Citizens Financial Group, Inc. $CFG Stock: Sumitomo Mitsui Trust Group Inc. Cuts Position

Sumitomo Mitsui Trust Group Inc. cut its stake in Citizens Financial Group, Inc. (NYSE:CFG) by 2.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,105,362 shares of the bank’s stock after selling 28,272 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Citizens Financial Group were worth $70,478,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of CFG. Cedar Mountain Advisors LLC acquired a new position in shares of Citizens Financial Group during the 1st quarter worth approximately $27,000. Carolina Wealth Advisors LLC acquired a new position in Citizens Financial Group during the third quarter worth approximately $29,000. Elevation Wealth Partners LLC raised its position in shares of Citizens Financial Group by 319.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank’s stock worth $30,000 after buying an additional 323 shares during the period. Virtus Advisers LLC purchased a new position in shares of Citizens Financial Group in the 2nd quarter worth about $35,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in shares of Citizens Financial Group in the 2nd quarter worth about $35,000. Hedge funds and other institutional investors own 94.90% of the company’s stock.

Citizens Financial Group Price Performance

NYSE CFG opened at $64.31 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.86 and a current ratio of 0.86. Citizens Financial Group, Inc. has a 1 year low of $49.00 and a 1 year high of $75.33. The stock has a market capitalization of $26.96 billion, a P/E ratio of 12.94, a P/E/G ratio of 0.59 and a beta of 0.74. The business’s fifty day moving average is $66.22 and its two-hundred day moving average is $65.58.

Citizens Financial Group (NYSE:CFG) last announced its earnings results on Friday, October 16th. The bank reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Citizens Financial Group had a net margin of 18.07% and a return on equity of 9.52%. The company had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same period last year, the company posted $1.05 earnings per share. On average, research analysts forecast that Citizens Financial Group, Inc. will post 5.30 earnings per share for the current fiscal year.

Citizens Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, October 30th. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.46. This represents a $2.08 dividend on an annualized basis and a yield of 3.2%. Citizens Financial Group’s payout ratio is 41.85%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Citizens Financial Group from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Argus reduced their price target on Citizens Financial Group from $80.00 to $78.00 in a report on Monday, October 19th. UBS Group decreased their price target 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. Morgan Stanley reduced their target price on Citizens Financial Group from $89.00 to $87.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. Finally, JPMorgan Chase & Co. cut their target price on shares of Citizens Financial Group from $78.00 to $72.50 and set an “overweight” rating on the stock in a report on Friday, October 2nd. Seventeen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.79.

About Citizens Financial Group

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Its principal subsidiary, Citizens Bank, provides banking and financial services to consumers, small businesses, middle-market companies, large corporations and institutional clients.

The company offers consumer deposit accounts, residential mortgages, home equity financing, credit cards, personal loans and other lending products. Its commercial banking activities include business loans, equipment financing, treasury management, capital markets services and investment banking.