Invesco Ltd. Grows Position in Citizens Financial Group, Inc. $CFG

Key Points

• Invesco Ltd. increased its stake in Citizens Financial Group by 1.7% in Q3 to 24,064,513 shares (5.60% ownership), valued at about $1.279 billion, and institutional investors now own roughly 94.9% of the stock.
• Citizens reported Q results of $1.13 EPS versus a $1.11 estimate and revenue of $2.16 billion (up 8.6% year‑over‑year); the stock trades with a market cap near $24.2 billion and a PE of about 14.7.
• The company pays a quarterly dividend of $0.46 (annualized yield ~3.2%), and analyst sentiment is broadly positive—20 Buys and 1 Hold with an average target of $69.95 and several firms raising price targets into the $73–$77 range.

Invesco Ltd. grew its position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 1.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,064,513 shares of the bank's stock after acquiring an additional 393,158 shares during the quarter. Invesco Ltd. owned 5.60% of Citizens Financial Group worth $1,279,270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. StoneX Group Inc. grew its holdings in shares of Citizens Financial Group by 0.4% in the second quarter. StoneX Group Inc. now owns 60,307 shares of the bank's stock valued at $2,699,000 after purchasing an additional 213 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Citizens Financial Group by 3.3% during the third quarter. EverSource Wealth Advisors LLC now owns 6,784 shares of the bank's stock valued at $361,000 after purchasing an additional 219 shares in the last quarter. Profund Advisors LLC raised its stake in Citizens Financial Group by 2.9% during the third quarter. Profund Advisors LLC now owns 7,821 shares of the bank's stock valued at $416,000 after purchasing an additional 221 shares in the last quarter. Versant Capital Management Inc lifted its position in Citizens Financial Group by 4.9% during the third quarter. Versant Capital Management Inc now owns 4,821 shares of the bank's stock valued at $256,000 after purchasing an additional 224 shares during the last quarter. Finally, Gries Financial LLC lifted its position in Citizens Financial Group by 3.4% during the third quarter. Gries Financial LLC now owns 7,331 shares of the bank's stock valued at $390,000 after purchasing an additional 243 shares during the last quarter. 94.90% of the stock is owned by hedge funds and other institutional investors.

Citizens Financial Group Stock Performance

Shares of Citizens Financial Group stock opened at $56.89 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.46. The stock's fifty day moving average is $62.48 and its two-hundred day moving average is $56.57. Citizens Financial Group, Inc. has a 52 week low of $32.60 and a 52 week high of $68.79. The company has a market capitalization of $24.18 billion, a PE ratio of 14.70, a price-to-earnings-growth ratio of 0.48 and a beta of 0.70.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its earnings results on Wednesday, January 21st. The bank reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.02. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.16 billion. Citizens Financial Group had a return on equity of 7.81% and a net margin of 15.19%.The business's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the company earned $0.85 earnings per share. As a group, analysts expect that Citizens Financial Group, Inc. will post 3.92 earnings per share for the current year.

Citizens Financial Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 18th. Shareholders of record on Wednesday, February 4th were given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, February 4th. Citizens Financial Group's payout ratio is 47.55%.

Analyst Ratings Changes

A number of analysts have recently weighed in on CFG shares. Weiss Ratings upgraded shares of Citizens Financial Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, February 20th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $73.00 price target on shares of Citizens Financial Group in a report on Tuesday, January 6th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $75.00 price target on shares of Citizens Financial Group in a research report on Tuesday, March 3rd. Evercore boosted their price objective on Citizens Financial Group from $69.00 to $77.00 and gave the stock an "outperform" rating in a research note on Thursday, February 5th. Finally, Truist Financial upped their price objective on Citizens Financial Group from $63.00 to $71.00 and gave the company a "hold" rating in a research report on Monday, January 26th. Twenty equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $69.95.

Insider Transactions at Citizens Financial Group

In other Citizens Financial Group news, insider Susan Lamonica sold 13,258 shares of the company's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $58.04, for a total value of $769,494.32. Following the transaction, the insider directly owned 165,971 shares in the company, valued at $9,632,956.84. This represents a 7.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.65% of the stock is currently owned by company insiders.

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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