AEGON Asset Management UK Plc Reduces Stake in Citizens Financial Group, Inc.

AEGON ASSET MANAGEMENT UK Plc has recently announced a reduction in its stake in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 16.4% during the third quarter of the year. This information was disclosed in the company’s latest 13F filing with the Securities & Exchange Commission. Following this sale, the fund now holds 784,712 shares of the bank, which is valued at approximately $32,228,000.

In addition to AEGON's actions, there have been shifts among other institutional investors regarding their positions in Citizens Financial Group. For instance, Capital Performance Advisors LLP purchased a new stake in the company worth around $192,000 during the third quarter. Meanwhile, Graypoint LLC increased its holdings by 11.8%, bringing its total to 8,242 shares, valued at about $338,000 after acquiring an additional 873 shares in the last quarter.

M&G PLC also raised its investment in Citizens Financial Group, enhancing its position by 2.9% with an ownership of 277,228 shares worth $11,366,000 after buying 7,936 shares recently. Additionally, Centennial Wealth Advisory LLC improved its stake by 3.8%, now holding 11,816 shares, valued at $485,000 after adding 435 shares during the last quarter. Lastly, Catalyst Capital Advisors LLC entered the market by acquiring a new position worth approximately $28,000. Currently, institutional investors hold 94.90% of the company's stock.

Recent Analyst Ratings

Multiple research firms have shared their perspectives on Citizens Financial Group's stock in recent times. Keefe, Bruyette & Woods raised their target price for the shares from $42.00 to $46.00, maintaining a "market perform" rating in their report dated September 30th. Royal Bank of Canada also increased its target, adjusting it from $43.00 to $45.00, while giving the stock an "outperform" rating as noted on October 17th.

Furthermore, Evercore ISI lowered its target price from $47.00 to $46.00 and set an "in-line" rating for the company. UBS Group raised their price objective from $42.00 to $46.00, giving the stock a "buy" rating, while Stephens lifted their target from $40.00 to $42.00, maintaining an "overweight" rating. The consensus among analysts indicates that Citizens Financial Group has a mixture of ratings, with nine analysts holding a "hold" rating and eight giving it a "buy". As per MarketBeat.com, the stock currently carries a consensus target price of $43.80.

Citizens Financial Group's Stock Performance

On the trading front, Citizens Financial Group's stock opened at $45.83 recently. The company has a fifty-day simple moving average of $41.73 and a 200-day moving average of $38.99, indicating consistent trading activity. As of now, Citizens Financial Group boasts a market capitalization of $20.40 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 1.59, and a beta of 1.07. The bank’s stock has witnessed a fifty-two week low of $24.61 and a high of $48.35, alongside a quick ratio of 0.86 and a current ratio of 0.87, with a debt-to-equity ratio of 0.61.

Recent Earnings Report

Citizens Financial Group released its quarterly earnings on October 16th, reporting earnings per share of $0.79, which aligned with analysts' expectations. The company's revenue for the quarter was $1.90 billion, slightly below the consensus estimate of $1.94 billion. The bank registered a net margin of 10.37% and a return on equity of 5.73%. When compared to the previous year, the revenue saw a decline of 5.6%, as the company had earned $0.85 EPS during the same period a year ago. Analysts forecast an average earning per share of 3.19 for the current fiscal year.

Dividend Announcement

Furthermore, the company has declared a quarterly dividend, which is scheduled for payment on November 13th. Shareholders on record as of October 30th will receive a dividend of $0.42 per share. The ex-dividend date is also set for October 30th, resulting in an annualized dividend of $1.68 and a dividend yield of 3.67%. Currently, the dividend payout ratio stands at 66.14%.

About Citizens Financial Group

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

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