Citizens Financial Group, Inc. (NYSE:CFG) Stake Lifted by Algebris UK Ltd

Key Points

• Algebris UK Ltd increased its stake in Citizens Financial Group by 101.6%, now owning 1,007,099 shares, making it the fund's second biggest holding.
• Citizens Financial Group reported $0.92 earnings per share in its latest quarter, exceeding the consensus estimate of $0.88, with a 3.8% year-over-year revenue growth.
• The bank's Board of Directors has authorized a $1.50 billion share repurchase program, indicating confidence in the stock's valuation.

Algebris UK Ltd raised its position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 101.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,007,099 shares of the bank's stock after purchasing an additional 507,434 shares during the period. Citizens Financial Group accounts for approximately 6.9% of Algebris UK Ltd's portfolio, making the stock its 2nd biggest holding. Algebris UK Ltd owned approximately 0.23% of Citizens Financial Group worth $38,163,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Ameriflex Group Inc. acquired a new stake in shares of Citizens Financial Group during the 4th quarter worth about $26,000. Grove Bank & Trust boosted its holdings in Citizens Financial Group by 97.1% during the 1st quarter. Grove Bank & Trust now owns 678 shares of the bank's stock valued at $28,000 after acquiring an additional 334 shares during the period. Colonial Trust Co SC boosted its holdings in Citizens Financial Group by 673.0% during the 4th quarter. Colonial Trust Co SC now owns 889 shares of the bank's stock valued at $39,000 after acquiring an additional 774 shares during the period. NBT Bank N A NY purchased a new position in Citizens Financial Group during the 1st quarter valued at about $45,000. Finally, Wayfinding Financial LLC purchased a new position in Citizens Financial Group during the 1st quarter valued at about $46,000. 94.90% of the stock is owned by institutional investors and hedge funds.

Citizens Financial Group Stock Performance

Citizens Financial Group stock opened at $49.35 on Tuesday. The stock's 50-day moving average is $43.96 and its 200-day moving average is $42.61. The company has a market cap of $21.57 billion, a price-to-earnings ratio of 15.00, a price-to-earnings-growth ratio of 0.54 and a beta of 0.76. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.85 and a quick ratio of 0.84. Citizens Financial Group, Inc. has a 12 month low of $32.60 and a 12 month high of $49.98.

Citizens Financial Group (NYSE:CFG - Get Free Report) last posted its earnings results on Thursday, July 17th. The bank reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.04. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.01 billion. Citizens Financial Group had a return on equity of 6.94% and a net margin of 13.26%. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 earnings per share. Equities analysts anticipate that Citizens Financial Group, Inc. will post 3.92 earnings per share for the current year.

Citizens Financial Group announced that its Board of Directors has authorized a share repurchase program on Friday, June 13th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the bank to buy up to 8.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Citizens Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.40%. Citizens Financial Group's dividend payout ratio is 51.06%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods upgraded Citizens Financial Group from a "market perform" rating to an "outperform" rating and set a $57.00 target price for the company in a report on Wednesday, July 9th. Wall Street Zen upgraded Citizens Financial Group from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Piper Sandler decreased their price objective on Citizens Financial Group from $48.00 to $43.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Citigroup lifted their price objective on Citizens Financial Group from $57.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Finally, Truist Financial decreased their price objective on Citizens Financial Group from $51.00 to $43.00 and set a "hold" rating for the company in a research note on Thursday, April 17th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Citizens Financial Group has a consensus rating of "Moderate Buy" and an average price target of $51.05.

Citizens Financial Group Profile

Citizens Financial Group, Inc operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, corporations, and institutions in the United States. The company operates in two segments, Consumer Banking and Commercial Banking.

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