Citizens Financial Group, Inc. $CFG Shares Acquired by OLD National Bancorp IN

Key Points

• OLD National Bancorp IN boosted its stake in Citizens Financial Group by 81.5% in the first quarter, buying 134,577 more shares and bringing its total holding to 299,733 shares worth about $18 million.
• Citizens Financial Group reported better-than-expected quarterly results, with EPS of $1.13 versus the $1.10 consensus and revenue of $2.17 billion, while revenue rose 12% year over year.
• The bank also declared a quarterly dividend of $0.46 per share, and analysts remain broadly constructive on the stock with a consensus rating of “Moderate Buy” and an average price target of $71.36.

OLD National Bancorp IN increased its position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 81.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 299,733 shares of the bank's stock after buying an additional 134,577 shares during the quarter. OLD National Bancorp IN owned about 0.07% of Citizens Financial Group worth $17,975,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Citizens Financial Group during the fourth quarter worth about $355,909,000. AQR Capital Management LLC lifted its stake in shares of Citizens Financial Group by 56.9% in the 4th quarter. AQR Capital Management LLC now owns 7,722,559 shares of the bank's stock valued at $451,075,000 after purchasing an additional 2,799,050 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Citizens Financial Group by 89.4% in the 4th quarter. Victory Capital Management Inc. now owns 4,731,592 shares of the bank's stock valued at $276,372,000 after purchasing an additional 2,232,806 shares in the last quarter. Amundi grew its holdings in shares of Citizens Financial Group by 136.4% during the 4th quarter. Amundi now owns 3,513,388 shares of the bank's stock worth $205,217,000 after purchasing an additional 2,027,255 shares during the period. Finally, Capital International Investors increased its position in Citizens Financial Group by 32.3% during the 4th quarter. Capital International Investors now owns 8,000,750 shares of the bank's stock worth $467,389,000 after purchasing an additional 1,953,372 shares in the last quarter. Institutional investors and hedge funds own 94.90% of the company's stock.

Citizens Financial Group Stock Performance

Citizens Financial Group stock opened at $70.51 on Friday. The stock's 50 day moving average price is $64.43 and its 200 day moving average price is $62.23. The firm has a market capitalization of $29.82 billion, a PE ratio of 16.67, a price-to-earnings-growth ratio of 0.55 and a beta of 0.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 0.85. Citizens Financial Group, Inc. has a one year low of $43.33 and a one year high of $71.21.

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

Citizens Financial Group Announces Dividend

The company also recently declared 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 yield of 2.6%. The ex-dividend date of this dividend was Thursday, April 30th. Citizens Financial Group's dividend payout ratio (DPR) is presently 43.50%.

Analyst Upgrades and Downgrades

Several research firms recently commented on CFG. Citigroup raised their price target on shares of Citizens Financial Group from $75.00 to $78.00 and gave the company a "buy" rating in a report on Tuesday. Keefe, Bruyette & Woods boosted their price objective on shares of Citizens Financial Group from $70.00 to $72.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. Cantor Fitzgerald reissued an "overweight" rating on shares of Citizens Financial Group in a research report on Tuesday, June 9th. Robert W. Baird raised shares of Citizens Financial Group from a "neutral" rating to an "outperform" rating and set a $65.00 target price on the stock in a research note on Monday, March 9th. Finally, Truist Financial lifted their target price on shares of Citizens Financial Group from $69.00 to $72.00 and gave the company a "hold" rating in a report on Wednesday. Eighteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $71.36.

Insiders Place Their Bets

In related news, insider Michelle Moosally sold 6,050 shares of Citizens Financial Group stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $62.16, for a total transaction of $376,068.00. Following the sale, the insider owned 22,565 shares of the company's stock, valued at $1,402,640.40. The trade was a 21.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.67% of the company's stock.

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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