Citizens Financial Group, Inc. $CFG Shares Bought by Allstate Corp

Key Points

• Allstate Corp more than doubled its stake in Citizens Financial Group in the fourth quarter, increasing holdings by 103.5% to 32,168 shares worth about $1.88 million.
• Citizens Financial Group reported better-than-expected quarterly results, with EPS of $1.13 versus estimates of $1.10 and revenue of $2.17 billion, up 12% from a year earlier.
• The bank also maintained a quarterly dividend of $0.46 per share, while analysts remain broadly positive with a consensus Moderate Buy rating and average price target of $70.88.

Allstate Corp raised its position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 103.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,168 shares of the bank's stock after acquiring an additional 16,361 shares during the quarter. Allstate Corp's holdings in Citizens Financial Group were worth $1,879,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Capital World Investors grew its position in Citizens Financial Group by 1.7% in the 3rd quarter. Capital World Investors now owns 37,289,711 shares of the bank's stock valued at $1,982,532,000 after acquiring an additional 614,181 shares in the last quarter. Invesco Ltd. grew its position in shares of Citizens Financial Group by 1.7% during the third quarter. Invesco Ltd. now owns 24,064,513 shares of the bank's stock worth $1,279,270,000 after buying an additional 393,158 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Citizens Financial Group by 7.5% during the fourth quarter. Nordea Investment Management AB now owns 7,220,986 shares of the bank's stock worth $423,222,000 after buying an additional 505,614 shares in the last quarter. Ninety One UK Ltd grew its position in shares of Citizens Financial Group by 13.1% during the fourth quarter. Ninety One UK Ltd now owns 6,574,714 shares of the bank's stock worth $384,029,000 after buying an additional 763,098 shares in the last quarter. Finally, Capital International Investors grew its position in shares of Citizens Financial Group by 2.3% during the third quarter. Capital International Investors now owns 6,047,378 shares of the bank's stock worth $321,534,000 after buying an additional 138,688 shares in the last quarter. 94.90% of the stock is owned by institutional investors and hedge funds.

Citizens Financial Group Price Performance

Citizens Financial Group stock opened at $62.38 on Friday. Citizens Financial Group, Inc. has a 12 month low of $39.40 and a 12 month high of $68.79. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.85 and a quick ratio of 0.84. The business has a 50 day simple moving average of $62.28 and a 200-day simple moving average of $60.43. The stock has a market capitalization of $26.38 billion, a PE ratio of 14.75, a price-to-earnings-growth ratio of 0.50 and a beta of 0.70.

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 (EPS) for the quarter, topping the consensus estimate 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 revenue was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.77 earnings per share. Equities 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 disclosed a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Thursday, April 30th were given a $0.46 dividend. The ex-dividend date was Thursday, April 30th. This represents a $1.84 annualized dividend and a yield of 2.9%. Citizens Financial Group's dividend payout ratio is presently 43.50%.

Analyst Ratings Changes

A number of brokerages have recently commented on CFG. Cantor Fitzgerald reissued an "overweight" rating and set a $75.00 price objective on shares of Citizens Financial Group in a research report on Tuesday, March 3rd. Royal Bank Of Canada boosted their price objective on Citizens Financial Group from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Robert W. Baird raised Citizens Financial Group from a "neutral" rating to an "outperform" rating and set a $65.00 price objective for the company in a research report on Monday, March 9th. Keefe, Bruyette & Woods upped their price target on Citizens Financial Group from $70.00 to $72.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Finally, DA Davidson upped their price target on Citizens Financial Group from $73.00 to $74.00 and gave the company a "buy" rating in a report on Monday, April 20th. Nineteen investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $70.88.

Insider Buying and Selling at Citizens Financial Group

In other Citizens Financial Group news, insider Susan Lamonica sold 13,258 shares of the company's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $58.04, for a total value of $769,494.32. Following the sale, the insider owned 165,971 shares of the company's stock, valued at approximately $9,632,956.84. This represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michelle Moosally sold 6,050 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 22,565 shares in the company, valued at $1,402,640.40. This trade represents a 21.14% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.67% of the stock is currently 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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