Citizens Financial Group, Inc. $CFG Shares Acquired by Korea Investment CORP

Key Points

• Korea Investment CORP boosted its stake in Citizens Financial Group by 316.9% in Q3, buying 475,390 additional shares to hold 625,400 shares (about 0.15% of the company) worth roughly $33.25 million.
• Citizens reported quarterly EPS of $1.13 (vs. $1.11 consensus) and revenue of $2.16 billion (up 8.6% YoY); the bank has a market cap of $24.73 billion, a P/E of 15.04, and pays a $0.46 quarterly dividend (≈3.2% yield).
• Analysts are largely positive with 20 Buy ratings and 1 Hold, an average price target of $69.95, and several firms recently raising targets (e.g., BofA to $78, Argus to $72, Cantor Fitzgerald $75).

Korea Investment CORP lifted its position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 316.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 625,400 shares of the bank's stock after buying an additional 475,390 shares during the quarter. Korea Investment CORP owned approximately 0.15% of Citizens Financial Group worth $33,246,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CFG. NewEdge Advisors LLC boosted its holdings in Citizens Financial Group by 2.4% during the 1st quarter. NewEdge Advisors LLC now owns 11,531 shares of the bank's stock valued at $472,000 after acquiring an additional 274 shares during the period. Empowered Funds LLC increased its stake in 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 during the period. Woodline Partners LP lifted its position 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 lifted its position in shares of Citizens Financial Group by 93.4% during the second quarter. Sivia Capital Partners LLC now owns 9,814 shares of the bank's stock worth $439,000 after purchasing an additional 4,739 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. boosted its stake in shares of Citizens Financial Group by 5.9% in the second quarter. Resona Asset Management Co. Ltd. now owns 150,966 shares of the bank's stock valued at $6,748,000 after purchasing an additional 8,380 shares during the period. Institutional investors and hedge funds own 94.90% of the company's stock.

Citizens Financial Group Stock Up 0.3%

Shares of Citizens Financial Group stock opened at $58.19 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.46. Citizens Financial Group, Inc. has a 52-week low of $32.60 and a 52-week high of $68.79. The company has a market capitalization of $24.73 billion, a P/E ratio of 15.04, a P/E/G ratio of 0.47 and a beta of 0.70. The company has a 50 day moving average of $62.51 and a 200 day moving average of $56.50.

Citizens Financial Group (NYSE:CFG - Get Free Report) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.02. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.16 billion. Citizens Financial Group had a net margin of 15.19% and a return on equity of 7.81%. The company's revenue was up 8.6% on a year-over-year basis. During the same period last year, the business earned $0.85 EPS. As a group, research analysts forecast that Citizens Financial Group, Inc. will post 3.92 EPS for the current fiscal year.

Citizens Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 18th. Stockholders of record on Wednesday, February 4th were issued a $0.46 dividend. The ex-dividend date was Wednesday, February 4th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.2%. Citizens Financial Group's dividend payout ratio is presently 47.55%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Royal Bank Of Canada upped their target price on shares of Citizens Financial Group from $60.00 to $67.00 and gave the stock an "outperform" rating in a research note on Thursday, January 22nd. Argus raised their price target on shares of Citizens Financial Group from $60.00 to $72.00 and gave the company a "buy" rating in a research report on Friday, January 23rd. Bank of America boosted their price target on shares of Citizens Financial Group from $70.00 to $78.00 and gave the stock a "buy" rating in a research note on Thursday, January 22nd. Citigroup upped their price objective on Citizens Financial Group from $65.00 to $71.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $75.00 price objective on shares of Citizens Financial Group in a research note on Tuesday, March 3rd. Twenty equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $69.95.

Citizens Financial Group 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.