Kornitzer Capital Management Inc. KS Purchases 1,401,301 Shares of Citizens Financial Group, Inc. $CFG

Kornitzer Capital Management Inc. KS raised its position in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 436.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,722,655 shares of the bank’s stock after acquiring an additional 1,401,301 shares during the quarter. Citizens Financial Group comprises 2.1% of Kornitzer Capital Management Inc. KS’s investment portfolio, making the stock its 7th biggest holding. Kornitzer Capital Management Inc. KS’s holdings in Citizens Financial Group were worth $109,836,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Bank of America Corp DE purchased a new stake in Citizens Financial Group in the 2nd quarter valued at $223,386,000. Tidal Investments LLC boosted its holdings in Citizens Financial Group by 12.4% during the 2nd quarter. Tidal Investments LLC now owns 145,378 shares of the bank’s stock worth $10,187,000 after acquiring an additional 16,000 shares during the last quarter. Freestone Grove Partners LP purchased a new position in Citizens Financial Group during the 2nd quarter worth $95,642,000. Citizens Financial Group Inc. RI boosted its holdings in Citizens Financial Group by 145.6% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 773,677 shares of the bank’s stock worth $49,330,000 after acquiring an additional 458,698 shares during the last quarter. Finally, Sterling Investment Management LLC bought a new stake in shares of Citizens Financial Group in the 3rd quarter worth $2,164,000. 94.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on CFG. Robert W. Baird increased their target price on shares of Citizens Financial Group from $72.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, July 17th. Weiss Ratings restated a “buy (b)” rating on shares of Citizens Financial Group in a report on Friday, October 30th. Jefferies Financial Group cut their price target on shares of Citizens Financial Group from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. UBS Group reduced their price objective on shares of Citizens Financial Group from $82.00 to $77.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Finally, Truist Financial decreased their price objective on shares of Citizens Financial Group from $77.00 to $70.00 and set a “hold” rating for the company in a research note on Tuesday, October 20th. Seventeen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $76.79.

Citizens Financial Group Stock Performance

Shares of Citizens Financial Group stock opened at $63.34 on Friday. The business’s fifty day simple moving average is $65.87 and its 200 day simple moving average is $65.64. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.74. Citizens Financial Group, Inc. has a 12 month low of $49.00 and a 12 month high of $75.33. The firm has a market capitalization of $26.55 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 0.58 and a beta of 0.74.

Citizens Financial Group (NYSE:CFG) last announced its quarterly earnings data on Friday, October 16th. The bank reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Citizens Financial Group had a return on equity of 9.52% and a net margin of 18.07%. The firm had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the company earned $1.05 EPS. As a group, analysts anticipate that Citizens Financial Group, Inc. will post 5.30 EPS for the current year.

Citizens Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a $0.52 dividend. This is an increase from Citizens Financial Group’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, October 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. Citizens Financial Group’s payout ratio is presently 41.85%.

Citizens Financial Group Company Profile

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Through Citizens Bank and related businesses, it provides retail and commercial banking services to individuals, businesses and institutions.

Its offerings include checking and savings accounts, mortgages, personal and business loans, credit cards, wealth management, and commercial lending and cash-management services. The company also provides capital markets and other financial services to corporate clients.

Citizens traces its history to High Street Bank, founded in Providence in 1828.