M&T Bank Corp cut its holdings in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 47.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,489 shares of the bank's stock after selling 31,091 shares during the quarter. M&T Bank Corp's holdings in Citizens Financial Group were worth $924,000 at the end of the most recent reporting period.
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Other large investors have also recently made changes to their positions in the company. Resurgent Financial Advisors LLC purchased a new position in shares of Citizens Financial Group in the fourth quarter worth about $28,000. Clear Street Markets LLC grew its position in shares of Citizens Financial Group by 93.6% in the first quarter. Clear Street Markets LLC now owns 964 shares of the bank's stock valued at $29,000 after purchasing an additional 466 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its position in shares of Citizens Financial Group by 63.2% in the second quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the bank's stock valued at $26,000 after purchasing an additional 381 shares in the last quarter. Fiduciary Alliance LLC purchased a new position in shares of Citizens Financial Group in the second quarter valued at $26,000. Finally, Lindbrook Capital LLC grew its position in shares of Citizens Financial Group by 100.8% in the third quarter. Lindbrook Capital LLC now owns 988 shares of the bank's stock valued at $26,000 after purchasing an additional 496 shares in the last quarter. 92.67% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
CFG has been the subject of several recent research reports. Royal Bank of Canada lifted their price target on Citizens Financial Group from $33.00 to $35.00 and gave the company an "outperform" rating in a research report on Thursday, January 18th. Morgan Stanley cut shares of Citizens Financial Group from an "overweight" rating to an "equal weight" rating and set a $31.00 price target for the company. in a research note on Monday, December 4th. TheStreet raised shares of Citizens Financial Group from a "c+" rating to a "b-" rating in a research note on Tuesday, December 26th. Barclays lowered Citizens Financial Group from an "overweight" rating to an "equal weight" rating and upped their target price for the stock from $38.00 to $40.00 in a research note on Tuesday, January 2nd. Finally, The Goldman Sachs Group upped their target price on Citizens Financial Group from $31.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, December 18th. Twelve analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $34.38.
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View Our Latest Report on CFG
Citizens Financial Group Trading Down 0.1 %
NYSE:CFG opened at $33.58 on Friday. The company has a 50-day moving average price of $31.09 and a 200-day moving average price of $28.75. Citizens Financial Group, Inc. has a 12 month low of $22.77 and a 12 month high of $44.82. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.60. The stock has a market cap of $15.66 billion, a price-to-earnings ratio of 10.80 and a beta of 1.41.
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Citizens Financial Group (NYSE:CFG - Get Free Report) last posted its quarterly earnings results on Wednesday, January 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.26). The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $2 billion. Citizens Financial Group had a return on equity of 7.40% and a net margin of 13.19%. Citizens Financial Group's revenue for the quarter was down 9.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 EPS. Equities analysts predict that Citizens Financial Group, Inc. will post 3.37 EPS for the current year.
Citizens Financial Group Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date of this dividend is Tuesday, January 30th. Citizens Financial Group's payout ratio is currently 54.02%.
Citizens Financial Group Profile
(Free Report)
Citizens Financial Group, Inc operates as the bank holding company for Citizens Bank, National Association 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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As a financial expert deeply immersed in the intricacies of the banking and investment landscape, I've closely followed the recent developments surrounding M&T Bank Corp's strategic maneuvering in the market. M&T Bank Corp, a key player in the financial sector, made significant adjustments to its portfolio by reducing its holdings in Citizens Financial Group, Inc. (NYSE: CFG) by 47.4% during the third quarter, according to the latest filing with the Securities and Exchange Commission (SEC).
This move involved the sale of 31,091 shares, leaving M&T Bank Corp with 34,489 shares of Citizens Financial Group's stock. The estimated value of M&T Bank Corp's holdings in Citizens Financial Group at the end of the reporting period was $924,000. These figures, extracted from the most recent SEC filing, illustrate a strategic shift in M&T Bank Corp's investment strategy, signaling potential implications for both institutions.
Other notable institutional investors have also made noteworthy adjustments to their positions in Citizens Financial Group. Resurgent Financial Advisors LLC initiated a new position, Clear Street Markets LLC significantly increased its holdings, Massmutual Trust Co. FSB ADV expanded its position, Fiduciary Alliance LLC entered the market, and Lindbrook Capital LLC augmented its holdings, with 92.67% of the stock now in the hands of hedge funds and other institutional investors.
The article also provides insights into the recent research reports on Citizens Financial Group. Analysts from Royal Bank of Canada raised the price target, while Morgan Stanley downgraded the stock. The article further outlines various ratings and price targets from other financial institutions, offering a comprehensive overview of the current sentiment and projections for CFG.
Moving on to the financial performance of Citizens Financial Group, the article reports on the latest quarterly earnings results released on January 17th. The bank reported an earnings per share (EPS) of $0.34 for the quarter, falling short of the consensus estimate by $0.26. The revenue of $2 billion for the quarter was below analysts' expectations, with a 9.2% decrease compared to the same period last year. Equities analysts anticipate Citizens Financial Group, Inc. to post 3.37 EPS for the current year.
The article concludes with information about Citizens Financial Group's dividend announcement. The bank declared a quarterly dividend of $0.42 per share, with a payout ratio of 54.02%. The ex-dividend date is set for January 30th, and the dividend will be paid on February 14th.
Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, National Association, offering retail and commercial banking products and services in the United States. The company operates in two segments: Consumer Banking and Commercial Banking.
In summary, the article provides a comprehensive overview of M&T Bank Corp's significant reduction in holdings, the broader institutional landscape, recent research reports, financial performance, and dividend announcements related to Citizens Financial Group, Inc. This information is crucial for investors and financial analysts seeking a nuanced understanding of the current dynamics surrounding CFG's market position.
