Citizens Financial Group, Inc. (NYSE:CFG) posted its quarterly earnings results on Friday. The bank reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04, MarketWatch Earnings reports. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Citizens Financial Group had a return on equity of 5.69% and a net margin of 19.18%. The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the firm earned $0.46 earnings per share.
Citizens Financial Group (NYSE:CFG) traded down 0.51% during mid-day trading on Friday, hitting $35.07. 2,580,845 shares of the stock traded hands. Citizens Financial Group has a 12-month low of $21.61 and a 12-month high of $39.75. The firm’s 50-day moving average is $35.77 and its 200-day moving average is $36.01. The company has a market cap of $17.76 billion, a price-to-earnings ratio of 16.16 and a beta of 1.33.
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A number of large investors have recently added to or reduced their stakes in the stock. BB&T Corp increased its position in shares of Citizens Financial Group by 19.1% in the second quarter. BB&T Corp now owns 158,066 shares of the bank’s stock valued at $5,639,000 after buying an additional 25,353 shares during the period. Oakbrook Investments LLC boosted its stake in Citizens Financial Group by 44.8% in the second quarter. Oakbrook Investments LLC now owns 32,570 shares of the bank’s stock valued at $1,162,000 after buying an additional 10,070 shares in the last quarter. US Bancorp DE boosted its stake in Citizens Financial Group by 18.7% in the second quarter. US Bancorp DE now owns 47,736 shares of the bank’s stock valued at $1,703,000 after buying an additional 7,518 shares in the last quarter. Sheets Smith Wealth Management bought a new stake in Citizens Financial Group during the second quarter valued at about $386,000. Finally, Bedrijfstakpensioenfonds Voor DE Media PNO bought a new stake in Citizens Financial Group during the second quarter valued at about $1,534,000. Hedge funds and other institutional investors own 95.92% of the company’s stock.
CFG has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods set a $39.00 price target on Citizens Financial Group and gave the company a “buy” rating in a report on Saturday, March 25th. Piper Jaffray Companies restated a “neutral” rating and set a $38.00 price objective (down previously from $40.00) on shares of Citizens Financial Group in a research report on Wednesday, April 12th. Citigroup Inc. restated a “hold” rating on shares of Citizens Financial Group in a research report on Friday, April 21st. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Citizens Financial Group in a research report on Saturday, April 22nd. Finally, Rafferty Capital Markets restated a “buy” rating and set a $40.00 price objective (up previously from $36.00) on shares of Citizens Financial Group in a research report on Monday, April 24th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. Citizens Financial Group has a consensus rating of “Hold” and a consensus target price of $35.25.
Citizens Financial Group announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $850.00 million in shares. This repurchase authorization permits the bank to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Citizens Financial Group Company Profile
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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