DA Davidson Issues Pessimistic Forecast for CFG Earnings

Citizens Financial Group, Inc. (NYSE:CFG) – Analysts at DA Davidson reduced their FY2024 earnings per share estimates for Citizens Financial Group in a report released on Thursday, October 17th. DA Davidson analyst P. Winter now expects that the bank will post earnings per share of $3.24 for the year, down from their previous estimate of $3.27. DA Davidson 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.

A number of other equities research analysts also recently commented on CFG. Piper Sandler boosted their target price on Citizens Financial Group from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Royal Bank of Canada raised their target price on shares of Citizens Financial Group from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday. Evercore ISI lowered their price objective 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. Keefe, Bruyette & Woods increased their price target on shares of Citizens Financial Group from $42.00 to $46.00 and gave the company a “market perform” rating in a report on Monday, September 30th. Finally, The Goldman Sachs Group boosted their price objective on Citizens Financial Group from $43.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Ten investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Citizens Financial Group has a consensus rating of “Hold” and an average price target of $43.80.

Citizens Financial Group Trading Up 0.8 %

Citizens Financial Group stock opened at $42.47 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.87 and a quick ratio of 0.86. The firm’s 50 day moving average price is $41.33 and its 200-day moving average price is $38.05. Citizens Financial Group has a 1 year low of $22.77 and a 1 year high of $44.39. The stock has a market cap of $19.32 billion, a P/E ratio of 15.39, a PEG ratio of 1.42 and a beta of 1.07.

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

Citizens Financial Group Announces Dividend

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

Insider Activity

In related news, insider Craig Jack Read sold 3,938 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $43.26, for a total transaction of $170,357.88. Following the completion of the sale, the insider now owns 33,620 shares of the company’s stock, valued at $1,454,401.20. This represents 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. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Citizens Financial Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Citizens Financial Group by 35.9% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 78,203 shares of the bank’s stock valued at $2,838,000 after purchasing an additional 20,649 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Citizens Financial Group by 101.6% in the first quarter. Canada Pension Plan Investment Board now owns 761,679 shares of the bank’s stock worth $27,641,000 after purchasing an additional 383,947 shares during the last quarter. Duality Advisers LP acquired a new stake in shares of Citizens Financial Group during the first quarter worth about $1,180,000. Lloyd Advisory Services LLC. purchased a new stake in Citizens Financial Group in the first quarter valued at approximately $930,000. Finally, SG Americas Securities LLC increased its holdings in Citizens Financial Group by 642.6% in the 1st quarter. SG Americas Securities LLC now owns 272,676 shares of the bank’s stock worth $9,895,000 after buying an additional 235,958 shares during the period. 94.90% of the stock is owned by hedge funds and other institutional investors.

About Citizens Financial Group

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.