LSV Asset Management Cuts Stock Holdings in Citizens Financial Group, Inc. $CFG

Key Points

• LSV Asset Management trimmed its Citizens Financial Group stake by 2.7% in the fourth quarter, selling 171,877 shares and leaving it with 6.2 million shares worth about $362.3 million. Citizens still makes up about 0.8% of LSV’s portfolio.
• Institutional ownership remains very high, with hedge funds and other investors holding 94.9% of CFG. Several firms, including Zurich Insurance Group, Artemis Investment Management, and Impax Asset Management, significantly increased their positions.
• Citizens Financial Group posted solid quarterly results, beating EPS and revenue estimates, while analysts remain broadly positive with a consensus “Moderate Buy” rating and an average price target of $70.88. The company also paid a quarterly dividend of $0.46 per share, yielding 2.9% annualized.

LSV Asset Management decreased its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 2.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 6,203,383 shares of the bank's stock after selling 171,877 shares during the period. Citizens Financial Group accounts for about 0.8% of LSV Asset Management's portfolio, making the stock its 25th largest position. LSV Asset Management owned 1.44% of Citizens Financial Group worth $362,340,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CFG. Alyeska Investment Group L.P. acquired a new stake in Citizens Financial Group in the 3rd quarter worth approximately $87,173,000. Zurich Insurance Group Ltd FI lifted its stake in Citizens Financial Group by 326.3% during the 3rd quarter. Zurich Insurance Group Ltd FI now owns 2,082,961 shares of the bank's stock valued at $110,730,000 after acquiring an additional 1,594,326 shares during the period. Artemis Investment Management LLP lifted its stake in Citizens Financial Group by 160.4% during the 4th quarter. Artemis Investment Management LLP now owns 2,448,050 shares of the bank's stock valued at $142,991,000 after acquiring an additional 1,508,070 shares during the period. Impax Asset Management Group plc lifted its stake in shares of Citizens Financial Group by 411.6% in the 4th quarter. Impax Asset Management Group plc now owns 1,729,587 shares of the bank's stock valued at $101,025,000 after purchasing an additional 1,391,483 shares during the period. Finally, Ninety One UK Ltd lifted its stake in shares of Citizens Financial Group by 13.1% in the 4th quarter. Ninety One UK Ltd now owns 6,574,714 shares of the bank's stock valued at $384,029,000 after purchasing an additional 763,098 shares during the period. Hedge funds and other institutional investors own 94.90% of the company's stock.

Analysts Set New Price Targets

CFG has been the subject of several analyst reports. Morgan Stanley decreased their target price on shares of Citizens Financial Group from $80.00 to $73.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. Truist Financial upped their target price on shares of Citizens Financial Group from $63.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, April 17th. Argus upped their target price on shares of Citizens Financial Group from $60.00 to $72.00 and gave the stock a "buy" rating in a report on Friday, January 23rd. Weiss Ratings raised shares of Citizens Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 6th. Finally, DA Davidson upped their target price on shares of Citizens Financial Group from $73.00 to $74.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Nineteen 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 company presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.88.

Insider Activity

In related news, insider Susan Lamonica sold 13,258 shares of the business's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $58.04, for a total transaction of $769,494.32. Following the completion of the transaction, the insider directly owned 165,971 shares of the company's stock, valued at $9,632,956.84. The trade was a 7.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michelle Moosally sold 6,050 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $62.16, for a total transaction of $376,068.00. Following the completion of the sale, the insider directly owned 22,565 shares in the company, valued at approximately $1,402,640.40. This trade represents a 21.14% decrease in their position. The SEC filing for this sale provides additional information. 0.67% of the stock is currently owned by corporate insiders.

Citizens Financial Group Stock Up 0.2%

Shares of CFG opened at $62.93 on Friday. The stock has a market capitalization of $26.61 billion, a PE ratio of 14.88, a P/E/G ratio of 0.50 and a beta of 0.70. Citizens Financial Group, Inc. has a 1 year low of $38.80 and a 1 year high of $68.79. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 0.85. The company's 50-day simple moving average is $61.76 and its 200-day simple moving average is $60.04.

Citizens Financial Group (NYSE:CFG - Get Free Report) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. The business had revenue of $2.17 billion for the quarter, compared to analysts' expectations of $2.16 billion. Citizens Financial Group had a net margin of 16.21% and a return on equity of 8.31%. The business's quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.77 earnings per share. Analysts forecast that Citizens Financial Group, Inc. will post 5.19 earnings per share for the current fiscal year.

Citizens Financial Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Thursday, April 30th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, April 30th. Citizens Financial Group's dividend payout ratio is currently 43.50%.

Citizens Financial Group Company 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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