NorthCrest Asset Manangement LLC Acquires 289,120 Shares of Citizens Financial Group, Inc. $CFG

Key Points

• NorthCrest Asset Management increased its Citizens Financial Group stake by 289,120 shares, or 2,189.8%, to 302,323 shares worth approximately $19.3 million. Institutional investors collectively own 94.9% of CFG.
• Citizens Financial Group exceeded quarterly expectations, reporting $1.30 EPS versus the $1.25 consensus and $2.28 billion in revenue, up 12.1% year over year.
• The bank maintains a quarterly dividend of $0.46, equal to an annualized $1.84 payout and a 2.9% yield. Analysts hold a “Moderate Buy” consensus rating with an average price target of $79.38.

NorthCrest Asset Manangement LLC lifted its holdings in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 2,189.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 302,323 shares of the bank's stock after buying an additional 289,120 shares during the quarter. NorthCrest Asset Manangement LLC owned about 0.07% of Citizens Financial Group worth $19,276,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. BlackRock Inc. bought a new stake in Citizens Financial Group during the 2nd quarter worth about $3,415,046,000. Dimensional Fund Advisors LP raised its stake in shares of Citizens Financial Group by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,719,160 shares of the bank's stock worth $282,927,000 after acquiring an additional 28,602 shares during the last quarter. Amundi raised its stake in shares of Citizens Financial Group by 31.2% in the second quarter. Amundi now owns 3,685,819 shares of the bank's stock worth $258,265,000 after acquiring an additional 875,666 shares during the last quarter. Bank of America Corp DE bought a new position in shares of Citizens Financial Group in the second quarter worth about $223,386,000. Finally, Legal & General Group Plc acquired a new position in shares of Citizens Financial Group during the second quarter worth approximately $207,234,000. 94.90% of the stock is owned by institutional investors.

Insider Transactions at Citizens Financial Group

In other Citizens Financial Group news, CEO Bruce Van Saun sold 129,369 shares of Citizens Financial Group stock in a transaction on Friday, July 24th. The shares were sold at an average price of $72.07, for a total transaction of $9,323,623.83. Following the completion of the sale, the chief executive officer owned 1,140,763 shares of the company's stock, valued at approximately $82,214,789.41. The trade was a 10.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.67% of the company's stock.

Citizens Financial Group Stock Performance

Shares of NYSE:CFG opened at $63.86 on Tuesday. The stock has a market capitalization of $26.90 billion, a P/E ratio of 13.85, a P/E/G ratio of 0.58 and a beta of 0.72. Citizens Financial Group, Inc. has a 1-year low of $47.96 and a 1-year high of $75.33. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The business has a 50-day moving average price of $68.82 and a two-hundred day moving average price of $66.97.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its earnings results on Thursday, July 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.05. Citizens Financial Group had a net margin of 17.18% and a return on equity of 8.85%. The company had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the prior year, the company posted $0.92 EPS. The company's revenue was up 12.1% compared to the same quarter last year. Equities analysts predict that Citizens Financial Group, Inc. will post 5.29 earnings per share for the current year.

Citizens Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Thursday, July 30th were paid a $0.46 dividend. The ex-dividend date of this dividend was Thursday, July 30th. This represents a $1.84 dividend on an annualized basis and a yield of 2.9%. Citizens Financial Group's dividend payout ratio (DPR) is presently 39.91%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods increased their price target on shares of Citizens Financial Group from $75.00 to $90.00 and gave the company an "outperform" rating in a research note on Friday, July 17th. Cantor Fitzgerald boosted their price objective on shares of Citizens Financial Group from $80.00 to $84.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 19th. DA Davidson reaffirmed a "neutral" rating on shares of Citizens Financial Group in a report on Friday, August 14th. Evercore reaffirmed an "outperform" rating and set a $78.00 price objective on shares of Citizens Financial Group in a report on Thursday, October 1st. Finally, Royal Bank Of Canada increased their price objective on Citizens Financial Group from $70.00 to $79.00 and gave the company an "outperform" rating in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $79.38.

About Citizens Financial Group

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Its principal subsidiary, Citizens Bank, provides banking and financial services to individuals, families, businesses and institutions through branches, digital channels and other delivery platforms.

The company's consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, credit cards, personal loans and other lending products. Through its commercial banking operations, Citizens provides business loans, commercial real estate financing, treasury management, capital markets services and other solutions for companies and institutional clients.

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