Wedbush Brokers Lift Earnings Estimates for Citizens Financial Group, Inc. (NYSE:CFG)

Citizens Financial Group, Inc. (NYSE:CFGGet Rating) – Wedbush increased their Q2 2022 earnings estimates for shares of Citizens Financial Group in a research report issued on Wednesday, April 20th. Wedbush analyst P. Winter now expects that the bank will earn $1.07 per share for the quarter, up from their prior forecast of $1.02. Wedbush also issued estimates for Citizens Financial Group’s Q3 2022 earnings at $1.24 EPS, Q4 2022 earnings at $1.29 EPS, FY2022 earnings at $4.67 EPS, Q1 2023 earnings at $1.24 EPS, Q2 2023 earnings at $1.29 EPS, Q3 2023 earnings at $1.33 EPS and FY2023 earnings at $5.16 EPS.

Citizens Financial Group (NYSE:CFGGet Rating) last issued its earnings results on Tuesday, April 19th. The bank reported $0.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.02. Citizens Financial Group had a net margin of 33.19% and a return on equity of 11.32%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business earned $1.41 EPS. The firm’s quarterly revenue was down .8% on a year-over-year basis.

CFG has been the subject of several other reports. Robert W. Baird reaffirmed an “outperform” rating and issued a $58.00 price objective on shares of Citizens Financial Group in a research report on Thursday. Citigroup cut Citizens Financial Group from a “buy” rating to a “neutral” rating in a research report on Monday, April 11th. UBS Group began coverage on shares of Citizens Financial Group in a research note on Thursday, January 13th. They issued a “neutral” rating and a $58.00 price target on the stock. Keefe, Bruyette & Woods lowered shares of Citizens Financial Group from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $64.00 to $54.00 in a research note on Tuesday, April 5th. Finally, Morgan Stanley reduced their price target on shares of Citizens Financial Group from $69.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, March 28th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $56.82.

NYSE:CFG opened at $43.03 on Friday. Citizens Financial Group has a fifty-two week low of $39.56 and a fifty-two week high of $57.00. The stock has a market capitalization of $18.16 billion, a P/E ratio of 8.34 and a beta of 1.44. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.90. The company’s 50-day simple moving average is $47.58 and its 200-day simple moving average is $49.04.

Institutional investors have recently made changes to their positions in the stock. Empirical Finance LLC raised its holdings in Citizens Financial Group by 11.5% during the 1st quarter. Empirical Finance LLC now owns 8,245 shares of the bank’s stock worth $374,000 after buying an additional 850 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Citizens Financial Group by 10.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 148,310 shares of the bank’s stock valued at $6,723,000 after buying an additional 14,083 shares in the last quarter. CWM LLC boosted its position in Citizens Financial Group by 109.9% during the first quarter. CWM LLC now owns 3,774 shares of the bank’s stock worth $171,000 after purchasing an additional 1,976 shares during the period. New England Research & Management Inc. boosted its position in Citizens Financial Group by 29.4% during the first quarter. New England Research & Management Inc. now owns 26,425 shares of the bank’s stock worth $1,198,000 after purchasing an additional 6,000 shares during the period. Finally, Harbor Investment Advisory LLC boosted its position in Citizens Financial Group by 24.9% during the first quarter. Harbor Investment Advisory LLC now owns 6,737 shares of the bank’s stock worth $305,000 after purchasing an additional 1,343 shares during the period. 91.76% of the stock is owned by institutional investors and hedge funds.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 17th. Stockholders of record on Tuesday, May 3rd will be paid a $0.39 dividend. The ex-dividend date is Monday, May 2nd. This represents a $1.56 annualized dividend and a dividend yield of 3.63%. Citizens Financial Group’s dividend payout ratio (DPR) is currently 30.23%.

Citizens Financial Group Company Profile (Get Rating)

Citizens Financial Group, Inc operates as the bank holding company for Citizens Bank, National Association 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.

Further Reading

Earnings History and Estimates for Citizens Financial Group (NYSE:CFG)

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