$1.63 Billion in Sales Expected for Citizens Financial Group Inc (NYSE:CFG) This Quarter

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Equities analysts forecast that Citizens Financial Group Inc (NYSE:CFG) will report $1.63 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Citizens Financial Group’s earnings, with the highest sales estimate coming in at $1.63 billion and the lowest estimate coming in at $1.62 billion. Citizens Financial Group posted sales of $1.59 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 2.5%. The company is scheduled to issue its next earnings results on Friday, January 17th.

According to Zacks, analysts expect that Citizens Financial Group will report full-year sales of $6.48 billion for the current year, with estimates ranging from $6.43 billion to $6.51 billion. For the next fiscal year, analysts anticipate that the company will report sales of $6.54 billion, with estimates ranging from $6.39 billion to $6.64 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Citizens Financial Group.

Citizens Financial Group (NYSE:CFG) last issued its earnings results on Friday, October 18th. The bank reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.02. Citizens Financial Group had a return on equity of 8.85% and a net margin of 22.29%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter last year, the firm earned $0.93 earnings per share. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year.

CFG has been the topic of a number of recent research reports. Citigroup cut Citizens Financial Group from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $39.00 to $32.00 in a research note on Tuesday, October 8th. Morgan Stanley reduced their price objective on Citizens Financial Group from $43.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Argus upgraded Citizens Financial Group from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Monday, July 29th. JPMorgan Chase & Co. reduced their price objective on Citizens Financial Group from $42.00 to $39.50 and set an “overweight” rating on the stock in a research note on Thursday, October 10th. Finally, Zacks Investment Research upgraded Citizens Financial Group from a “strong sell” rating to a “hold” rating and set a $30.00 price objective on the stock in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $38.65.

In related news, Director Charles John Koch acquired 15,000 shares of Citizens Financial Group stock in a transaction on Tuesday, August 20th. The shares were bought at an average price of $32.45 per share, for a total transaction of $486,750.00. Following the completion of the purchase, the director now directly owns 68,781 shares in the company, valued at approximately $2,231,943.45. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.32% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Citizens Financial Group by 1.0% during the second quarter. Vanguard Group Inc. now owns 51,389,678 shares of the bank’s stock worth $1,817,139,000 after acquiring an additional 492,162 shares during the last quarter. Invesco Ltd. increased its position in shares of Citizens Financial Group by 2.1% during the second quarter. Invesco Ltd. now owns 21,632,377 shares of the bank’s stock worth $764,921,000 after acquiring an additional 449,026 shares during the last quarter. LSV Asset Management increased its position in shares of Citizens Financial Group by 0.4% during the second quarter. LSV Asset Management now owns 9,282,568 shares of the bank’s stock worth $328,231,000 after acquiring an additional 36,539 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Citizens Financial Group by 67,645.0% during the second quarter. Nuveen Asset Management LLC now owns 8,455,935 shares of the bank’s stock worth $299,002,000 after acquiring an additional 8,443,453 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of Citizens Financial Group by 5.0% during the second quarter. Bank of Montreal Can now owns 7,636,954 shares of the bank’s stock worth $270,041,000 after acquiring an additional 365,353 shares during the last quarter. 96.15% of the stock is currently owned by institutional investors and hedge funds.

Citizens Financial Group stock traded up $0.43 during midday trading on Thursday, reaching $38.00. The stock had a trading volume of 2,218,531 shares, compared to its average volume of 4,037,037. Citizens Financial Group has a twelve month low of $27.62 and a twelve month high of $38.63. The stock has a market capitalization of $16.33 billion, a PE ratio of 10.67, a price-to-earnings-growth ratio of 1.62 and a beta of 1.48. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.96 and a current ratio of 0.97. The stock’s 50-day simple moving average is $35.62 and its 200 day simple moving average is $35.07.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, October 30th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date was Tuesday, October 29th. Citizens Financial Group’s dividend payout ratio is presently 40.45%.

About Citizens Financial Group

Citizens Financial Group, Inc operates as the bank holding company for Citizens Bank, National Association and Citizens Bank of Pennsylvania that provides retail and commercial banking products and services in the United States. The company operates in two segments, Consumer Banking and Commercial Banking.

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