Wedbush Has Negative Forecast for CFG FY2024 Earnings

Citizens Financial Group, Inc. (NYSE:CFG) – Investment analysts at Wedbush reduced their FY2024 EPS estimates for shares of Citizens Financial Group in a research report issued to clients and investors on Wednesday, October 16th. Wedbush analyst D. Chiaverini now forecasts that the bank will earn $3.25 per share for the year, down from their prior forecast of $3.26. The consensus estimate for Citizens Financial Group’s current full-year earnings is $3.22 per share. Wedbush also issued estimates for Citizens Financial Group’s Q4 2024 earnings at $0.85 EPS and FY2026 earnings at $5.00 EPS.

Several other analysts have also commented on the stock. Stephens increased their price target on shares of Citizens Financial Group from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Evercore ISI dropped their price target on Citizens Financial Group from $47.00 to $46.00 and set an “in-line” rating for the company in a research report on Wednesday, October 2nd. Royal Bank of Canada boosted their price target on Citizens Financial Group from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday. The Goldman Sachs Group increased their price objective on Citizens Financial Group from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Finally, Jefferies Financial Group boosted their target price on shares of Citizens Financial Group from $36.00 to $37.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Ten investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $43.80.

Citizens Financial Group Price Performance

Citizens Financial Group stock opened at $42.14 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $19.17 billion, a PE ratio of 15.27, a P/E/G ratio of 1.42 and a beta of 1.07. The firm’s 50-day simple moving average is $41.27 and its 200 day simple moving average is $38.00. Citizens Financial Group has a 52 week low of $22.77 and a 52 week high of $44.39.

Citizens Financial Group (NYSE:CFG) last posted its earnings results on Wednesday, October 16th. The bank reported $0.79 EPS for the quarter, hitting analysts’ consensus estimates of $0.79. Citizens Financial Group had a return on equity of 6.21% and a net margin of 10.74%. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the business earned $0.85 earnings per share. Citizens Financial Group’s quarterly revenue was down 5.6% compared to the same quarter last year.

Hedge Funds Weigh In On Citizens Financial Group

Large investors have recently modified their holdings of the company. Capital International Investors increased its position in Citizens Financial Group by 4.4% during the 1st quarter. Capital International Investors now owns 36,709,412 shares of the bank’s stock worth $1,332,185,000 after purchasing an additional 1,552,333 shares in the last quarter. LSV Asset Management lifted its position in Citizens Financial Group by 1.8% during the second quarter. LSV Asset Management now owns 6,580,797 shares of the bank’s stock valued at $237,106,000 after buying an additional 113,300 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Citizens Financial Group by 15.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,429,264 shares of the bank’s stock worth $159,550,000 after buying an additional 587,115 shares during the period. AQR Capital Management LLC increased its position in shares of Citizens Financial Group by 61.4% in the second quarter. AQR Capital Management LLC now owns 4,422,948 shares of the bank’s stock worth $155,909,000 after acquiring an additional 1,682,886 shares in the last quarter. Finally, Nordea Investment Management AB raised its stake in shares of Citizens Financial Group by 15.3% in the 1st quarter. Nordea Investment Management AB now owns 3,625,128 shares of the bank’s stock valued at $130,722,000 after acquiring an additional 480,129 shares during the period. 94.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Craig Jack Read sold 3,938 shares of Citizens Financial Group stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $43.26, for a total value of $170,357.88. Following the transaction, the insider now owns 33,620 shares in the company, valued at approximately $1,454,401.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.62% of the company’s stock.

Citizens Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, October 30th will be issued a $0.42 dividend. The ex-dividend date is Wednesday, October 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.99%. Citizens Financial Group’s dividend payout ratio (DPR) is presently 60.87%.

Citizens Financial Group Company Profile

Citizens Financial Group, Inc operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, corporations, and institutions in the United States. The company operates in two segments, Consumer Banking and Commercial Banking.