Weiss Asset Management LP Acquires New Position in Citizens Financial Group, Inc. $CFG

Key Points

• Weiss Asset Management acquired 16,860 shares of Citizens Financial Group in the first quarter, valued at approximately $1.01 million. Institutional investors collectively own 94.9% of CFG.
• Citizens Financial Group reported quarterly earnings of $1.30 per share, beating estimates by $0.05, while revenue rose 12.1% year over year to $2.28 billion.
• The bank declared a quarterly dividend of $0.46 per share, equivalent to an annualized yield of about 2.6%. Analysts maintain a “Moderate Buy” consensus with an average price target of $78.55.

Weiss Asset Management LP purchased a new stake in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 16,860 shares of the bank's stock, valued at approximately $1,011,000.

A number of other large investors have also recently bought and sold shares of CFG. Allspring Global Investments Holdings LLC lifted its holdings in shares of Citizens Financial Group by 5.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 504,595 shares of the bank's stock worth $29,968,000 after purchasing an additional 25,180 shares during the last quarter. Jupiter Asset Management Ltd. grew its stake in Citizens Financial Group by 45.9% during the 4th quarter. Jupiter Asset Management Ltd. now owns 270,484 shares of the bank's stock worth $15,799,000 after buying an additional 85,052 shares during the last quarter. Geode Capital Management LLC increased its position in Citizens Financial Group by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 11,361,142 shares of the bank's stock worth $661,052,000 after buying an additional 32,264 shares during the period. Todd Asset Management LLC increased its position in Citizens Financial Group by 10.6% in the fourth quarter. Todd Asset Management LLC now owns 991,510 shares of the bank's stock worth $57,914,000 after buying an additional 94,774 shares during the period. Finally, HighTower Advisors LLC lifted its stake in Citizens Financial Group by 51.8% in the fourth quarter. HighTower Advisors LLC now owns 58,648 shares of the bank's stock valued at $3,426,000 after buying an additional 20,008 shares during the last quarter. Institutional investors own 94.90% of the company's stock.

Insider Activity at Citizens Financial Group

In other news, insider Michelle Moosally sold 6,050 shares of the company'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 value of $376,068.00. Following the completion of the sale, the insider directly owned 22,565 shares of the company's stock, valued at approximately $1,402,640.40. This represents a 21.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.67% of the company's stock.

Citizens Financial Group Price Performance

Shares of CFG opened at $71.14 on Tuesday. The firm has a market capitalization of $30.08 billion, a price-to-earnings ratio of 15.43, a price-to-earnings-growth ratio of 0.55 and a beta of 0.67. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 0.86. Citizens Financial Group, Inc. has a one year low of $45.90 and a one year high of $74.70. The stock's fifty day moving average is $67.68 and its 200-day moving average is $64.13.

Citizens Financial Group (NYSE:CFG - Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The bank reported $1.30 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.05. The business had revenue of $2.28 billion for the quarter, compared to analysts' expectations of $2.25 billion. Citizens Financial Group had a net margin of 17.18% and a return on equity of 8.85%. The company's revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.92 earnings per share. Equities analysts anticipate that Citizens Financial Group, Inc. will post 5.3 EPS for the current year.

Citizens Financial Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Thursday, July 30th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Thursday, July 30th. Citizens Financial Group's payout ratio is 39.91%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Cantor Fitzgerald boosted their price target on shares of Citizens Financial Group from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Weiss Ratings upgraded shares of Citizens Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 6th. Keefe, Bruyette & Woods boosted their target price 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. Evercore restated an "outperform" rating and issued a $80.00 target price on shares of Citizens Financial Group in a research report on Monday, July 6th. Finally, Morgan Stanley lifted their price target on Citizens Financial Group from $73.00 to $79.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $78.55.

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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