Citizens Financial Group, Inc. $CFG Stock: Kornitzer Capital Management Inc. KS Boosts Holdings

Key Points

• Kornitzer Capital Management increased its Citizens Financial Group stake by 436.1% in the third quarter, adding about 1.40 million shares to hold 1.72 million shares valued at roughly $109.8 million.
• Analyst sentiment remains positive: 17 analysts rate CFG Buy and four rate it Hold, giving the stock a “Moderate Buy” consensus and an average price target of $76.79.
• Citizens raised its quarterly dividend from $0.46 to $0.52 per share, equivalent to an annualized $2.08 dividend and a 3.3% yield.

Kornitzer Capital Management Inc. KS increased its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 436.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,722,655 shares of the bank's stock after purchasing an additional 1,401,301 shares during the quarter. Citizens Financial Group makes up about 2.1% of Kornitzer Capital Management Inc. KS's portfolio, making the stock its 7th largest holding. Kornitzer Capital Management Inc. KS owned about 0.41% of Citizens Financial Group worth $109,836,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in CFG. Vestor Capital LLC bought a new stake in shares of Citizens Financial Group during the third quarter worth $159,000. Parallel Advisors LLC boosted its holdings in shares of Citizens Financial Group by 2.6% during the 3rd quarter. Parallel Advisors LLC now owns 7,111 shares of the bank's stock valued at $453,000 after acquiring an additional 181 shares in the last quarter. Asset Dedication LLC grew its position in Citizens Financial Group by 15,615.0% during the 3rd quarter. Asset Dedication LLC now owns 19,958 shares of the bank's stock worth $1,273,000 after acquiring an additional 19,831 shares during the last quarter. Prudent Man Investment Management Inc. bought a new stake in Citizens Financial Group during the 3rd quarter worth $42,000. Finally, Ashton Thomas Private Wealth LLC increased its holdings in Citizens Financial Group by 1,000.5% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 61,451 shares of the bank's stock worth $3,918,000 after purchasing an additional 55,867 shares in the last quarter. Institutional investors and hedge funds own 94.90% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on CFG shares. Barclays increased their target price on Citizens Financial Group from $77.00 to $81.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Royal Bank Of Canada lowered their price objective on Citizens Financial Group from $79.00 to $74.00 and set an "outperform" rating for the company in a research note on Monday, October 19th. Raymond James Financial dropped their price objective on shares of Citizens Financial Group from $77.00 to $76.00 and set an "outperform" rating for the company in a report on Monday, October 19th. Citigroup cut their target price on shares of Citizens Financial Group from $84.00 to $74.00 and set a "buy" rating on the stock in a research report on Tuesday, October 20th. Finally, Bank of America reduced their target price on shares of Citizens Financial Group from $82.00 to $76.00 in a report on Thursday, October 8th. Seventeen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Citizens Financial Group presently has a consensus rating of "Moderate Buy" and an average target price of $76.79.

Citizens Financial Group Trading Down 0.8%

NYSE CFG opened at $63.34 on Friday. The firm has a market capitalization of $26.55 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 0.58 and a beta of 0.74. The business's 50-day moving average price is $65.87 and its two-hundred day moving average price is $65.64. 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 12 month low of $49.00 and a 12 month high of $75.33.

Citizens Financial Group (NYSE:CFG - Get Free Report) last issued its quarterly earnings data on Friday, October 16th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. The company had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.34 billion. Citizens Financial Group had a return on equity of 9.52% and a net margin of 18.07%. During the same period last year, the company earned $1.05 earnings per share. On average, analysts expect that Citizens Financial Group, Inc. will post 5.30 EPS for the current 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 issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.3%. The ex-dividend date is Friday, October 30th. 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%.

About Citizens Financial Group

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Through Citizens Bank and related businesses, it provides retail and commercial banking services to individuals, businesses and institutions.

Its offerings include checking and savings accounts, mortgages, personal and business loans, credit cards, wealth management, and commercial lending and cash-management services. The company also provides capital markets and other financial services to corporate clients.

Citizens traces its history to High Street Bank, founded in Providence in 1828.

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