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 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.”
A number of other equities research analysts have also weighed in on the stock. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Citizens Financial Group in a report on Monday, October 23rd. Barclays PLC increased their price objective on shares of 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. Citigroup Inc. reiterated a “neutral” rating and set a $42.00 price objective (up from $38.00) on shares of Citizens Financial Group in a research note on Monday, October 9th. 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 report on Monday, October 2nd. Finally, Deutsche Bank AG restated a “hold” rating and issued a $36.00 price target (up from $34.00) on shares of Citizens Financial Group in a research report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $39.14.
Citizens Financial Group (NYSE:CFG) last released its quarterly earnings data on Friday, October 20th. The bank reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.04. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.43 billion. Citizens Financial Group had a net margin of 20.26% and a return on equity of 6.44%. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 earnings per share. research analysts forecast that Citizens Financial Group will post 2.59 EPS for the current fiscal year.
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A number of hedge funds have recently made changes to their positions in the stock. Sun Life Financial INC increased its holdings in Citizens Financial Group by 41,266.7% in the 2nd quarter. Sun Life Financial INC now owns 3,723 shares of the bank’s stock valued at $133,000 after buying an additional 3,714 shares during the period. Smithfield Trust Co. increased its holdings in Citizens Financial Group by 1.4% in the 2nd quarter. Smithfield Trust Co. now owns 4,994 shares of the bank’s stock valued at $178,000 after buying an additional 70 shares during the period. Lipe & Dalton bought a new stake in Citizens Financial Group in the 3rd quarter valued at $207,000. Colony Group LLC bought a new stake in Citizens Financial Group in the 2nd quarter valued at $210,000. Finally, Courier Capital LLC bought a new stake in Citizens Financial Group in the 2nd quarter valued at $214,000. 95.63% of the stock is currently owned by institutional investors and hedge funds.
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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