Zacks Investment Research Upgrades Citizens Financial Group Inc. (CFG) to Buy
Citizens Financial Group Inc. (NYSE:CFG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $33.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 6.66% from the stock’s previous close.
According to Zacks, “Citizens Financial’s third-quarter 2016 earnings surpassed the Zacks Consensus Estimates on higher revenues. However, rising expenses and provisions remained headwinds. The company remains on track to implement TOP II and TOP III efficiency initiatives which are expected to boost performance. Notably, its TOP II efficiency initiatives are expected to result in a pre-tax benefit of $95–$100 million in 2016. Also, the company continues to benefit from improving loans and deposit balances and is well positioned to grow further as the U.S. economy is gaining traction. However, margin pressure, legal hassles and a stricter regulatory landscape across the finance sector continue to be major concerns for Citizens Financial.”
A number of other research firms also recently commented on CFG. TheStreet upgraded Citizens Financial Group from a “hold” rating to a “buy” rating in a report on Friday, September 23rd. Citigroup Inc. increased their price objective on Citizens Financial Group from $23.00 to $26.00 in a report on Thursday, September 8th. Deutsche Bank AG downgraded Citizens Financial Group from a “buy” rating to a “hold” rating and set a $27.00 price objective on the stock. in a report on Tuesday, November 8th. Credit Suisse Group AG increased their price objective on Citizens Financial Group from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, September 8th. Finally, Oppenheimer Holdings Inc. set a $25.00 price objective on Citizens Financial Group and gave the stock a “buy” rating in a report on Friday, October 21st. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Citizens Financial Group presently has a consensus rating of “Buy” and an average price target of $28.38.
Citizens Financial Group (NYSE:CFG) opened at 30.94 on Monday. Citizens Financial Group has a one year low of $18.04 and a one year high of $31.17. The firm has a 50-day moving average price of $25.84 and a 200 day moving average price of $23.40. The company has a market cap of $16.03 billion, a price-to-earnings ratio of 16.82 and a beta of 1.10.
Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings data on Friday, October 21st. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.03. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.31 billion. Citizens Financial Group had a return on equity of 4.88% and a net margin of 17.53%. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.40 EPS. Equities analysts expect that Citizens Financial Group will post $1.93 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 16th. Stockholders of record on Wednesday, November 2nd will be given a dividend of $0.12 per share. The ex-dividend date is Monday, October 31st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.55%. Citizens Financial Group’s dividend payout ratio (DPR) is 25.95%.
Several institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its position in shares of Citizens Financial Group by 927.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,239 shares of the company’s stock worth $105,000 after buying an additional 4,729 shares during the period. Virtus Investment Advisers Inc. acquired a new stake in Citizens Financial Group during the third quarter valued at approximately $106,000. Point72 Asset Management L.P. acquired a new stake in Citizens Financial Group during the second quarter valued at approximately $110,000. Capital Analysts LLC boosted its stake in Citizens Financial Group by 2,002.7% in the second quarter. Capital Analysts LLC now owns 1,535 shares of the company’s stock valued at $111,000 after buying an additional 1,462 shares in the last quarter. Finally, Global X Management Co. LLC boosted its stake in Citizens Financial Group by 148.3% in the third quarter. Global X Management Co. LLC now owns 4,711 shares of the company’s stock valued at $116,000 after buying an additional 2,814 shares in the last quarter. Institutional investors own 98.59% of the company’s stock.
Citizens Financial Group Company Profile
Citizens Financial Group, Inc is a retail bank holding company in the United States. The Company offers a range of retail and commercial banking products and services to individuals, institutions and companies. The Company operates in two segments: Consumer Banking and Commercial Banking. The Company’s Consumer Banking serves retail customers and small businesses.
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