Zacks Investment Research Downgrades Citizens Financial Group Inc. (CFG) to Hold
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 Thursday.
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 amid low interest rate environment, higher costs resulting from pending legal hassles and a stricter regulatory landscape across the finance sector continues to be major concerns for Citizens Financial.”
Several other research analysts also recently weighed in on CFG. Sandler O’Neill downgraded shares of Citizens Financial Group from a “buy” rating to a “hold” rating and set a $31.00 target price for the company. in a research note on Monday, November 14th. Credit Suisse Group AG upped their price objective on shares of Citizens Financial Group from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, September 8th. Wedbush upped their price objective on shares of Citizens Financial Group from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Monday, October 24th. TheStreet raised shares of Citizens Financial Group from a “hold” rating to a “buy” rating in a research note on Friday, September 23rd. Finally, Citigroup Inc. upped their price objective on shares of Citizens Financial Group from $23.00 to $26.00 in a research note on Thursday, September 8th. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $28.86.
Citizens Financial Group (NYSE:CFG) opened at 31.97 on Thursday. The stock has a 50 day moving average of $25.84 and a 200 day moving average of $23.40. Citizens Financial Group has a 1-year low of $18.04 and a 1-year high of $32.13. The stock has a market cap of $16.57 billion, a price-to-earnings ratio of 17.38 and a beta of 1.10.
Citizens Financial Group (NYSE:CFG) last released its quarterly earnings data on Friday, October 21st. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.49 by $0.03. Citizens Financial Group had a net margin of 17.53% and a return on equity of 4.88%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the previous year, the firm earned $0.40 EPS. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. Equities analysts expect that Citizens Financial Group will post $1.93 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 16th. Shareholders of record on Wednesday, November 2nd were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date was Monday, October 31st. Citizens Financial Group’s dividend payout ratio is presently 25.95%.
Institutional investors have recently added to or reduced their stakes in the company. RDL Financial Inc. acquired a new position in Citizens Financial Group during the second quarter valued at approximately $310,000. ING Groep NV boosted its position in Citizens Financial Group by 34.7% in the second quarter. ING Groep NV now owns 700,716 shares of the company’s stock valued at $14,000,000 after buying an additional 180,605 shares during the period. Legal & General Group Plc boosted its position in Citizens Financial Group by 15.5% in the first quarter. Legal & General Group Plc now owns 2,229,891 shares of the company’s stock valued at $46,718,000 after buying an additional 298,672 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in Citizens Financial Group by 2,882.2% in the first quarter. Metropolitan Life Insurance Co. NY now owns 271,110 shares of the company’s stock valued at $5,680,000 after buying an additional 262,019 shares during the period. Finally, National Pension Service boosted its position in Citizens Financial Group by 4.5% in the first quarter. National Pension Service now owns 305,270 shares of the company’s stock valued at $6,395,000 after buying an additional 13,260 shares during the period. Hedge funds and other institutional investors own 96.20% of the company’s stock.
About Citizens Financial Group
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.
Receive News & Stock Ratings for Citizens Financial Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Citizens Financial Group Inc. and related stocks with our FREE daily email newsletter.