AEGON Asset Management Reduces Stake in Citizens Financial Group

AEGON ASSET MANAGEMENT UK Plc has reduced its stake in Citizens Financial Group, Inc. (NYSE:CFG) by 16.4% during the third quarter, based on its latest 13F filing with the Securities and Exchange Commission. Following the sale of 154,007 shares, the fund now owns 784,712 shares of the bank’s stock, which accounts for approximately 0.18% of the company, valued at around $32,228,000 as of the recent filing.

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In addition to AEGON, other institutional investors have also adjusted their positions in Citizens Financial Group. Capital Performance Advisors LLP established a new position in the company during the third quarter, totaling $192,000. Graypoint LLC increased its holdings by 11.8% during the same period, now owning 8,242 shares worth $338,000 after purchasing an additional 873 shares. M&G PLC also upped its stake by 2.9%, bringing its total to 277,228 shares valued at $11,366,000 after buying an extra 7,936 shares. Centennial Wealth Advisory LLC expanded its position by 3.8%, resulting in ownership of 11,816 shares valued at $485,000. Catalyst Capital Advisors LLC acquired a new stake worth about $28,000. Currently, institutional investors own 94.90% of Citizens Financial Group's stock.

Analyst Ratings Changes

There have been several updates on the stock rating from research firms regarding Citizens Financial Group. Keefe, Bruyette & Woods raised their target price from $42.00 to $46.00, assigning a "market perform" rating on September 30. Royal Bank of Canada also increased their price target from $43.00 to $45.00, giving the stock an "outperform" rating on October 17. On October 2, Evercore ISI lowered their price target from $47.00 to $46.00, setting an "in-line" rating. UBS Group increased their price objective from $42.00 to $46.00, rating it as a "buy" on July 18, while Stephens boosted their target from $40.00 to $42.00, labeling the stock as "overweight" on July 19. In total, nine analysts have a hold rating while eight suggest a buy rating for Citizens Financial Group. Data from MarketBeat.com indicates a consensus rating of "Hold" with a price target averaging $43.80.

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Read Our Latest Stock Report on CFG

Citizens Financial Group Trading Performance

The shares of Citizens Financial Group opened at $45.83 last Friday. The company exhibits a fifty-day simple moving average of $41.73 and a two-hundred-day simple moving average of $38.99. Its market capitalization stands at $20.40 billion, with a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 1.59, and a beta of 1.07. Citizens Financial Group recorded a fifty-two week low of $24.61 and a high of $48.35. The financial ratios showcase a quick ratio of 0.86, a current ratio of 0.87, and a debt-to-equity ratio of 0.61.

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Citizens Financial Group (NYSE:CFG) released its quarterly earnings results on October 16. The bank reported earnings per share (EPS) of $0.79, meeting the analysts' consensus estimates. The company generated revenue of $1.90 billion for the quarter, slightly below the expected $1.94 billion. Citizens Financial Group's net margin was 10.37%, and it achieved a return on equity of 5.73%. Revenue was down by 5.6% year-over-year compared to the same quarter in the previous year when the EPS was $0.85. Analysts predict that Citizens Financial Group will report an EPS of 3.19 for the current fiscal year.

Dividend Declaration by Citizens Financial Group

The bank has recently announced a quarterly dividend, scheduled to be paid on November 13. Shareholders of record on October 30 will receive a dividend of $0.42. The ex-dividend date is set for October 30. This amounts to an annualized dividend of $1.68, resulting in a dividend yield of 3.67%. Currently, the company’s dividend payout ratio stands at 66.14%.

About Citizens Financial Group

Citizens Financial Group, Inc. functions as a bank holding company, offering a range of retail and commercial banking products and services. These services are available to individuals, small businesses, middle-market corporations, and institutions across the United States. The company operates in two main segments: Consumer Banking and Commercial Banking.

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