Harvest Portfolios Group Inc. Reduces Stake in Citizens Financial Group, Inc. $CFG

Harvest Portfolios Group Inc. decreased its stake in shares of Citizens Financial Group, Inc. (NYSE:CFG) by 12.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 108,473 shares of the bank’s stock after selling 15,097 shares during the period. Harvest Portfolios Group Inc.’s holdings in Citizens Financial Group were worth $6,336,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Alyeska Investment Group L.P. purchased a new stake in shares of Citizens Financial Group in the 3rd quarter valued at about $87,173,000. Zurich Insurance Group Ltd FI raised its holdings in shares of Citizens Financial Group by 326.3% in the 3rd quarter. Zurich Insurance Group Ltd FI now owns 2,082,961 shares of the bank’s stock valued at $110,730,000 after acquiring an additional 1,594,326 shares in the last quarter. Artemis Investment Management LLP raised its holdings in shares of Citizens Financial Group by 160.4% in the 4th quarter. Artemis Investment Management LLP now owns 2,448,050 shares of the bank’s stock valued at $142,991,000 after acquiring an additional 1,508,070 shares in the last quarter. Impax Asset Management Group plc raised its holdings in shares of Citizens Financial Group by 411.6% in the 4th quarter. Impax Asset Management Group plc now owns 1,729,587 shares of the bank’s stock valued at $101,025,000 after acquiring an additional 1,391,483 shares in the last quarter. Finally, Ninety One UK Ltd raised its holdings in shares of Citizens Financial Group by 13.1% in the 4th quarter. Ninety One UK Ltd now owns 6,574,714 shares of the bank’s stock valued at $384,029,000 after acquiring an additional 763,098 shares in the last quarter. Hedge funds and other institutional investors own 94.90% of the company’s stock.

Citizens Financial Group Price Performance

Shares of Citizens Financial Group stock opened at $61.33 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $25.94 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 0.49 and a beta of 0.70. The business’s 50-day moving average price is $61.50 and its 200-day moving average price is $59.85. Citizens Financial Group, Inc. has a 12 month low of $38.80 and a 12 month high of $68.79.

Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings results on Thursday, April 16th. The bank reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. Citizens Financial Group had a return on equity of 8.31% and a net margin of 16.21%.The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period last year, the company earned $0.77 EPS. Citizens Financial Group’s revenue for the quarter was up 12.0% compared to the same quarter last year. Sell-side analysts forecast that Citizens Financial Group, Inc. will post 5.19 EPS for the current fiscal year.

Citizens Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Thursday, April 30th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 3.0%. The ex-dividend date was Thursday, April 30th. Citizens Financial Group’s dividend payout ratio (DPR) is presently 43.50%.

Insider Activity at Citizens Financial Group

In related news, insider Susan Lamonica sold 13,258 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $58.04, for a total transaction of $769,494.32. Following the transaction, the insider directly owned 165,971 shares in the company, valued at $9,632,956.84. This trade represents a 7.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michelle Moosally sold 6,050 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $62.16, for a total value of $376,068.00. Following the transaction, the insider owned 22,565 shares in the company, valued at approximately $1,402,640.40. The trade was a 21.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.67% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CFG has been the topic of several recent research reports. Jefferies Financial Group reiterated a “buy” rating and set a $80.00 price objective on shares of Citizens Financial Group in a research report on Wednesday, January 21st. Truist Financial increased their price objective on Citizens Financial Group from $63.00 to $69.00 and gave the company a “hold” rating in a research report on Friday, April 17th. Argus increased their price objective on Citizens Financial Group from $60.00 to $72.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Morgan Stanley reduced their price objective on Citizens Financial Group from $80.00 to $73.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Finally, JPMorgan Chase & Co. increased their price objective on Citizens Financial Group from $68.00 to $68.50 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Nineteen research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.88.

Citizens Financial Group Company Profile

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.