CIBC Asset Management Inc Buys 4,330 Shares of Citizens Financial Group, Inc. (NYSE:CFG)

CIBC Asset Management Inc boosted its position in Citizens Financial Group, Inc. (NYSE:CFG) by 6.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 66,839 shares of the bank’s stock after buying an additional 4,330 shares during the quarter. CIBC Asset Management Inc’s holdings in Citizens Financial Group were worth $2,745,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Costello Asset Management INC purchased a new stake in shares of Citizens Financial Group in the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Citizens Financial Group in the 3rd quarter worth approximately $27,000. Catalyst Capital Advisors LLC bought a new stake in Citizens Financial Group in the third quarter worth $28,000. Innealta Capital LLC purchased a new position in shares of Citizens Financial Group in the second quarter worth about $25,000. Finally, Versant Capital Management Inc lifted its stake in shares of Citizens Financial Group by 262.8% in the 2nd quarter. Versant Capital Management Inc now owns 936 shares of the bank’s stock valued at $34,000 after acquiring an additional 678 shares during the last quarter. Hedge funds and other institutional investors own 94.90% of the company’s stock.

Citizens Financial Group Stock Performance

Shares of CFG stock opened at $46.57 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.87 and a quick ratio of 0.86. Citizens Financial Group, Inc. has a 1 year low of $26.13 and a 1 year high of $48.35. The firm has a market capitalization of $20.52 billion, a price-to-earnings ratio of 18.33, a price-to-earnings-growth ratio of 1.78 and a beta of 1.07. The business has a fifty day moving average of $42.29 and a 200 day moving average of $39.53.

Citizens Financial Group (NYSE:CFG) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $0.79 EPS for the quarter, meeting the consensus estimate of $0.79. Citizens Financial Group had a return on equity of 5.73% and a net margin of 10.37%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the company earned $0.85 earnings per share. Citizens Financial Group’s quarterly revenue was down 5.6% compared to the same quarter last year. As a group, research analysts expect that Citizens Financial Group, Inc. will post 3.2 earnings per share for the current year.

Citizens Financial Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, October 30th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Wednesday, October 30th. This represents a $1.68 annualized dividend and a dividend yield of 3.61%. Citizens Financial Group’s payout ratio is 66.14%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CFG shares. Morgan Stanley raised their target price on shares of Citizens Financial Group from $41.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Piper Sandler boosted their price target on Citizens Financial Group from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Evercore ISI dropped their price target on Citizens Financial Group from $47.00 to $46.00 and set an “in-line” rating for the company in a research note on Wednesday, October 2nd. DA Davidson raised their target price on shares of Citizens Financial Group from $46.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Barclays raised their price objective on shares of Citizens Financial Group from $40.00 to $47.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $43.80.

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.