Pinnacle Associates Ltd. Boosts Stock Holdings in Citizens Financial Group, Inc. $CFG

Pinnacle Associates Ltd. lifted its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 78.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,735 shares of the bank’s stock after acquiring an additional 8,693 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Citizens Financial Group were worth $883,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Fuller & Thaler Asset Management Inc. increased its position in shares of Citizens Financial Group by 7.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 10,380,605 shares of the bank’s stock worth $425,293,000 after acquiring an additional 697,494 shares during the period. AQR Capital Management LLC increased its position in shares of Citizens Financial Group by 19.1% during the first quarter. AQR Capital Management LLC now owns 7,366,754 shares of the bank’s stock worth $294,007,000 after acquiring an additional 1,180,390 shares during the period. Royal Bank of Canada increased its position in shares of Citizens Financial Group by 8.9% during the first quarter. Royal Bank of Canada now owns 6,801,856 shares of the bank’s stock worth $278,672,000 after acquiring an additional 554,618 shares during the period. Nordea Investment Management AB increased its position in shares of Citizens Financial Group by 20.7% during the second quarter. Nordea Investment Management AB now owns 6,399,905 shares of the bank’s stock worth $287,932,000 after acquiring an additional 1,098,684 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Citizens Financial Group by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 4,730,786 shares of the bank’s stock worth $193,782,000 after acquiring an additional 41,704 shares during the period. Hedge funds and other institutional investors own 94.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CFG shares. Truist Financial cut their price objective on Citizens Financial Group from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Friday, October 17th. Keefe, Bruyette & Woods raised Citizens Financial Group from a “market perform” rating to an “outperform” rating and set a $57.00 target price on the stock in a report on Wednesday, July 9th. UBS Group increased their target price on Citizens Financial Group from $57.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Wall Street Zen raised Citizens Financial Group from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Finally, Cantor Fitzgerald assumed coverage on Citizens Financial Group in a report on Wednesday, September 10th. They issued an “overweight” rating and a $61.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.57.

Citizens Financial Group Stock Performance

Shares of CFG stock opened at $51.00 on Tuesday. The stock’s 50-day moving average is $51.85 and its two-hundred day moving average is $46.50. The firm has a market cap of $22.00 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 0.54 and a beta of 0.82. Citizens Financial Group, Inc. has a 1 year low of $32.60 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.84 and a current ratio of 0.85.

Citizens Financial Group (NYSE:CFG) last issued its quarterly earnings data on Wednesday, October 15th. The bank reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.10 billion. Citizens Financial Group had a return on equity of 7.48% and a net margin of 14.17%.The business’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.79 earnings per share. Analysts predict that Citizens Financial Group, Inc. will post 3.92 earnings per share for the current year.

Citizens Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, October 29th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Wednesday, October 29th. This is a positive change from Citizens Financial Group’s previous quarterly dividend of $0.42. This represents a $1.84 annualized dividend and a dividend yield of 3.6%. Citizens Financial Group’s dividend payout ratio is 51.54%.

Citizens Financial Group Profile

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.