NBT Bank N.A. Purchases New Holdings in Citizens Financial Group, Inc. $CFG

Key Points

• NBT Bank purchased 144,609 shares of Citizens Financial Group in the third quarter, valued at approximately $9.22 million. Institutional investors and hedge funds collectively own 94.9% of CFG’s outstanding stock.
• Citizens Financial Group reported quarterly EPS of $1.41, exceeding analyst expectations of $1.39, while revenue reached $2.32 billion. The company also raised its quarterly dividend from $0.46 to $0.52 per share, producing a 3.2% annualized yield.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $77.47, despite several firms recently lowering their targets.

NBT Bank N.A. purchased a new position in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 144,609 shares of the bank's stock, valued at approximately $9,220,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Root Financial Partners LLC grew its position in Citizens Financial Group by 707.5% in the third quarter. Root Financial Partners LLC now owns 29,562 shares of the bank's stock valued at $1,885,000 after purchasing an additional 25,901 shares in the last quarter. E. Ohman J or Asset Management AB lifted its position in Citizens Financial Group by 1,395.3% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 219,818 shares of the bank's stock worth $14,016,000 after buying an additional 205,117 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in Citizens Financial Group by 56,817.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 616,981 shares of the bank's stock worth $39,339,000 after buying an additional 615,897 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new position in shares of Citizens Financial Group during the 3rd quarter worth about $1,344,000. Finally, Woodward Diversified Capital LLC boosted its stake in shares of Citizens Financial Group by 463.9% during the 3rd quarter. Woodward Diversified Capital LLC now owns 36,232 shares of the bank's stock worth $2,310,000 after buying an additional 29,807 shares during the last quarter. 94.90% of the stock is currently owned by institutional investors and hedge funds.

Citizens Financial Group Stock Up 0.5%

Shares of CFG stock opened at $65.22 on Friday. Citizens Financial Group, Inc. has a 52-week low of $49.00 and a 52-week high of $75.33. The stock has a market cap of $27.47 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 0.59 and a beta of 0.72. The firm's 50-day moving average is $67.30 and its 200-day moving average is $67.22. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.86 and a current ratio of 0.86.

Citizens Financial Group (NYSE:CFG - Get Free Report) last posted its quarterly earnings results on Friday, October 16th. The bank reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. The business had revenue of $2.32 billion during the quarter, compared to analysts' expectations of $2.34 billion. Citizens Financial Group had a return on equity of 9.52% and a net margin of 18.07%. During the same quarter last year, the company posted $1.05 earnings per share. Sell-side analysts predict that Citizens Financial Group, Inc. will post 5.30 EPS for the current year.

Citizens Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 30th. This is a positive change from Citizens Financial Group's previous quarterly dividend of $0.46. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.2%. Citizens Financial Group's payout ratio is 37.02%.

Analyst Upgrades and Downgrades

CFG has been the subject of several analyst reports. Stephens decreased their price objective on Citizens Financial Group from $70.00 to $65.00 and set an "equal weight" rating for the company in a report on Tuesday. Cantor Fitzgerald dropped their target price on Citizens Financial Group from $84.00 to $78.00 and set an "overweight" rating on the stock in a report on Wednesday, October 14th. TD Cowen initiated coverage on Citizens Financial Group in a research report on Thursday, October 8th. They set a "buy" rating and a $75.00 price target for the company. JPMorgan Chase & Co. decreased their price target on 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, Argus set a $80.00 price target on Citizens Financial Group in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $77.47.

Citizens Financial Group Profile

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 consumers, small businesses, middle-market companies, large corporations and institutional clients.

The company offers consumer deposit accounts, residential mortgages, home equity financing, credit cards, personal loans and other lending products. Its commercial banking activities include business loans, equipment financing, treasury management, capital markets services and investment banking.

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