Sequoia Financial Advisors LLC Grows Holdings in Citizens Financial Group, Inc. $CFG

Key Points

• Sequoia Financial Advisors LLC increased its stake in Citizens Financial Group by 29.5% in Q2, owning 31,995 shares worth approximately $1.43 million.
• Citizens Financial Group's quarterly earnings exceeded expectations with an EPS of $1.05, surpassing the consensus estimate by $0.02.
• The bank recently announced a dividend increase to $0.46 per share, representing an annualized yield of 3.8% for shareholders of record on October 29th.

Sequoia Financial Advisors LLC increased its holdings in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 29.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 31,995 shares of the bank's stock after buying an additional 7,281 shares during the period. Sequoia Financial Advisors LLC's holdings in Citizens Financial Group were worth $1,432,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Heartland Bank & Trust Co acquired a new position in shares of Citizens Financial Group in the 1st quarter valued at about $398,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Citizens Financial Group by 19.2% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 54,870 shares of the bank's stock valued at $2,248,000 after buying an additional 8,851 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Citizens Financial Group by 425.7% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 26,104 shares of the bank's stock valued at $1,069,000 after buying an additional 21,138 shares during the period. World Investment Advisors acquired a new position in shares of Citizens Financial Group in the 1st quarter valued at about $410,000. Finally, OneDigital Investment Advisors LLC boosted its holdings in shares of Citizens Financial Group by 37.9% in the 1st quarter. OneDigital Investment Advisors LLC now owns 7,126 shares of the bank's stock valued at $292,000 after buying an additional 1,957 shares during the period. 94.90% of the stock is owned by institutional investors and hedge funds.

Citizens Financial Group Stock Down 6.5%

NYSE CFG opened at $48.34 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.85 and a quick ratio of 0.84. The company's 50 day simple moving average is $51.33 and its 200 day simple moving average is $45.08. Citizens Financial Group, Inc. has a 12 month low of $32.60 and a 12 month high of $55.24. The company has a market capitalization of $20.85 billion, a P/E ratio of 13.54, a PEG ratio of 0.57 and a beta of 0.79.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its earnings results on Wednesday, October 15th. The bank reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. Citizens Financial Group had a net margin of 14.17% and a return on equity of 7.48%. The business had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the previous year, the firm earned $0.79 EPS. The business's revenue for the quarter was up 11.4% on a year-over-year basis. Equities research analysts expect that Citizens Financial Group, Inc. will post 3.92 earnings per share for the current fiscal year.

Citizens Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 12th. Investors of record on Wednesday, October 29th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Wednesday, October 29th. This is an increase from Citizens Financial Group's previous quarterly dividend of $0.42. Citizens Financial Group's payout ratio is presently 51.06%.

Analyst Upgrades and Downgrades

CFG has been the subject of several research reports. JPMorgan Chase & Co. raised shares of Citizens Financial Group from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $48.50 to $52.00 in a report on Friday, August 1st. Keefe, Bruyette & Woods raised shares of Citizens Financial Group from a "market perform" rating to an "outperform" rating and set a $57.00 target price for the company in a research note on Wednesday, July 9th. Truist Financial upped their price target on shares of Citizens Financial Group from $52.00 to $58.00 and gave the stock a "hold" rating in a research note on Friday, October 3rd. Raymond James Financial set a $62.00 price target on shares of Citizens Financial Group and gave the stock a "strong-buy" rating in a research note on Tuesday, October 7th. Finally, Stephens reaffirmed an "overweight" rating and issued a $60.00 price target on shares of Citizens Financial Group in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $56.67.

About Citizens Financial Group

Citizens Financial Group, Inc operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, corporations, and institutions in the United States. The company operates in two segments, Consumer Banking and Commercial Banking.

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