Citizens Financial Group, Inc. $CFG Stock Sold by Ninety One UK Ltd

Key Points

• Ninety One UK Ltd reduced its Citizens Financial Group stake by 22% in the third quarter, selling 1.73 million shares and retaining 6.12 million shares valued at approximately $390.4 million. Institutional investors collectively own 94.9% of CFG.
• Citizens Financial Group reported quarterly earnings of $1.30 per share, exceeding estimates of $1.25, while revenue reached $2.28 billion and rose 12.1% year over year.
• Analysts maintain a generally positive outlook, with CFG holding a “Moderate Buy” consensus rating and an average price target of $79.08, compared with a recent trading price of $63.86.

Ninety One UK Ltd cut its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 22.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,123,720 shares of the bank's stock after selling 1,727,737 shares during the period. Ninety One UK Ltd owned approximately 1.45% of Citizens Financial Group worth $390,448,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Cedar Mountain Advisors LLC bought a new position in shares of Citizens Financial Group in the first quarter worth $27,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Citizens Financial Group during the fourth quarter valued at $29,000. Elevation Wealth Partners LLC raised its stake in shares of Citizens Financial Group by 319.8% during the second quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank's stock valued at $30,000 after purchasing an additional 323 shares in the last quarter. Virtus Advisers LLC bought a new stake in shares of Citizens Financial Group during the second quarter valued at about $35,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in Citizens Financial Group in the second quarter worth about $35,000. 94.90% of the stock is owned by institutional investors.

Citizens Financial Group Price Performance

Shares of CFG traded up $1.29 during midday trading on Thursday, reaching $63.86. The stock had a trading volume of 1,442,338 shares, compared to its average volume of 4,579,596. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.86 and a quick ratio of 0.85. The company has a market capitalization of $26.89 billion, a P/E ratio of 13.84, a P/E/G ratio of 0.58 and a beta of 0.72. The firm's 50 day moving average price is $68.40 and its 200-day moving average price is $67.03. Citizens Financial Group, Inc. has a 52 week low of $47.96 and a 52 week high of $75.33.

Citizens Financial Group (NYSE:CFG - Get Free Report) last announced its earnings results on Thursday, July 16th. The bank reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.05. The business had revenue of $2.28 billion during the quarter, compared to analysts' expectations of $2.25 billion. Citizens Financial Group had a return on equity of 8.85% and a net margin of 17.18%. The company's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the business posted $0.92 earnings per share. On average, analysts forecast that Citizens Financial Group, Inc. will post 5.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Citizens Financial Group news, CEO Bruce Van Saun sold 129,369 shares of the business's stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $72.07, for a total value of $9,323,623.83. Following the sale, the chief executive officer directly owned 1,140,763 shares in the company, valued at approximately $82,214,789.41. The trade was a 10.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.67% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CFG. Robert W. Baird increased their target price 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. Raymond James Financial began coverage on shares of Citizens Financial Group in a research report on Tuesday, October 6th. They set a "strong-buy" rating and a $77.00 price target on the stock. Truist Financial reduced their price target on shares of Citizens Financial Group from $80.00 to $77.00 and set a "hold" rating for the company in a research note on Wednesday, September 23rd. JPMorgan Chase & Co. reduced their price target on shares of Citizens Financial Group from $78.00 to $72.50 and set an "overweight" rating for the company in a research note on Friday, October 2nd. Finally, Jefferies Financial Group increased their price objective on shares of Citizens Financial Group from $85.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Citizens Financial Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.08.

About Citizens Financial Group

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Its principal subsidiary, Citizens Bank, provides banking and financial services to individuals, families, businesses and institutions through branches, digital channels and other delivery platforms.

The company's consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, credit cards, personal loans and other lending products. Through its commercial banking operations, Citizens provides business loans, commercial real estate financing, treasury management, capital markets services and other solutions for companies and institutional clients.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.