2,511,036 Shares in Citizens Financial Group, Inc. $CFG Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 2.51 million shares of Citizens Financial Group during the second quarter, worth approximately $175.9 million and representing about 0.60% of CFG. Institutional investors collectively own 94.9% of the company.
• Citizens Financial Group exceeded quarterly expectations, reporting $1.30 in EPS and $2.28 billion in revenue, with revenue up 12.1% year over year. The bank also maintains a quarterly dividend of $0.46 per share, yielding approximately 2.6% annually.
• Analysts maintain a generally positive outlook, with CFG receiving a “Moderate Buy” consensus rating and an average price target of $79.25, compared with a recent share price of $69.84.

Bank of New York Mellon Corp purchased a new position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,511,036 shares of the bank's stock, valued at approximately $175,948,000. Bank of New York Mellon Corp owned approximately 0.60% of Citizens Financial Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Citizens Financial Group in the fourth quarter worth about $26,000. Cedar Mountain Advisors LLC purchased a new position in Citizens Financial Group during the 1st quarter valued at approximately $27,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Citizens Financial Group during the 4th quarter valued at approximately $29,000. Activest Wealth Management increased its stake in Citizens Financial Group by 5,600.0% in the 4th quarter. Activest Wealth Management now owns 513 shares of the bank's stock worth $30,000 after acquiring an additional 504 shares during the last quarter. Finally, Elevation Wealth Partners LLC increased its stake in Citizens Financial Group by 319.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank's stock worth $30,000 after acquiring an additional 323 shares during the last quarter. Institutional investors own 94.90% of the company's stock.

Citizens Financial Group Stock Up 0.2%

Shares of CFG opened at $69.84 on Friday. The firm has a market capitalization of $29.42 billion, a P/E ratio of 15.15, a P/E/G ratio of 0.53 and a beta of 0.67. Citizens Financial Group, Inc. has a 12-month low of $47.96 and a 12-month high of $75.33. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The firm has a fifty day moving average price of $71.15 and a 200-day moving average price of $65.56.

Citizens Financial Group (NYSE:CFG - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.25 by $0.05. The company had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.25 billion. Citizens Financial Group had a net margin of 17.18% and a return on equity of 8.85%. The firm's revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.92 EPS. Equities research analysts expect that Citizens Financial Group, Inc. will post 5.3 earnings per share for the current year.

Citizens Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, July 30th were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Thursday, July 30th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.6%. Citizens Financial Group's dividend payout ratio is presently 39.91%.

Wall Street Analysts Forecast Growth

CFG has been the subject of a number of recent research reports. Citigroup raised their target price on shares of Citizens Financial Group from $78.00 to $84.00 and gave the company a "buy" rating in a report on Monday, July 20th. JPMorgan Chase & Co. upped their price target on shares of Citizens Financial Group from $76.00 to $78.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Robert W. Baird increased their price objective on shares of Citizens Financial Group from $72.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, July 17th. Truist Financial boosted their target price on shares of Citizens Financial Group from $72.00 to $80.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. Finally, Argus set a $80.00 target price on shares of Citizens Financial Group in a research report on Wednesday, July 29th. Sixteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Citizens Financial Group has an average rating of "Moderate Buy" and a consensus price target of $79.25.

Insider Activity at Citizens Financial Group

In other Citizens Financial Group news, CEO Saun Bruce Van sold 129,369 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $72.07, for a total transaction of $9,323,623.83. Following the transaction, the chief executive officer directly owned 1,140,763 shares in the company, valued at $82,214,789.41. This represents a 10.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.67% of the company's stock.

Citizens Financial Group Company Profile

Citizens Financial Group, Inc NYSE: CFG is a bank holding company that provides a broad range of banking and financial services to individuals, small and middle-market businesses, corporations and institutional clients. Headquartered in Providence, Rhode Island, Citizens conducts its banking operations principally through its primary banking subsidiary, Citizens Bank, and serves customers through a combination of branch locations, ATMs and digital channels. The company is publicly traded and operates under the regulatory framework applicable to U.S.

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