Zacks Investment Research lowered shares of Citizens Financial Group Inc. (NYSE:CFG) from a buy rating to a hold rating in a research report report published on Thursday morning.
According to Zacks, “Citizens Financial remains on track to implement TOP II and TOP III efficiency initiatives which are expected to boost earnings 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, ease of pressure on margin and net interest income seems elusive if there is no significant rise in interest rate. Additionally, 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 firms have also recently weighed in on CFG. Citigroup Inc. boosted their price objective on Citizens Financial Group from $26.00 to $29.00 and gave the stock a buy rating in a research report on Wednesday, October 12th. Sandler O’Neill cut Citizens Financial Group from a buy rating to a hold rating and set a $31.00 price target on the stock. in a research report on Monday, November 14th. Wedbush upped their price target on Citizens Financial Group from $29.00 to $30.00 and gave the company an outperform rating in a research report on Monday, October 24th. Oppenheimer Holdings Inc. set a $25.00 price target on Citizens Financial Group and gave the company a buy rating in a research report on Friday, October 21st. Finally, Sanford C. Bernstein cut Citizens Financial Group from an outperform rating to a market perform rating and upped their price target for the company from $29.00 to $32.00 in a research report on Wednesday, November 16th. They noted that the move was a valuation call. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $29.21.
Citizens Financial Group (NYSE:CFG) opened at 31.78 on Thursday. The company has a market cap of $16.47 billion, a PE ratio of 17.27 and a beta of 1.10. Citizens Financial Group has a 52-week low of $18.04 and a 52-week high of $32.63. The firm has a 50-day moving average price of $27.85 and a 200-day moving average price of $24.08.
Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings data on Friday, October 21st. The company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.03. Citizens Financial Group had a return on equity of 4.88% and a net margin of 17.53%. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The business’s revenue was up 14.1% on a year-over-year basis. On average, analysts forecast that Citizens Financial Group will post $1.93 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 16th. Shareholders of record on Wednesday, November 2nd were paid a $0.12 dividend. The ex-dividend date was Monday, October 31st. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. Citizens Financial Group’s dividend payout ratio is currently 25.95%.
A number of institutional investors have recently made changes to their positions in CFG. TIAA CREF Investment Management LLC raised its position in shares of Citizens Financial Group by 227.0% in the third quarter. TIAA CREF Investment Management LLC now owns 5,655,964 shares of the company’s stock valued at $139,759,000 after buying an additional 3,926,440 shares during the period. Emerald Acquisition Ltd. purchased a new position in shares of Citizens Financial Group during the second quarter valued at approximately $59,043,000. Canada Pension Plan Investment Board raised its position in shares of Citizens Financial Group by 67.4% in the third quarter. Canada Pension Plan Investment Board now owns 7,125,937 shares of the company’s stock valued at $176,082,000 after buying an additional 2,870,000 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Citizens Financial Group by 21.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 16,401,683 shares of the company’s stock valued at $327,706,000 after buying an additional 2,845,134 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Citizens Financial Group during the third quarter valued at approximately $67,785,000. Institutional investors and hedge funds own 94.28% 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.