Wellington Management Group LLP Cuts Position in Citizens Financial Group, Inc. $CFG

Key Points

• Wellington Management cut its Citizens Financial Group stake by 46.3% in the second quarter, selling 1.2 million shares and retaining approximately 1.39 million shares worth $97.7 million. Institutional investors still own 94.9% of CFG.
• Citizens Financial Group reported quarterly EPS of $1.30, exceeding estimates of $1.25, while revenue rose 12.1% year over year to $2.28 billion. The bank also maintains a quarterly dividend of $0.46 per share, yielding about 2.7%.
• Analysts maintain a “Moderate Buy” consensus on CFG, with an average price target of $79.25 versus the cited share price of $68.10; however, CEO Saun Bruce Van recently sold $9.3 million worth of shares.

Wellington Management Group LLP trimmed its position in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 46.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,394,174 shares of the bank's stock after selling 1,202,542 shares during the period. Wellington Management Group LLP owned approximately 0.33% of Citizens Financial Group worth $97,690,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CFG. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Citizens Financial Group in the 4th quarter valued at $26,000. Cedar Mountain Advisors LLC purchased a new position in Citizens Financial Group during the 1st quarter valued at about $27,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Citizens Financial Group in the 4th quarter valued at about $29,000. Elevation Wealth Partners LLC grew its position in Citizens Financial Group by 319.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 424 shares of the bank's stock valued at $30,000 after acquiring an additional 323 shares in the last quarter. Finally, Virtus Advisers LLC purchased a new stake in Citizens Financial Group during the second quarter worth about $35,000. 94.90% of the stock is currently owned by hedge funds and other institutional investors.

Citizens Financial Group Trading Down 1.1%

Shares of NYSE:CFG opened at $68.10 on Wednesday. Citizens Financial Group, Inc. has a 52 week low of $47.96 and a 52 week high of $75.33. The company's 50 day moving average is $71.46 and its two-hundred day moving average is $65.69. 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 company has a market cap of $28.68 billion, a PE ratio of 14.77, a P/E/G ratio of 0.62 and a beta of 0.67.

Citizens Financial Group (NYSE:CFG - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping 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 net margin of 17.18% and a return on equity of 8.85%. The company's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.92 EPS. Equities analysts predict that Citizens Financial Group, Inc. will post 5.3 earnings per share for the current fiscal year.

Citizens Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Thursday, July 30th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, July 30th. Citizens Financial Group's payout ratio is 39.91%.

Wall Street Analysts Forecast Growth

CFG has been the subject of several recent research reports. Robert W. Baird raised 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 note on Friday, July 17th. Citigroup upped their target price on shares of Citizens Financial Group from $78.00 to $84.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Morgan Stanley raised their price target on shares of Citizens Financial Group from $73.00 to $79.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. UBS Group boosted their price target on shares of Citizens Financial Group from $75.00 to $82.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Finally, Argus set a $80.00 price objective on 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 given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $79.25.

Insider Activity

In other news, CEO Saun Bruce Van sold 129,369 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $72.07, for a total value of $9,323,623.83. Following the transaction, the chief executive officer owned 1,140,763 shares in the company, valued at approximately $82,214,789.41. This represents a 10.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.67% of the company's stock.

About Citizens Financial Group

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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