Citizens Financial Group, Inc. (NYSE:CFG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, November 1st.
According to Zacks, “Shares of Citizens Financial have outperformed the industry over the last three months. This performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Citizens Financial’s third-quarter results benefited from easing margin pressure and higher loan balance which aided higher revenues. The company remains on track to implement TOP III efficiency initiatives, which are expected to boost earnings further. It also launched TOP IV initiatives which are anticipated to achieve pre-tax benefit of $95-$110 million by the end of 2018. Further, it continues to benefit from improving loans and deposit balances, and is well positioned to grow as the U.S. economy is gaining traction. However, significant exposure to commercial loans remains a major concern. Also, its bottom line continues to remain under pressure due to pending legal cases.”
Other analysts also recently issued reports about the company. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Citizens Financial Group in a research note on Monday, October 23rd. Barclays PLC boosted their price target on Citizens Financial Group from $39.00 to $41.00 and gave the company an “equal weight” rating in a research note on Monday, October 23rd. Bank of America Corporation restated an “underperform” rating and issued a $40.00 price target (down from $41.00) on shares of Citizens Financial Group in a research note on Monday, October 2nd. Citigroup Inc. reaffirmed a “neutral” rating and issued a $42.00 price objective (up from $38.00) on shares of Citizens Financial Group in a report on Monday, October 9th. Finally, BidaskClub raised Citizens Financial Group from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $38.60.
Citizens Financial Group (NYSE:CFG) traded up $0.52 during midday trading on Wednesday, hitting $37.20. The stock had a trading volume of 4,720,100 shares, compared to its average volume of 4,727,185. Citizens Financial Group has a 52 week low of $30.09 and a 52 week high of $39.75. The firm has a market capitalization of $18,046.24, a price-to-earnings ratio of 14.85, a P/E/G ratio of 0.94 and a beta of 1.35. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.97 and a current ratio of 0.98.
Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings results on Friday, October 20th. The bank reported $0.68 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.04. Citizens Financial Group had a return on equity of 6.44% and a net margin of 20.26%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the company earned $0.52 earnings per share. The business’s revenue was up 4.6% compared to the same quarter last year. analysts anticipate that Citizens Financial Group will post 2.59 EPS for the current fiscal year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its position in shares of Citizens Financial Group by 2,682.0% during the 2nd quarter. Janus Henderson Group PLC now owns 8,138,852 shares of the bank’s stock valued at $290,393,000 after purchasing an additional 7,846,303 shares in the last quarter. Janus Capital Management LLC boosted its position in shares of Citizens Financial Group by 2,490.8% during the 1st quarter. Janus Capital Management LLC now owns 4,632,828 shares of the bank’s stock valued at $160,064,000 after purchasing an additional 4,454,009 shares in the last quarter. Voya Investment Management LLC boosted its position in shares of Citizens Financial Group by 199.3% during the 2nd quarter. Voya Investment Management LLC now owns 5,276,361 shares of the bank’s stock valued at $188,261,000 after purchasing an additional 3,513,196 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Citizens Financial Group by 16,695.7% during the 2nd quarter. Lazard Asset Management LLC now owns 2,779,356 shares of the bank’s stock valued at $99,167,000 after purchasing an additional 2,762,808 shares in the last quarter. Finally, BlackRock Inc. raised its stake in Citizens Financial Group by 5.8% during the 2nd quarter. BlackRock Inc. now owns 45,150,226 shares of the bank’s stock worth $1,610,961,000 after buying an additional 2,458,123 shares during the period. Hedge funds and other institutional investors own 98.15% of the company’s stock.
About Citizens Financial Group
Citizens Financial Group, Inc is a retail bank holding company. The Company operates through two segments: Consumer Banking and Commercial Banking. Its Consumer Banking serves retail customers and small businesses. Consumer Banking products and services include deposit products, mortgage and home equity lending, auto financing, student loans, personal unsecured lines and loans, credit cards, business loans, wealth management and investment services.
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