Citizens Financial Group, Inc. $CFG Shares Bought by Fifth Third Wealth Advisors LLC

Key Points

• Institutional ownership increased significantly: Fifth Third Wealth Advisors raised its Citizens Financial Group stake by 3,149.5% to 206,016 shares, while other major firms also made substantial purchases. Institutional investors now own 94.9% of CFG shares.
• Quarterly results exceeded expectations: Citizens reported earnings of $1.41 per share, topping the $1.39 consensus estimate, though revenue of $2.32 billion fell slightly short of forecasts.
• Dividend raised amid moderate analyst optimism: The quarterly dividend increased to $0.52, or $2.08 annually, yielding about 3.2%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $77.47.

Fifth Third Wealth Advisors LLC lifted its stake in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 3,149.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 206,016 shares of the bank's stock after purchasing an additional 199,676 shares during the quarter. Fifth Third Wealth Advisors LLC's holdings in Citizens Financial Group were worth $13,136,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Citizens Financial Group in the second quarter worth about $3,415,046,000. Robeco Institutional Asset Management B.V. lifted its position in shares of Citizens Financial Group by 7,979.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 12,165,352 shares of the bank's stock valued at $775,663,000 after acquiring an additional 12,014,785 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Citizens Financial Group by 1,252.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 9,204,563 shares of the bank's stock worth $586,883,000 after purchasing an additional 8,523,938 shares during the period. Dimensional Fund Advisors LP boosted its stake in Citizens Financial Group by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,719,160 shares of the bank's stock worth $282,927,000 after purchasing an additional 28,602 shares during the period. Finally, Amundi grew its position in Citizens Financial Group by 31.2% during the 2nd quarter. Amundi now owns 3,685,819 shares of the bank's stock worth $258,265,000 after purchasing an additional 875,666 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 $65.19 on Friday. The company has a 50 day moving average of $67.11 and a 200-day moving average of $67.20. The firm has a market cap of $27.46 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 0.59 and a beta of 0.72. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.74. Citizens Financial Group, Inc. has a 1-year low of $49.00 and a 1-year high of $75.33.

Citizens Financial Group (NYSE:CFG - Get Free Report) last posted its quarterly earnings results on Friday, October 16th. The bank reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. Citizens Financial Group had a return on equity of 9.52% and a net margin of 18.07%. The company had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the business posted $1.05 EPS. On average, equities analysts forecast that Citizens Financial Group, Inc. will post 5.30 earnings per share for the current fiscal year.

Citizens Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $2.08 annualized dividend and a dividend yield of 3.2%. This is a positive change from Citizens Financial Group's previous quarterly dividend of $0.46. Citizens Financial Group's dividend payout ratio (DPR) is 41.85%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lowered their target price on Citizens Financial Group from $78.00 to $72.50 and set an "overweight" rating on the stock in a research note on Friday, October 2nd. Robert W. Baird increased their price target on shares of Citizens Financial Group from $72.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, July 17th. Royal Bank Of Canada decreased their price target on shares of Citizens Financial Group from $79.00 to $74.00 and set an "outperform" rating for the company in a report on Monday. DA Davidson set a $82.00 price objective on shares of Citizens Financial Group in a research report on Monday. Finally, Truist Financial dropped their price objective on shares of Citizens Financial Group from $77.00 to $70.00 and set a "hold" rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.47.

About Citizens Financial Group

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Its principal subsidiary, Citizens Bank, provides banking and financial services to consumers, small businesses, middle-market companies, large corporations and institutional clients.

The company offers consumer deposit accounts, residential mortgages, home equity financing, credit cards, personal loans and other lending products. Its commercial banking activities include business loans, equipment financing, treasury management, capital markets services and investment banking.

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