings report showed an increase in quarterly profits, beating analysts' estimates, with earnings of $0.92 per share and a revenue of $2.04 billion.
• The company has initiated a $1.50 billion stock buyback program indicating the board's belief that the stock is undervalued, alongside a declared quarterly dividend of $0.42, reflecting a 3.4% yield.

Rhino Investment Partners Inc lowered its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 6.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 513,752 shares of the bank's stock after selling 36,308 shares during the quarter. Citizens Financial Group comprises approximately 5.2% of Rhino Investment Partners Inc's holdings, making the stock its 6th largest holding. Rhino Investment Partners Inc owned 0.12% of Citizens Financial Group worth $21,048,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CFG. AustralianSuper Pty Ltd bought a new position in Citizens Financial Group during the first quarter worth $108,864,000. Fuller & Thaler Asset Management Inc. boosted its stake in Citizens Financial Group by 20.9% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 9,683,111 shares of the bank's stock worth $423,733,000 after buying an additional 1,672,204 shares in the last quarter. AQR Capital Management LLC boosted its stake in Citizens Financial Group by 32.2% during the fourth quarter. AQR Capital Management LLC now owns 6,186,364 shares of the bank's stock worth $270,715,000 after buying an additional 1,507,536 shares in the last quarter. Assetmark Inc. boosted its stake in Citizens Financial Group by 11,167.0% during the first quarter. Assetmark Inc. now owns 1,347,537 shares of the bank's stock worth $55,209,000 after buying an additional 1,335,577 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Citizens Financial Group during the fourth quarter worth $51,486,000. Institutional investors own 94.90% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CFG. TD Cowen began coverage on Citizens Financial Group in a research note on Thursday, May 15th. They issued a "buy" rating and a $57.00 price objective on the stock. Evercore ISI raised Citizens Financial Group from an "in-line" rating to an "outperform" rating and lifted their price objective for the company from $48.00 to $55.00 in a report on Friday, July 18th. Citigroup lifted their price objective on Citizens Financial Group from $57.00 to $60.00 and gave the company a "buy" rating in a report on Monday, July 21st. Raymond James Financial lifted their price objective on Citizens Financial Group from $48.00 to $57.00 and gave the company a "strong-buy" rating in a report on Friday, July 18th. Finally, UBS Group lifted their price objective on Citizens Financial Group from $50.00 to $53.00 and gave the company a "buy" rating in a report on Friday, May 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Citizens Financial Group presently has an average rating of "Moderate Buy" and a consensus target price of $51.53.

Citizens Financial Group Trading Down 0.1%

NYSE:CFG traded down $0.04 during trading hours on Monday, hitting $50.73. 2,935,157 shares of the stock were exchanged, compared to its average volume of 4,785,479. The company's 50 day moving average is $46.86 and its two-hundred day moving average is $42.74. Citizens Financial Group, Inc. has a twelve month low of $32.60 and a twelve month high of $50.88. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $21.88 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 0.56 and a beta of 0.78.

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

Citizens Financial Group declared that its board has initiated a share buyback program on Friday, June 13th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the bank to repurchase up to 8.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board believes its shares are undervalued.

Citizens Financial Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Thursday, July 31st. Citizens Financial Group's dividend payout ratio (DPR) is presently 51.06%.

Citizens Financial Group 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.