Corient Private Wealth LP Lowers Stock Position in Citizens Financial Group, Inc. $CFG

Corient Private Wealth LP cut its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 3.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 240,566 shares of the bank’s stock after selling 8,590 shares during the quarter. Corient Private Wealth LP’s holdings in Citizens Financial Group were worth $16,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of CFG. BlackRock Inc. purchased a new stake in shares of Citizens Financial Group during the 2nd quarter valued at $3,415,046,000. California State Teachers Retirement System lifted its holdings in shares of Citizens Financial Group by 7,016.6% during the 2nd quarter. California State Teachers Retirement System now owns 39,561,872 shares of the bank’s stock worth $2,772,100,000 after acquiring an additional 39,005,965 shares during the last quarter. Geode Capital Management LLC grew its position in Citizens Financial Group by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 11,361,142 shares of the bank’s stock worth $661,052,000 after acquiring an additional 32,264 shares in the last quarter. Capital International Investors grew its position in Citizens Financial Group by 32.3% in the fourth quarter. Capital International Investors now owns 8,000,750 shares of the bank’s stock worth $467,389,000 after acquiring an additional 1,953,372 shares in the last quarter. Finally, Norges Bank bought a new position in Citizens Financial Group in the fourth quarter valued at $355,909,000. Hedge funds and other institutional investors own 94.90% of the company’s stock.

Citizens Financial Group Price Performance

CFG stock opened at $70.54 on Tuesday. The firm has a market cap of $29.71 billion, a P/E ratio of 15.30, a P/E/G ratio of 0.64 and a beta of 0.66. The firm’s fifty day moving average is $71.37 and its 200 day moving average is $66.07. Citizens Financial Group, Inc. has a 52 week low of $47.96 and a 52 week high of $75.33. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 0.86.

Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings results on Thursday, July 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.05. Citizens Financial Group had a net margin of 17.18% and a return on equity of 8.85%. The business had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the previous year, the firm posted $0.92 earnings per share. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. Research analysts predict that Citizens Financial Group, Inc. will post 5.3 earnings per share for the current year.

Citizens Financial Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, July 30th were paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Thursday, July 30th. Citizens Financial Group’s payout ratio is 39.91%.

Analyst Ratings Changes

CFG has been the topic of a number of research reports. Weiss Ratings restated a “buy (b)” rating on shares of Citizens Financial Group in a research report on Monday, August 3rd. Keefe, Bruyette & Woods upped their price objective on Citizens Financial Group from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Royal Bank Of Canada increased their price objective on Citizens Financial Group from $70.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Cantor Fitzgerald raised their price objective on Citizens Financial Group from $80.00 to $84.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Finally, Truist Financial boosted their target price on Citizens Financial Group from $72.00 to $80.00 and gave the stock a “hold” rating in a research report on Tuesday, July 21st. Sixteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $79.80.

Insider Buying and Selling at Citizens Financial Group

In related news, CEO Bruce Van Saun sold 129,369 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $72.07, for a total transaction of $9,323,623.83. Following the completion of the sale, the chief executive officer directly owned 1,140,763 shares in the company, valued at $82,214,789.41. This represents a 10.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.67% of the company’s stock.

Citizens Financial Group Profile

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Through its primary subsidiary, Citizens Bank, the company provides retail and commercial banking services to individuals, businesses, institutions and government entities.

Its offerings include checking and savings accounts, consumer and residential lending, credit cards, business loans, commercial real estate financing, treasury management, investment banking, capital markets services and wealth management.