Citizens Financial Group, Inc. (NYSE:CFG) Stake Increased by Banque Pictet & Cie SA

Banque Pictet & Cie SA grew its holdings in Citizens Financial Group, Inc. (NYSE:CFG) by 16.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 253,276 shares of the bank’s stock after purchasing an additional 36,485 shares during the period. Banque Pictet & Cie SA owned approximately 0.05% of Citizens Financial Group worth $9,037,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CFG. Nisa Investment Advisors LLC raised its position in shares of Citizens Financial Group by 26.9% in the first quarter. Nisa Investment Advisors LLC now owns 28,619 shares of the bank’s stock valued at $989,000 after purchasing an additional 6,075 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Citizens Financial Group by 29.5% in the first quarter. Janney Montgomery Scott LLC now owns 25,503 shares of the bank’s stock valued at $881,000 after purchasing an additional 5,804 shares during the period. IFP Advisors Inc raised its position in shares of Citizens Financial Group by 9.3% in the first quarter. IFP Advisors Inc now owns 5,899 shares of the bank’s stock valued at $204,000 after purchasing an additional 504 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of Citizens Financial Group by 11.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 43,721 shares of the bank’s stock valued at $1,510,000 after purchasing an additional 4,548 shares during the period. Finally, Advisor Partners LLC bought a new stake in shares of Citizens Financial Group in the first quarter valued at approximately $203,000. 96.86% of the stock is currently owned by institutional investors.

Shares of Citizens Financial Group, Inc. (NYSE:CFG) opened at 35.16 on Friday. Citizens Financial Group, Inc. has a 52 week low of $23.81 and a 52 week high of $39.75. The stock has a market cap of $17.60 billion, a PE ratio of 15.01 and a beta of 1.32. The stock has a 50 day moving average of $33.99 and a 200-day moving average of $35.34.

Citizens Financial Group (NYSE:CFG) last announced its quarterly earnings results on Friday, July 21st. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. Citizens Financial Group had a net margin of 19.86% and a return on equity of 6.08%. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the business posted $0.46 earnings per share. Citizens Financial Group’s quarterly revenue was up 9.2% on a year-over-year basis. Equities research analysts predict that Citizens Financial Group, Inc. will post $2.53 earnings per share for the current fiscal year.

Citizens Financial Group announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $850.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

A number of analysts recently weighed in on the stock. BMO Capital Markets assumed coverage on shares of Citizens Financial Group in a report on Thursday, May 25th. They set a “market perform” rating and a $39.00 target price on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $41.00 target price (up previously from $40.00) on shares of Citizens Financial Group in a report on Tuesday, June 6th. Zacks Investment Research lowered shares of Citizens Financial Group from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Citigroup Inc. reaffirmed a “hold” rating on shares of Citizens Financial Group in a report on Thursday, June 22nd. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Citizens Financial Group in a report on Thursday, June 22nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $35.75.

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About Citizens Financial Group

Citizens Financial Group, Inc is a retail bank holding company. The Company operates through two segments: Consumer Banking and Commercial Banking. Its Consumer Banking serves retail customers and small businesses. Consumer Banking products and services include deposit products, mortgage and home equity lending, auto financing, student loans, personal unsecured lines and loans, credit cards, business loans, wealth management and investment services.

Institutional Ownership by Quarter for Citizens Financial Group (NYSE:CFG)

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