Citizens Financial Group, Inc. (NYSE:CFG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Shares of Citizens Financial have outperformed the industry over the last three months. This performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Citizens Financial’s third-quarter results benefited from easing margin pressure and higher loan balance which aided higher revenues. The company remains on track to implement TOP III efficiency initiatives, which are expected to boost earnings further. It also launched TOP IV initiatives which are anticipated to achieve pre-tax benefit of $95-$110 million by the end of 2018. Further, it continues to benefit from improving loans and deposit balances, and is well positioned to grow as the U.S. economy is gaining traction. However, significant exposure to commercial loans remains a major concern. Also, its bottom line continues to remain under pressure due to pending legal cases.”

CFG has been the subject of a number of other reports. BMO Capital Markets reiterated a “market perform” rating and set a $39.00 price target (up from $38.00) on shares of Citizens Financial Group in a report on Tuesday, July 25th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Citizens Financial Group in a research report on Wednesday, July 5th. Citigroup Inc. reaffirmed a “neutral” rating and issued a $42.00 price target (up previously from $38.00) on shares of Citizens Financial Group in a research report on Monday, October 9th. BidaskClub raised shares of Citizens Financial Group from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Citizens Financial Group in a research report on Monday, October 23rd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $38.60.

Citizens Financial Group (NYSE:CFG) last posted its quarterly earnings data on Friday, October 20th. The bank reported $0.68 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.04. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.43 billion. Citizens Financial Group had a return on equity of 6.44% and a net margin of 20.26%. Citizens Financial Group’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 earnings per share.

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A number of institutional investors have recently added to or reduced their stakes in CFG. Sun Life Financial INC grew its stake in Citizens Financial Group by 41,266.7% in the 2nd 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 in the last quarter. Smithfield Trust Co. grew its stake in Citizens Financial Group by 1.4% in the 2nd quarter. Smithfield Trust Co. now owns 4,994 shares of the bank’s stock valued at $178,000 after buying an additional 70 shares in the last quarter. Colony Group LLC purchased a new position in Citizens Financial Group in the 2nd quarter valued at approximately $210,000. Courier Capital LLC purchased a new position in Citizens Financial Group in the 2nd quarter valued at approximately $214,000. Finally, Eagle Global Advisors LLC purchased a new position in Citizens Financial Group in the 2nd quarter valued at approximately $215,000. Institutional investors and hedge funds own 96.52% of the company’s stock.

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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Analyst Recommendations for Citizens Financial Group (NYSE:CFG)

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