Bank of New York Mellon Corp Sells 201,094 Shares of Citizens Financial Group, Inc. $CFG

Bank of New York Mellon Corp reduced its position in Citizens Financial Group, Inc. (NYSE:CFG) by 5.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,324,133 shares of the bank’s stock after selling 201,094 shares during the quarter. Bank of New York Mellon Corp’s holdings in Citizens Financial Group were worth $148,755,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Machina Capital S.A.S. purchased a new stake in Citizens Financial Group in the second quarter worth approximately $430,000. iA Global Asset Management Inc. bought a new stake in shares of Citizens Financial Group in the 2nd quarter worth approximately $208,000. AlphaStar Capital Management LLC bought a new stake in shares of Citizens Financial Group in the 2nd quarter worth approximately $422,000. IFG Advisory LLC boosted its stake in shares of Citizens Financial Group by 19.1% in the 2nd quarter. IFG Advisory LLC now owns 9,550 shares of the bank’s stock valued at $427,000 after purchasing an additional 1,529 shares in the last quarter. Finally, Pinnacle Associates Ltd. grew its holdings in shares of Citizens Financial Group by 78.7% during the 2nd quarter. Pinnacle Associates Ltd. now owns 19,735 shares of the bank’s stock valued at $883,000 after purchasing an additional 8,693 shares during the last quarter. 94.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on CFG. Truist Financial cut their price target on shares of Citizens Financial Group from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Friday, October 17th. Wall Street Zen upgraded Citizens Financial Group from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Morgan Stanley raised Citizens Financial Group from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $53.00 to $71.00 in a research note on Monday, September 29th. DA Davidson reiterated a “buy” rating and issued a $59.00 price objective on shares of Citizens Financial Group in a research report on Thursday, October 16th. Finally, Citigroup increased their price objective on Citizens Financial Group from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.57.

Citizens Financial Group Trading Down 1.0%

CFG opened at $50.94 on Friday. Citizens Financial Group, Inc. has a one year low of $32.60 and a one year high of $55.24. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.85 and a quick ratio of 0.84. The business has a 50 day simple moving average of $51.80 and a two-hundred day simple moving average of $46.67. The firm has a market capitalization of $21.88 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 0.55 and a beta of 0.82.

Citizens Financial Group (NYSE:CFG) last posted its earnings results on Wednesday, October 15th. The bank reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.02. The firm had revenue of $2.12 billion for the quarter, compared to analysts’ expectations 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 revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.79 earnings per share. Analysts predict that Citizens Financial Group, Inc. will post 3.92 EPS for the current year.

Citizens Financial Group Increases Dividend

The business 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 $0.46 dividend. This is a boost from Citizens Financial Group’s previous quarterly dividend of $0.42. The ex-dividend date is Wednesday, October 29th. This represents a $1.84 annualized dividend and a yield of 3.6%. Citizens Financial Group’s dividend payout ratio (DPR) is currently 51.54%.

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.