Pinnacle Associates Ltd. Has $354,000 Position in Citizens Financial Group, Inc. (NYSE:CFG)

Pinnacle Associates Ltd. reduced its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 27.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,614 shares of the bank’s stock after selling 3,233 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Citizens Financial Group were worth $354,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Norden Group LLC acquired a new position in shares of Citizens Financial Group in the 1st quarter valued at approximately $786,000. First Trust Direct Indexing L.P. grew its position in shares of Citizens Financial Group by 14.0% in the 1st quarter. First Trust Direct Indexing L.P. now owns 10,015 shares of the bank’s stock valued at $363,000 after purchasing an additional 1,230 shares during the period. BNP Paribas Financial Markets grew its position in shares of Citizens Financial Group by 2.8% in the 1st quarter. BNP Paribas Financial Markets now owns 510,183 shares of the bank’s stock valued at $18,515,000 after purchasing an additional 14,105 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Citizens Financial Group by 1.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 127,285 shares of the bank’s stock valued at $4,619,000 after purchasing an additional 2,003 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Citizens Financial Group in the 1st quarter valued at approximately $197,000. 94.90% of the stock is currently owned by institutional investors and hedge funds.

Citizens Financial Group Stock Down 0.7 %

CFG stock opened at $41.82 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market capitalization of $18.61 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 1.61 and a beta of 1.07. The business’s fifty day moving average price is $41.52 and its two-hundred day moving average price is $38.67. Citizens Financial Group, Inc. has a fifty-two week low of $23.50 and a fifty-two week high of $44.39.

Citizens Financial Group (NYSE:CFG) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $0.79 EPS for the quarter, hitting analysts’ consensus estimates of $0.79. Citizens Financial Group had a return on equity of 5.73% and a net margin of 10.37%. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter last year, the business earned $0.85 earnings per share. Citizens Financial Group’s revenue was down 5.6% on a year-over-year basis. On average, equities analysts anticipate that Citizens Financial Group, Inc. will post 3.19 earnings per share for the current year.

Citizens Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Wednesday, October 30th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Wednesday, October 30th. Citizens Financial Group’s payout ratio is currently 66.14%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CFG. Evercore ISI decreased their price objective on Citizens Financial Group from $47.00 to $46.00 and set an “in-line” rating for the company in a research report on Wednesday, October 2nd. UBS Group boosted their target price on Citizens Financial Group from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Royal Bank of Canada boosted their target price on Citizens Financial Group from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Raymond James began coverage on Citizens Financial Group in a research note on Thursday, July 11th. They issued a “market perform” rating on the stock. Finally, Piper Sandler boosted their target price on Citizens Financial Group from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Citizens Financial Group has an average rating of “Hold” and an average price target of $43.80.

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.