Summit Global Investments Trims Stock Holdings in Citizens Financial Group, Inc. (NYSE:CFG)

Summit Global Investments lowered its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 29.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,869 shares of the bank’s stock after selling 7,821 shares during the period. Summit Global Investments’ holdings in Citizens Financial Group were worth $775,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CFG. Capital International Investors lifted its holdings in Citizens Financial Group by 4.4% during the 1st quarter. Capital International Investors now owns 36,709,412 shares of the bank’s stock worth $1,332,185,000 after purchasing an additional 1,552,333 shares in the last quarter. LSV Asset Management increased its position in shares of Citizens Financial Group by 1.8% during the second quarter. LSV Asset Management now owns 6,580,797 shares of the bank’s stock valued at $237,106,000 after buying an additional 113,300 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Citizens Financial Group by 15.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,429,264 shares of the bank’s stock worth $159,550,000 after buying an additional 587,115 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Citizens Financial Group by 61.4% in the second quarter. AQR Capital Management LLC now owns 4,422,948 shares of the bank’s stock valued at $155,909,000 after acquiring an additional 1,682,886 shares during the period. Finally, Hsbc Holdings PLC grew its stake in Citizens Financial Group by 1.7% during the second quarter. Hsbc Holdings PLC now owns 2,764,090 shares of the bank’s stock valued at $99,448,000 after acquiring an additional 45,038 shares in the last quarter. Hedge funds and other institutional investors own 94.90% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on CFG. DA Davidson increased their target price on shares of Citizens Financial Group from $46.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Stephens lifted their price objective on Citizens Financial Group from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Morgan Stanley boosted their target price on Citizens Financial Group from $41.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. StockNews.com raised Citizens Financial Group from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Finally, Evercore ISI cut their price objective on Citizens Financial Group from $47.00 to $46.00 and set an “in-line” rating for the company in a report on Wednesday, October 2nd. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $43.80.

Citizens Financial Group Stock Performance

NYSE CFG opened at $45.81 on Friday. The firm has a market cap of $20.19 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 1.84 and a beta of 1.07. The company has a 50-day simple moving average of $41.73 and a two-hundred day simple moving average of $38.99. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.61. Citizens Financial Group, Inc. has a 12-month low of $24.61 and a 12-month high of $48.35.

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

Citizens Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, October 30th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $1.68 annualized dividend and a yield of 3.67%. Citizens Financial Group’s payout ratio is currently 66.14%.

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.