Zacks: Brokerages Expect Citizens Financial Group, Inc. (CFG) Will Announce Earnings of $0.64 Per Share
Wall Street brokerages expect that Citizens Financial Group, Inc. (NYSE:CFG) will announce $0.64 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Citizens Financial Group’s earnings. The highest EPS estimate is $0.65 and the lowest is $0.63. Citizens Financial Group posted earnings per share of $0.52 during the same quarter last year, which would suggest a positive year over year growth rate of 23.1%. The company is expected to announce its next quarterly earnings results before the market opens on Friday, October 20th.
On average, analysts expect that Citizens Financial Group will report full-year earnings of $2.53 per share for the current year, with EPS estimates ranging from $2.48 to $2.56. For the next financial year, analysts anticipate that the company will report earnings of $2.77 per share, with EPS estimates ranging from $2.66 to $2.88. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that follow Citizens Financial Group.
Citizens Financial Group (NYSE:CFG) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. Citizens Financial Group had a return on equity of 6.08% and a net margin of 19.86%. Citizens Financial Group’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS.
A number of equities research analysts have weighed in on the company. BidaskClub upgraded Citizens Financial Group from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Keefe, Bruyette & Woods set a $40.00 price target on Citizens Financial Group and gave the company a “buy” rating in a research report on Friday, August 11th. TheStreet upgraded Citizens Financial Group from a “c” rating to a “b-” rating in a research report on Monday, August 7th. Zacks Investment Research upgraded Citizens Financial Group from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a research report on Friday, July 28th. Finally, BMO Capital Markets restated a “market perform” rating and set a $39.00 price target (up previously from $38.00) on shares of Citizens Financial Group in a research report on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $35.19.
Shares of Citizens Financial Group (CFG) opened at 32.81 on Friday. Citizens Financial Group has a 12 month low of $23.81 and a 12 month high of $39.75. The company has a market cap of $16.43 billion, a price-to-earnings ratio of 14.01 and a beta of 1.32. The company’s 50-day moving average price is $34.09 and its 200-day moving average price is $35.44.
Citizens Financial Group declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $850.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 2nd were paid a dividend of $0.18 per share. This is a boost from Citizens Financial Group’s previous quarterly dividend of $0.14. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date was Monday, July 31st. Citizens Financial Group’s dividend payout ratio (DPR) is 30.64%.
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Several large investors have recently made changes to their positions in CFG. Sun Life Financial INC grew its stake in shares of Citizens Financial Group by 41,266.7% during the second quarter. Sun Life Financial INC now owns 3,723 shares of the bank’s stock valued at $133,000 after buying an additional 3,714 shares during the last quarter. Smithfield Trust Co. grew its stake in shares of Citizens Financial Group by 1.4% during the second quarter. Smithfield Trust Co. now owns 4,994 shares of the bank’s stock valued at $178,000 after buying an additional 70 shares during the last quarter. Colony Group LLC bought a new position in shares of Citizens Financial Group during the second quarter valued at about $210,000. Greenwood Capital Associates LLC bought a new position in shares of Citizens Financial Group during the first quarter valued at about $211,000. Finally, Holderness Investments Co. bought a new position in shares of Citizens Financial Group during the first quarter valued at about $214,000. 96.86% of the stock is currently owned by hedge funds and other institutional investors.
About Citizens Financial Group
Citizens Financial Group, Inc is a retail bank holding company. The Company operates through two segments: Consumer Banking and Commercial Banking. Its Consumer Banking serves retail customers and small businesses. Consumer Banking products and services include deposit products, mortgage and home equity lending, auto financing, student loans, personal unsecured lines and loans, credit cards, business loans, wealth management and investment services.
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