Envestnet Asset Management Inc. Grows Stock Position in Citizens Financial Group, Inc. (NYSE:CFG)

Envestnet Asset Management Inc. grew its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 4.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 621,321 shares of the bank’s stock after purchasing an additional 26,738 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.14% of Citizens Financial Group worth $25,456,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CFG. World Investment Advisors purchased a new stake in Citizens Financial Group during the 1st quarter valued at approximately $410,000. Wayfinding Financial LLC bought a new position in shares of Citizens Financial Group during the 1st quarter valued at approximately $46,000. IFM Investors Pty Ltd boosted its position in shares of Citizens Financial Group by 12.0% during the 1st quarter. IFM Investors Pty Ltd now owns 107,788 shares of the bank’s stock valued at $4,427,000 after acquiring an additional 11,521 shares during the last quarter. OneDigital Investment Advisors LLC boosted its position in shares of Citizens Financial Group by 37.9% during the 1st quarter. OneDigital Investment Advisors LLC now owns 7,126 shares of the bank’s stock valued at $292,000 after acquiring an additional 1,957 shares during the last quarter. Finally, ZWJ Investment Counsel Inc. boosted its position in shares of Citizens Financial Group by 3.2% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 101,134 shares of the bank’s stock valued at $4,143,000 after acquiring an additional 3,120 shares during the last quarter. 94.90% of the stock is owned by hedge funds and other institutional investors.

Citizens Financial Group Stock Down 2.5%

Shares of CFG opened at $46.66 on Wednesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.83 and a current ratio of 0.85. Citizens Financial Group, Inc. has a one year low of $32.60 and a one year high of $49.25. The stock has a market capitalization of $20.40 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 0.82 and a beta of 0.76. The stock has a 50 day moving average price of $42.49 and a 200 day moving average price of $42.33.

Citizens Financial Group (NYSE:CFG) last issued its earnings results on Wednesday, April 16th. The bank reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.02. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.94 billion. Citizens Financial Group had a return on equity of 6.84% and a net margin of 12.76%. Equities research analysts forecast that Citizens Financial Group, Inc. will post 3.92 earnings per share for the current fiscal year.

Citizens Financial Group declared that its board has initiated a stock buyback program on Friday, June 13th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the bank to reacquire up to 8.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CFG shares. Stephens lowered their price target on Citizens Financial Group from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, April 7th. Truist Financial decreased their target price on Citizens Financial Group from $51.00 to $43.00 and set a “hold” rating for the company in a research report on Thursday, April 17th. Piper Sandler decreased their target price on Citizens Financial Group from $48.00 to $43.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Cowen initiated coverage on Citizens Financial Group in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Finally, Barclays decreased their target price on Citizens Financial Group from $52.00 to $49.00 and set an “equal weight” rating for the company in a research report on Thursday, April 17th. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.32.

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.