Penobscot Investment Management Company Inc. Lowers Stake in Citizens Financial Group, Inc. (NYSE:CFG)

Penobscot Investment Management Company Inc. cut its stake in Citizens Financial Group, Inc. (NYSE:CFG) by 48.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,675 shares of the bank’s stock after selling 5,425 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Citizens Financial Group were worth $188,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Lindbrook Capital LLC raised its position in Citizens Financial Group by 100.8% during the 3rd quarter. Lindbrook Capital LLC now owns 988 shares of the bank’s stock valued at $26,000 after purchasing an additional 496 shares in the last quarter. Larson Financial Group LLC purchased a new stake in Citizens Financial Group in the fourth quarter worth about $33,000. CVA Family Office LLC bought a new position in Citizens Financial Group during the 4th quarter worth about $40,000. Blue Trust Inc. increased its position in Citizens Financial Group by 77.6% during the 4th quarter. Blue Trust Inc. now owns 1,314 shares of the bank’s stock valued at $44,000 after purchasing an additional 574 shares during the period. Finally, Authentikos Wealth Advisory LLC bought a new stake in shares of Citizens Financial Group in the 3rd quarter valued at about $40,000. Hedge funds and other institutional investors own 94.90% of the company’s stock.

Insider Activity

In related news, insider Craig Jack Read sold 6,327 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $33.70, for a total transaction of $213,219.90. Following the completion of the transaction, the insider now owns 37,558 shares of the company’s stock, valued at $1,265,704.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.62% of the company’s stock.

Citizens Financial Group Price Performance

NYSE CFG opened at $34.70 on Thursday. The company has a market cap of $15.91 billion, a price-to-earnings ratio of 12.57 and a beta of 1.38. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.87. The stock’s fifty day moving average price is $33.87 and its 200 day moving average price is $31.15. Citizens Financial Group, Inc. has a 1 year low of $22.77 and a 1 year high of $36.38.

Citizens Financial Group (NYSE:CFG) last announced its quarterly earnings data on Wednesday, April 17th. The bank reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.10). Citizens Financial Group had a net margin of 11.52% and a return on equity of 6.62%. The firm had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.96 billion. During the same period in the prior year, the company posted $1.00 earnings per share. The firm’s revenue for the quarter was down 7.9% on a year-over-year basis. As a group, equities research analysts forecast that Citizens Financial Group, Inc. will post 3.24 earnings per share for the current year.

Citizens Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 4.84%. The ex-dividend date is Tuesday, April 30th. Citizens Financial Group’s payout ratio is 60.87%.

Analyst Upgrades and Downgrades

CFG has been the topic of a number of recent research reports. Jefferies Financial Group increased their price objective on shares of Citizens Financial Group from $35.00 to $36.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Piper Sandler raised Citizens Financial Group from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $35.00 to $41.00 in a research report on Friday, April 26th. UBS Group upped their price objective on Citizens Financial Group from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, January 18th. Morgan Stanley lifted their target price on Citizens Financial Group from $31.00 to $39.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Finally, Royal Bank of Canada increased their price target on shares of Citizens Financial Group from $33.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.73.

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.