DA Davidson Has Pessimistic Outlook of CFG FY2024 Earnings

Citizens Financial Group, Inc. (NYSE:CFG) – Equities researchers at DA Davidson decreased their FY2024 earnings per share estimates for shares of Citizens Financial Group in a research note issued to investors on Thursday, October 17th. DA Davidson analyst P. Winter now forecasts that the bank will post earnings per share of $3.24 for the year, down from their prior estimate of $3.27. DA Davidson currently has a “Buy” rating and a $48.00 price objective on the stock. The consensus estimate for Citizens Financial Group’s current full-year earnings is $3.22 per share. DA Davidson also issued estimates for Citizens Financial Group’s Q4 2024 earnings at $0.85 EPS and FY2025 earnings at $3.89 EPS.

CFG has been the subject of a number of other research reports. Royal Bank of Canada lifted their target price on shares of Citizens Financial Group from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday. Stephens upped their price target on Citizens Financial Group from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. UBS Group lifted their target price on shares of Citizens Financial Group from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Evercore ISI reduced their target price on shares of Citizens Financial Group from $47.00 to $46.00 and set an “in-line” rating for the company in a research report on Wednesday, October 2nd. Finally, Keefe, Bruyette & Woods raised their target price on Citizens Financial Group from $42.00 to $46.00 and gave the stock a “market perform” rating in a research report on Monday, September 30th. Ten investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Citizens Financial Group presently has an average rating of “Hold” and an average target price of $43.80.

Citizens Financial Group Price Performance

CFG stock opened at $42.47 on Friday. The company has a market capitalization of $19.32 billion, a P/E ratio of 15.39, a PEG ratio of 1.42 and a beta of 1.07. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.86 and a current ratio of 0.87. Citizens Financial Group has a 52-week low of $22.77 and a 52-week high of $44.39. The company has a fifty day moving average price of $41.33 and a 200-day moving average price of $38.05.

Citizens Financial Group (NYSE:CFG) last issued its earnings results on Wednesday, October 16th. The bank reported $0.79 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.79. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.94 billion. Citizens Financial Group had a return on equity of 6.21% and a net margin of 10.74%. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.85 EPS.

Citizens Financial Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Wednesday, October 30th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date is Wednesday, October 30th. Citizens Financial Group’s dividend payout ratio (DPR) is presently 60.87%.

Insider Buying and Selling

In related news, insider Craig Jack Read sold 3,938 shares of Citizens Financial Group stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $43.26, for a total value of $170,357.88. Following the sale, the insider now owns 33,620 shares in the company, valued at $1,454,401.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.62% of the stock is owned by insiders.

Hedge Funds Weigh In On Citizens Financial Group

A number of institutional investors have recently added to or reduced their stakes in CFG. AQR Capital Management LLC grew its holdings in Citizens Financial Group by 61.4% in the second quarter. AQR Capital Management LLC now owns 4,422,948 shares of the bank’s stock worth $155,909,000 after purchasing an additional 1,682,886 shares during the period. Capital International Investors grew its holdings in shares of Citizens Financial Group by 4.4% during the first quarter. Capital International Investors now owns 36,709,412 shares of the bank’s stock valued at $1,332,185,000 after buying an additional 1,552,333 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Citizens Financial Group by 3,234.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,100,988 shares of the bank’s stock worth $39,669,000 after acquiring an additional 1,067,971 shares during the last quarter. National Bank of Canada FI boosted its stake in Citizens Financial Group by 680.1% during the 2nd quarter. National Bank of Canada FI now owns 803,919 shares of the bank’s stock valued at $28,804,000 after purchasing an additional 700,860 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Citizens Financial Group by 15.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,429,264 shares of the bank’s stock valued at $159,550,000 after buying an additional 587,115 shares during the last quarter. Institutional investors own 94.90% of the company’s stock.

Citizens Financial Group Company Profile

Citizens Financial Group, Inc operates as the bank holding company 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.