Bank of New York Mellon Corp Sells 724,039 Shares of Citizens Financial Group, Inc. $CFG

Key Points

• Bank of New York Mellon cut its stake in Citizens Financial Group by 22% in the fourth quarter, selling 724,039 shares and leaving it with 2,563,974 shares worth about $149.8 million.
• Citizens Financial Group beat quarterly expectations, reporting $1.13 EPS versus the $1.10 consensus and revenue of $2.17 billion, up 12% year over year.
• Analysts remain broadly positive on the stock, with 19 Buy ratings and 1 Hold, and a consensus price target of $70.88. The company also paid a quarterly dividend of $0.46 per share, implying a 2.9% yield.

Bank of New York Mellon Corp reduced its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 22.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,563,974 shares of the bank's stock after selling 724,039 shares during the quarter. Bank of New York Mellon Corp owned 0.60% of Citizens Financial Group worth $149,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CFG. NewEdge Advisors LLC lifted its holdings in shares of Citizens Financial Group by 2.4% during the first quarter. NewEdge Advisors LLC now owns 11,531 shares of the bank's stock valued at $472,000 after purchasing an additional 274 shares in the last quarter. Empowered Funds LLC lifted its holdings in Citizens Financial Group by 6.7% in the first quarter. Empowered Funds LLC now owns 8,838 shares of the bank's stock valued at $362,000 after acquiring an additional 554 shares during the period. Woodline Partners LP lifted its holdings in Citizens Financial Group by 39.5% in the first quarter. Woodline Partners LP now owns 36,932 shares of the bank's stock valued at $1,513,000 after acquiring an additional 10,466 shares during the period. Sivia Capital Partners LLC lifted its holdings in Citizens Financial Group by 93.4% in the second quarter. Sivia Capital Partners LLC now owns 9,814 shares of the bank's stock valued at $439,000 after acquiring an additional 4,739 shares during the period. Finally, Daiwa Securities Group Inc. lifted its holdings in Citizens Financial Group by 5.2% in the second quarter. Daiwa Securities Group Inc. now owns 65,564 shares of the bank's stock valued at $2,934,000 after acquiring an additional 3,225 shares during the period. 94.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Evercore reissued an "outperform" rating and issued a $75.00 target price on shares of Citizens Financial Group in a report on Tuesday, April 21st. Citigroup reissued a "buy" rating on shares of Citizens Financial Group in a report on Friday, May 8th. Keefe, Bruyette & Woods increased their target price on Citizens Financial Group from $70.00 to $72.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Truist Financial increased their target price on Citizens Financial Group from $63.00 to $69.00 and gave the company a "hold" rating in a report on Friday, April 17th. Finally, Morgan Stanley reduced their price target on Citizens Financial Group from $80.00 to $73.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Nineteen investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Citizens Financial Group currently has an average rating of "Moderate Buy" and a consensus price target of $70.88.

Citizens Financial Group Stock Performance

Shares of CFG opened at $64.09 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.51. The business has a 50-day simple moving average of $62.84 and a two-hundred day simple moving average of $60.81. The stock has a market cap of $27.10 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 0.51 and a beta of 0.68. Citizens Financial Group, Inc. has a 52 week low of $40.17 and a 52 week high of $68.79.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its earnings results on Thursday, April 16th. The bank reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. Citizens Financial Group had a return on equity of 8.31% and a net margin of 16.21%.The firm had revenue of $2.17 billion during the quarter, compared to analysts' expectations of $2.16 billion. During the same quarter last year, the business posted $0.77 earnings per share. The firm's revenue was up 12.0% on a year-over-year basis. On average, analysts expect that Citizens Financial Group, Inc. will post 5.2 EPS for the current year.

Citizens Financial Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Thursday, April 30th were given a dividend of $0.46 per share. The ex-dividend date was Thursday, April 30th. This represents a $1.84 annualized dividend and a dividend yield of 2.9%. Citizens Financial Group's dividend payout ratio (DPR) is currently 43.50%.

Insider Activity

In related news, insider Michelle Moosally sold 6,050 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $62.16, for a total transaction of $376,068.00. Following the completion of the sale, the insider owned 22,565 shares in the company, valued at approximately $1,402,640.40. This trade represents a 21.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Susan Lamonica sold 13,258 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $58.04, for a total value of $769,494.32. Following the sale, the insider owned 165,971 shares of the company's stock, valued at $9,632,956.84. This represents a 7.40% decrease in their position. The SEC filing for this sale provides additional information. Company 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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