Wedbush Issues Pessimistic Forecast for CFG Earnings

Citizens Financial Group, Inc. (NYSE:CFG) – Equities researchers at Wedbush lowered their FY2024 EPS estimates for Citizens Financial Group in a report issued on Wednesday, October 16th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings per share of $3.25 for the year, down from their prior estimate of $3.26. The consensus estimate for Citizens Financial Group’s current full-year earnings is $3.22 per share. Wedbush also issued estimates for Citizens Financial Group’s Q4 2024 earnings at $0.85 EPS and FY2026 earnings at $5.00 EPS.

Citizens Financial Group (NYSE:CFG) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $0.79 earnings per share for the quarter, hitting the consensus estimate of $0.79. Citizens Financial Group had a net margin of 10.74% and a return on equity of 6.21%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same period in the prior year, the firm posted $0.85 EPS. The company’s revenue was down 5.6% on a year-over-year basis.

A number of other research analysts have also recently commented on the company. StockNews.com upgraded Citizens Financial Group from a “sell” rating to a “hold” rating in a research note on Thursday. DA Davidson raised their price objective on Citizens Financial Group from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday. Evercore ISI cut their target price on Citizens Financial Group from $47.00 to $46.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 2nd. Stephens lifted their price target on shares of Citizens Financial Group from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Citizens Financial Group from $42.00 to $46.00 and gave the company a “market perform” rating in a research note on Monday, September 30th. Ten equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Citizens Financial Group has an average rating of “Hold” and a consensus target price of $43.80.

Citizens Financial Group Stock Up 0.8 %

CFG opened at $42.47 on Friday. 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 1 year low of $22.77 and a 1 year high of $44.39. The firm has a 50 day moving average price of $41.33 and a 200 day moving average price of $38.05. The company has a market cap of $19.32 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 1.42 and a beta of 1.07.

Institutional Trading of Citizens Financial Group

Institutional investors have recently made changes to their positions in the stock. Capital International Investors boosted its stake in 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 in the last quarter. LSV Asset Management boosted its stake in shares of Citizens Financial Group by 1.8% during the 2nd quarter. LSV Asset Management now owns 6,580,797 shares of the bank’s stock worth $237,106,000 after acquiring an additional 113,300 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Citizens Financial Group by 15.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,429,264 shares of the bank’s stock worth $159,550,000 after acquiring an additional 587,115 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Citizens Financial Group by 61.4% during 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. Finally, Nordea Investment Management AB raised its holdings in shares of Citizens Financial Group by 15.3% during the first quarter. Nordea Investment Management AB now owns 3,625,128 shares of the bank’s stock valued at $130,722,000 after acquiring an additional 480,129 shares during the period. 94.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Citizens Financial Group news, insider Craig Jack Read sold 3,938 shares of Citizens Financial Group stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $43.26, for a total transaction of $170,357.88. Following the sale, the insider now owns 33,620 shares of the company’s stock, valued at $1,454,401.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Citizens Financial Group Announces Dividend

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

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.