Klingman & Associates LLC Has $18.32 Million Stock Holdings in Citizens Financial Group, Inc. (NYSE:CFG)

Key Points

• Klingman & Associates LLC has increased its stock holdings in Citizens Financial Group, Inc. by 9.2%, bringing its total to 447,198 shares, valued at approximately $18.32 million.
• Citizens Financial Group recently posted $0.92 earnings per share for its latest quarter, beating analyst expectations, and saw a revenue increase of 3.8% compared to the previous year.
• The bank has announced a share repurchase plan allowing up to $1.50 billion in stock buybacks, indicating management's belief that the shares are currently undervalued.

Klingman & Associates LLC increased its position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 447,198 shares of the bank's stock after buying an additional 37,574 shares during the period. Citizens Financial Group accounts for approximately 1.1% of Klingman & Associates LLC's investment portfolio, making the stock its 26th biggest holding. Klingman & Associates LLC owned about 0.10% of Citizens Financial Group worth $18,322,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Heartland Bank & Trust Co bought a new position in Citizens Financial Group in the 1st quarter valued at about $398,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Citizens Financial Group by 19.2% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 54,870 shares of the bank's stock valued at $2,248,000 after acquiring an additional 8,851 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Citizens Financial Group by 425.7% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 26,104 shares of the bank's stock valued at $1,069,000 after acquiring an additional 21,138 shares in the last quarter. World Investment Advisors bought a new position in Citizens Financial Group in the 1st quarter valued at about $410,000. Finally, OneDigital Investment Advisors LLC lifted its position in shares of Citizens Financial Group by 37.9% during the 1st quarter. OneDigital Investment Advisors LLC now owns 7,126 shares of the bank's stock worth $292,000 after buying an additional 1,957 shares in the last quarter. 94.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on CFG. Wall Street Zen raised shares of Citizens Financial Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Barclays lifted their target price on shares of Citizens Financial Group from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Truist Financial dropped their target price on shares of Citizens Financial Group from $51.00 to $43.00 and set a "hold" rating on the stock in a research report on Thursday, April 17th. Raymond James Financial lifted their target price on shares of Citizens Financial Group from $48.00 to $57.00 and gave the stock a "strong-buy" rating in a research report on Friday, July 18th. Finally, The Goldman Sachs Group dropped their target price on shares of Citizens Financial Group from $55.00 to $48.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Citizens Financial Group has a consensus rating of "Moderate Buy" and an average price target of $51.53.

Citizens Financial Group Stock Up 2.6%

Citizens Financial Group stock opened at $48.17 on Wednesday. Citizens Financial Group, Inc. has a 1-year low of $32.60 and a 1-year high of $49.98. The firm has a market capitalization of $20.78 billion, a price-to-earnings ratio of 14.64, a P/E/G ratio of 0.51 and a beta of 0.78. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.54. The firm has a 50 day simple moving average of $45.60 and a 200 day simple moving average of $42.70.

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

Citizens Financial Group declared that its board has authorized a share repurchase plan on Friday, June 13th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the bank to purchase up to 8.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Citizens Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Thursday, July 31st. Citizens Financial Group's payout ratio is currently 51.06%.

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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