Citizens Financial Group, Inc. (NYSE:CFG) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Citizens Financial Group by 11.4% during the 1st quarter, owning approximately 0.19% of the bank, valued at $33.3 million.
• Citizens Financial Group's stock currently has a market cap of $20.40 billion and reported earnings of $0.92 EPS, beating estimates by $0.04.
• The company announced a quarterly dividend of $0.42, yielding about 3.6%, and approved a share repurchase program worth $1.50 billion.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 813,233 shares of the bank's stock after acquiring an additional 83,055 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.19% of Citizens Financial Group worth $33,318,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CFG. Heartland Bank & Trust Co acquired a new stake in Citizens Financial Group in the first quarter valued at approximately $398,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Citizens Financial Group by 19.2% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 54,870 shares of the bank's stock worth $2,248,000 after buying an additional 8,851 shares during the period. Robeco Institutional Asset Management B.V. increased 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 during the period. World Investment Advisors acquired a new position in shares of Citizens Financial Group in the first quarter valued at approximately $410,000. Finally, OneDigital Investment Advisors LLC increased its position in 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 purchasing an additional 1,957 shares during the period. 94.90% of the stock is currently owned by institutional investors and hedge funds.

Citizens Financial Group Stock Up 1.4%

Shares of CFG stock traded up $0.70 on Thursday, hitting $49.25. The stock had a trading volume of 3,696,810 shares, compared to its average volume of 4,974,689. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.84 and a current ratio of 0.85. The stock's 50 day moving average is $45.95 and its 200-day moving average is $42.75. The firm has a market capitalization of $21.24 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 0.53 and a beta of 0.78. Citizens Financial Group, Inc. has a 52-week low of $32.60 and a 52-week high of $49.98.

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

Citizens Financial Group declared that its Board of Directors has initiated a share buyback program on Friday, June 13th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the bank to buy up to 8.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.

Citizens Financial Group Announces Dividend

The company 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 dividend of $0.42 per share. The ex-dividend date is Thursday, July 31st. This represents a $1.68 annualized dividend and a yield of 3.4%. Citizens Financial Group's dividend payout ratio (DPR) is 51.06%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wells Fargo & Company set a $57.00 target price on Citizens Financial Group in a report on Wednesday, July 2nd. Royal Bank Of Canada decreased their price objective on Citizens Financial Group from $50.00 to $44.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. Barclays raised their price target on shares of Citizens Financial Group from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Truist Financial decreased their price objective on Citizens Financial Group from $51.00 to $43.00 and set a "hold" rating on the stock in a report on Thursday, April 17th. Finally, Evercore ISI upgraded Citizens Financial Group from an "in-line" rating to an "outperform" rating and raised their price objective for the stock from $48.00 to $55.00 in a report on Friday, July 18th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.53.

About Citizens Financial Group

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.