Harvest Portfolios Group Inc. Reduces Stake in Citizens Financial Group

Harvest Portfolios Group Inc. has announced a reduction in its position in Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 14.2% during the third quarter. This was revealed in the company’s most recent filing with the Securities and Exchange Commission. Following the sale of 23,045 shares, Harvest Portfolios now holds 139,598 shares of Citizens Financial Group, valued at approximately $5,733,000 as of the latest SEC report.

Other institutional investors have also made significant changes to their positions in Citizens Financial Group. For instance, Catalyst Capital Advisors LLC recently bought a new stake in the bank during the third quarter, investing about $28,000. Similarly, QRG Capital Management Inc. increased its holdings in Citizens Financial by 3.9%, acquiring an additional 1,734 shares, bringing its total to 46,059 shares worth $1,892,000.

Intact Investment Management Inc. also entered the stock with an investment of around $70,000 last quarter. Robeco Institutional Asset Management B.V. contributed approximately $292,000 in a new stake in Citizens Financial, while Van ECK Associates Corp raised its holdings by 6.0%, now owning 6,330 shares valued at $262,000 after an additional purchase of 361 shares.

Overall, it is noteworthy that institutional investors collectively own 94.90% of the company's stock.

Market Outlook and Analyst Ratings

Citizens Financial Group has garnered attention from market analysts in recent months. UBS Group has increased its price target for the stock from $42.00 to $46.00, assigning a ‘buy’ rating. Research from StockNews.com upgraded Citizens Financial Group from a 'sell' to a 'hold' rating on October 17th. On July 26th, Piper Sandler raised its price forecast from $45.00 to $48.00 while rating the stock as ‘overweight’.

Moreover, Stephens also raised its target price from $40.00 to $42.00, maintaining an ‘overweight’ rating. DA Davidson followed suit, increasing its target from $46.00 to $48.00 while giving the stock a ‘buy’ rating on October 17th. In total, nine analysts currently rate the stock as a ‘hold,’ while eight have given it a ‘buy’ rating. According to MarketBeat data, Citizens Financial Group has an average rating of ‘Hold’ and an average price target of $43.80.

Citizens Financial Group's Recent Performance

As of Wednesday, NYSE CFG opened at $45.53. The company has a solid financial structure, with a debt-to-equity ratio of 0.61, a current ratio of 0.87, and a quick ratio of 0.86. Citizens Financial boasts a market capitalization of $20.26 billion, with a PE ratio of 16.62 and a P/E/G ratio of 1.59. Its stock has experienced a significant range over the past year, hitting a low of $24.61 and a high of $45.53.

The bank's latest earnings report, released on October 16th, revealed earnings of $0.79 per share, matching analysts’ predictions. Revenue for the quarter amounted to $1.90 billion, slightly lower than the expected $1.94 billion. Citizens Financial Group experienced a year-over-year revenue decline of 5.6%. Analysts predict that the company will post an overall earnings per share of 3.19 for the current fiscal year.

Dividend Announcement

In addition to the earnings report, Citizens Financial Group recently announced its quarterly dividend. This dividend, amounting to $0.42 per share, is set to be distributed on November 13th to shareholders on record as of October 30th. The ex-dividend date is also October 30th. This leads to an annualized dividend payment of $1.68, reflecting a yield of 3.69%, with a payout ratio of 66.14%.

Company Overview

Citizens Financial Group, Inc. serves as a bank holding company offering a range of retail and commercial banking products and services. Its operations cater to individuals, small businesses, middle-market companies, corporations, and other institutions in the United States, functioning through two core segments: Consumer Banking and Commercial Banking.

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