Citizens Financial Group, Inc. $CFG Stock Purchased by SBI Securities Co. Ltd.

Key Points

• SBI Securities increased its Citizens Financial Group stake by 56,817.1% in the third quarter, purchasing 615,897 additional shares for a total holding worth approximately $39.3 million. Institutional investors collectively own 94.9% of CFG.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $77.47, although several firms recently lowered their targets.
• Citizens Financial Group reported quarterly EPS of $1.41, topping estimates of $1.39, and raised its quarterly dividend from $0.46 to $0.52 per share, equivalent to a 3.2% annualized yield.

SBI Securities Co. Ltd. raised its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 56,817.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 616,981 shares of the bank's stock after purchasing an additional 615,897 shares during the period. Citizens Financial Group accounts for 0.9% of SBI Securities Co. Ltd.'s portfolio, making the stock its 21st largest holding. SBI Securities Co. Ltd. owned 0.15% of Citizens Financial Group worth $39,339,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Bank of America Corp DE bought a new position in Citizens Financial Group in the 2nd quarter worth $223,386,000. Freestone Grove Partners LP acquired a new position in Citizens Financial Group during the 2nd quarter worth $95,642,000. Tidal Investments LLC boosted its holdings in Citizens Financial Group by 12.4% during the second quarter. Tidal Investments LLC now owns 145,378 shares of the bank's stock valued at $10,187,000 after acquiring an additional 16,000 shares during the period. Junto Capital Management LP boosted its holdings in Citizens Financial Group by 3.3% during the second quarter. Junto Capital Management LP now owns 1,307,340 shares of the bank's stock valued at $91,605,000 after acquiring an additional 42,248 shares during the period. Finally, Andra AP fonden boosted its holdings in Citizens Financial Group by 94.7% during the second quarter. Andra AP fonden now owns 269,900 shares of the bank's stock valued at $18,912,000 after acquiring an additional 131,300 shares during the period. Institutional investors own 94.90% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CFG. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Citizens Financial Group in a research report on Monday, August 3rd. Morgan Stanley cut their price objective on Citizens Financial Group from $89.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday. Truist Financial cut their price objective on Citizens Financial Group from $77.00 to $70.00 and set a "hold" rating for the company in a research report on Tuesday. Stephens decreased their target price on Citizens Financial Group from $70.00 to $65.00 and set an "equal weight" rating for the company in a research note on Tuesday. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Citizens Financial Group in a report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.47.

Citizens Financial Group Stock Up 0.5%

Shares of CFG opened at $65.22 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.74. The company has a 50-day moving average price of $67.30 and a two-hundred day moving average price of $67.22. The stock has a market cap of $27.47 billion, a price-to-earnings ratio of 13.12, a P/E/G ratio of 0.59 and a beta of 0.72. 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 released its quarterly earnings data on Friday, October 16th. The bank reported $1.41 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $2.34 billion. During the same period in the prior year, the company posted $1.05 EPS. Equities analysts predict that Citizens Financial Group, Inc. will post 5.30 EPS for the current fiscal year.

Citizens Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be given a dividend of $0.52 per share. This is a boost from Citizens Financial Group's previous quarterly dividend of $0.46. The ex-dividend date is Friday, October 30th. This represents a $2.08 annualized dividend and a dividend yield of 3.2%. Citizens Financial Group's dividend payout ratio is 37.02%.

Citizens Financial Group Company Profile

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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