Summit Global Investments Reduces Stake in Citizens Financial Group, Inc.

Summit Global Investments has significantly reduced its investment in Citizens Financial Group, Inc. (NYSE:CFG – Free Report) by 29.3% during the third quarter. This information was revealed in the company’s latest filing with the Securities and Exchange Commission (SEC). Following the sale of 7,821 shares in the period, Summit Global Investments now holds 18,869 shares of the bank's stock, which are valued at approximately $775,000 as of the latest reporting period.

In addition to Summit Global Investments, other institutional investors have also been adjusting their positions in CFG. For instance, Capital International Investors has increased its stake in Citizens Financial Group by 4.4% in the first quarter. The firm now owns 36,709,412 shares worth roughly $1.33 billion after buying an additional 1,552,333 shares last quarter. Similarly, LSV Asset Management raised its position by 1.8% in the second quarter, acquiring 6,580,797 shares valued at around $237 million after adding 113,300 shares during the period.

Furthermore, Dimensional Fund Advisors LP enhanced its holdings by 15.3% during the second quarter, now possessing 4,429,264 shares worth $159.55 million after purchasing 587,115 shares. AQR Capital Management LLC made a noteworthy increase too, boosting its position by 61.4% in the same quarter with 4,422,948 shares valued at $155.91 million after acquiring an additional 1,682,886 shares. Lastly, HSBC Holdings PLC has also grown its stake in Citizens Financial Group by 1.7% during the second quarter, currently holding 2,764,090 shares valued at approximately $99.45 million. It is noteworthy that hedge funds and other institutional investors collectively own about 94.90% of Citizens Financial Group's stock.

Analysts Adjust Their Price Targets

Recently, several research firms have revised their price targets on CFG shares. DA Davidson raised its target from $46.00 to $48.00, giving the stock a “buy” rating in a report dated October 17th. Similarly, Stephens set a higher price objective of $42.00, up from $40.00, while assigning an “overweight” rating in their report on July 19th. Furthermore, Morgan Stanley has also increased its target, now set at $50.00, elevating its rating to “equal weight” as announced on August 5th. In contrast, StockNews.com upgraded Citizens Financial Group from a “sell” rating to a “hold” rating as of October 17th. Lastly, Evercore ISI reduced its price target from $47.00 to $46.00, labeling it an “in-line” rating in a report from October 2nd. In total, nine analysts have rated the stock as a hold, while eight signal a buy according to MarketBeat.com, which reports an average rating of “Hold” and an average target price of $43.80.

Performance of Citizens Financial Group Stock

On Friday, NYSE CFG opened at $45.81. The company boasts a market capitalization of $20.19 billion, with a price-to-earnings ratio of 18.04 and a PEG ratio of 1.84. Its stock has a beta of 1.07, a 50-day simple moving average of $41.73, and a 200-day simple moving average of $38.99. Citizens Financial Group has established a quick ratio of 0.86, a current ratio of 0.87, and a debt-to-equity ratio of 0.61. Over the past year, the company’s stock has peaked at $48.35 and fell to a low of $24.61.

Further details emerged after Citizens Financial Group's latest quarterly earnings report on October 16th, where the bank posted earnings of $0.79 per share, meeting analyst expectations. The financial institution recorded a return on equity of 5.73% while achieving a net margin of 10.37%. Quarterly revenue was reported at $1.90 billion amid analyst predictions of $1.94 billion. Compared to the same period last year, revenue declined by 5.6%, and analysts are predicting the company will report an EPS of 3.19 for the current year.

Dividend Announcement

In addition to its earnings results, Citizens Financial Group recently announced a quarterly dividend, scheduled for distribution on November 13th. Shareholders recorded on October 30th will receive a dividend payment of $0.42 per share, with the ex-dividend date also set for October 30th. This translates to an annualized dividend of $1.68, providing a yield of 3.67%. The company's payout ratio stands at 66.14%.

About Citizens Financial Group

Citizens Financial Group, Inc. is a bank holding company that offers a wide range of retail and commercial banking products and services. These offerings cater to individuals, small businesses, middle-market companies, corporations, and various institutions located across the United States. The company operates primarily through two divisions: Consumer Banking and Commercial Banking.

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