DNB Asset Management AS Boosts Stake in Citizens Financial Group, Inc. $CFG

Key Points

• DNB Asset Management AS increased its stake in Citizens Financial Group by 192.4% in the fourth quarter, ending with 241,372 shares worth about $14.1 million.
• Citizens Financial Group reported better-than-expected quarterly results, with EPS of $1.13 versus the $1.10 estimate and revenue of $2.17 billion, up 12% year over year.
• The bank also paid a quarterly dividend of $0.46 per share, implying an annualized yield of about 3.0%; meanwhile, analysts remain broadly positive with a consensus rating of Moderate Buy and a target price of $70.88.

DNB Asset Management AS grew its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 192.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 241,372 shares of the bank's stock after purchasing an additional 158,831 shares during the quarter. DNB Asset Management AS owned 0.06% of Citizens Financial Group worth $14,099,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Channing Capital Management LLC acquired a new stake in shares of Citizens Financial Group during the 3rd quarter worth approximately $7,528,000. Envestnet Asset Management Inc. grew its holdings in shares of Citizens Financial Group by 25.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 687,602 shares of the bank's stock worth $36,553,000 after purchasing an additional 140,641 shares in the last quarter. National Pension Service grew its holdings in shares of Citizens Financial Group by 33.5% during the 3rd quarter. National Pension Service now owns 135,208 shares of the bank's stock worth $7,188,000 after purchasing an additional 33,923 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Citizens Financial Group by 5.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 504,595 shares of the bank's stock worth $29,968,000 after purchasing an additional 25,180 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC acquired a new stake in shares of Citizens Financial Group during the 4th quarter worth approximately $2,412,000. Institutional investors and hedge funds own 94.90% of the company's stock.

Citizens Financial Group Price Performance

Shares of CFG stock opened at $60.82 on Monday. The stock's fifty day simple moving average is $61.40 and its 200 day simple moving average is $59.70. 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 firm has a market cap of $25.72 billion, a price-to-earnings ratio of 14.38, a P/E/G ratio of 0.48 and a beta of 0.70. Citizens Financial Group, Inc. has a one year low of $38.80 and a one year high of $68.79.

Citizens Financial Group (NYSE:CFG - Get Free Report) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $1.13 EPS for the quarter, beating the consensus estimate of $1.10 by $0.03. The business had revenue of $2.17 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 EPS. On average, analysts expect that Citizens Financial Group, Inc. will post 5.19 earnings per share for the current fiscal 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 3.0%. Citizens Financial Group's payout ratio is presently 43.50%.

Insider Buying and Selling at Citizens Financial Group

In other Citizens Financial Group news, insider Susan Lamonica sold 13,258 shares of Citizens Financial Group 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 completion of the transaction, the insider owned 165,971 shares in the company, valued at approximately $9,632,956.84. The trade was a 7.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michelle Moosally sold 6,050 shares of Citizens Financial Group 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 transaction, the insider owned 22,565 shares of the company's stock, valued at approximately $1,402,640.40. The trade was a 21.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.67% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. TD Cowen lifted their price objective on Citizens Financial Group from $75.00 to $78.00 and gave the stock a "buy" rating in a report on Thursday, January 22nd. Argus lifted their price objective on Citizens Financial Group from $60.00 to $72.00 and gave the stock a "buy" rating in a report on Friday, January 23rd. Jefferies Financial Group reissued a "buy" rating and set a $80.00 price objective on shares of Citizens Financial Group in a report on Wednesday, January 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $75.00 price target on shares of Citizens Financial Group in a research note on Tuesday, March 3rd. Finally, Royal Bank Of Canada boosted their price target on Citizens Financial Group from $67.00 to $70.00 and gave the company an "outperform" rating in a research note on Friday, April 17th. Nineteen equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $70.88.

Citizens Financial Group 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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