Q2 2024 Earnings Estimate for Citizens Financial Group, Inc. (NYSE:CFG) Issued By Wedbush

Citizens Financial Group, Inc. (NYSE:CFG) – Research analysts at Wedbush cut their Q2 2024 EPS estimates for Citizens Financial Group in a note issued to investors on Monday, June 24th. Wedbush analyst D. Chiaverini now anticipates that the bank will earn $0.81 per share for the quarter, down from their prior forecast of $0.82. Wedbush has a “Neutral” rating and a $35.00 price target on the stock. The consensus estimate for Citizens Financial Group’s current full-year earnings is $3.16 per share. Wedbush also issued estimates for Citizens Financial Group’s Q3 2024 earnings at $0.85 EPS, Q4 2024 earnings at $1.00 EPS, FY2024 earnings at $3.30 EPS, Q1 2025 earnings at $0.96 EPS, Q2 2025 earnings at $1.05 EPS, Q3 2025 earnings at $1.06 EPS, Q4 2025 earnings at $1.09 EPS and FY2025 earnings at $4.15 EPS.

Citizens Financial Group (NYSE:CFG) last announced its earnings results on Wednesday, April 17th. The bank reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.10). Citizens Financial Group had a net margin of 11.52% and a return on equity of 6.62%. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same period in the prior year, the business posted $1.00 EPS. Citizens Financial Group’s revenue for the quarter was down 7.9% on a year-over-year basis.

CFG has been the subject of a number of other research reports. JPMorgan Chase & Co. decreased their target price on shares of Citizens Financial Group from $36.50 to $36.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Evercore ISI raised their target price on shares of Citizens Financial Group from $38.00 to $39.00 and gave the company an “in-line” rating in a research note on Tuesday. Piper Sandler raised shares of Citizens Financial Group from a “neutral” rating to an “overweight” rating and raised their target price for the company from $35.00 to $41.00 in a research note on Friday, April 26th. Morgan Stanley reiterated an “equal weight” rating and set a $38.00 price target on shares of Citizens Financial Group in a report on Wednesday, June 12th. Finally, Argus increased their price target on shares of Citizens Financial Group from $36.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Citizens Financial Group has an average rating of “Hold” and an average price target of $37.67.

Citizens Financial Group Price Performance

Shares of NYSE CFG opened at $34.63 on Wednesday. Citizens Financial Group has a fifty-two week low of $22.77 and a fifty-two week high of $37.30. The company has a 50 day simple moving average of $35.08 and a two-hundred day simple moving average of $33.70. The company has a market capitalization of $15.76 billion, a price-to-earnings ratio of 12.55, a P/E/G ratio of 1.36 and a beta of 1.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.87 and a current ratio of 0.87.

Institutional Trading of Citizens Financial Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Old Port Advisors raised its position in shares of Citizens Financial Group by 49.3% during the 1st quarter. Old Port Advisors now owns 26,735 shares of the bank’s stock valued at $970,000 after purchasing an additional 8,826 shares during the period. Abich Financial Wealth Management LLC raised its position in shares of Citizens Financial Group by 43.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 2,916 shares of the bank’s stock valued at $106,000 after purchasing an additional 879 shares during the period. Cetera Advisors LLC raised its position in shares of Citizens Financial Group by 19.1% during the 1st quarter. Cetera Advisors LLC now owns 21,379 shares of the bank’s stock valued at $776,000 after purchasing an additional 3,434 shares during the period. Cetera Investment Advisers raised its position in shares of Citizens Financial Group by 396.5% during the 1st quarter. Cetera Investment Advisers now owns 128,852 shares of the bank’s stock valued at $4,676,000 after purchasing an additional 102,899 shares during the period. Finally, Invst LLC bought a new stake in shares of Citizens Financial Group during the 1st quarter valued at $1,637,000. 94.90% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Citizens Financial Group news, insider Craig Jack Read sold 6,327 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $33.70, for a total value of $213,219.90. Following the transaction, the insider now directly owns 37,558 shares in the company, valued at $1,265,704.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.62% of the company’s stock.

Citizens Financial Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st were given a $0.42 dividend. The ex-dividend date was Tuesday, April 30th. This represents a $1.68 annualized dividend and a yield of 4.85%. Citizens Financial Group’s payout ratio is presently 60.87%.

About Citizens Financial Group

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.