Recently, Citizens Financial Group, Inc. (CFG - Free Report) completed the buyout of Atlanta-based Bowstring Advisors, for an undisclosed amount. Under the all-cash deal, the company acquired certain assets of Bowstring Advisors which provides a range of financial services to commercial and industrial clients nationwide.
The acquisition has been performed through Citizens’ wholly-owned subsidiary, Citizens Capital Markets (“CCMI”). Bowstring will be operating as a division of CCMI.
With this deal, Citizens will be able to strengthen its foothold in the Southeast region. Notably, this acquisition will complement the company’s current M&A and financial advisory capabilities.
Moreover, the company sees solid demand for M&As among mid-sized companies, which will further boost its near-term prospects.
In January 2019, Citizens completed the buyout of Tarrytown, NY-based Clarfeld Financial Advisors, LLC, for an undisclosed amount. In August 2018, the company concluded the buyout of Franklin American Mortgage Company. The all-cash deal, announced in early June 2018, was valued at $511 million.
Citizens’ inorganic growth activities reflect capital strength and its efforts to bolster performance. Also, it has diversified revenue sources which are likely to support the bank’s financials. Additionally, the company will benefit from improving conditions in the domestic economy.
Currently, Citizens carries a Zacks Rank #3 (Hold).
Stocks to Consider
Great Southern Bancorp, Inc. (GSBC - Free Report) , a Zacks #1 Ranked (Strong Buy) stock, has been witnessing upward estimate revisions for the past 30 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
M&T Bank Corporation (MTB - Free Report) has been witnessing upward estimate revisions for the past 60 days. At present, it carries a Zacks Rank of 2 (Buy).
Hamilton Lane Inc. (HLNE - Free Report) , another Zacks #2 Ranked stock, has been witnessing upward estimate revisions for the past month.
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