Q3 2024 EPS Estimates for Citizens Financial Group, Inc. Cut by Wedbush (NYSE:CFG)

Citizens Financial Group, Inc. (NYSE:CFG – Free Report) – Analysts at Wedbush lowered their third quarter 2024 EPS estimates for Citizens Financial Group in a report issued on Tuesday, September 24. Wedbush analyst D. Chiaverini now predicts that the bank will post $0.78 earnings per share for the quarter, down from their previous estimate of $0.79. The consensus estimate for Citizens Financial Group’s current full year earnings is $3.24 per share. Wedbush also issued estimates for Citizens Financial Group’s fourth-quarter 2024 earnings of $0.87 EPS, fiscal 2024 earnings of $3.26 EPS, first-quarter 2025 earnings of $0.86 EPS, second-quarter 2025 earnings of $0.96 EPS, third-quarter 2025 earnings of $0.99 EPS, fourth-quarter 2025 earnings of $1.00 EPS, fiscal 2025 earnings of $3.80 EPS, and fiscal 2026 earnings of $4.95 EPS.

Several other equities research analysts have also commented on the stock recently. Stephens increased their price target on shares of Citizens Financial Group from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Royal Bank of Canada increased their price target on Citizens Financial Group from $35.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Raymond James initiated coverage on Citizens Financial Group in a research report on Thursday, July 11th. They gave the company a “market perform” rating. Jefferies Financial Group increased their price target on Citizens Financial Group from $36.00 to $37.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Evercore ISI raised their price target on shares of Citizens Financial Group from $38.00 to $39.00 and gave the stock an “in-line” rating in a research report on Tuesday, June 25th. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $42.20.

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Citizens Financial Group shares down 1.3%

CFG shares opened at $40.24 on Wednesday. The stock has a market cap of $18.04 billion, a price-to-earnings ratio of 14.55, a price-to-earnings growth ratio of 1.43 and a beta of 1.08. Citizens Financial Group has a 52-week low of $22.77 and a 52-week high of $43.96. 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 company has a 50-day moving average of $41.20 and a 200-day moving average of $37.26.

Citizens Financial Group (NYSE:CFG – Get Free Report) last released quarterly earnings results on Wednesday, July 17. The bank reported $0.78 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.01). Citizens Financial Group had a net margin of 10.74% and a return on equity of 6.21%. The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.95 billion. In the prior-year quarter, the company reported $0.92 EPS. The company’s revenue for the quarter was down 6.3% year over year.

Hedge Funds Weigh In On Citizens Financial Group

Several hedge funds and other institutional investors have recently added to or reduced their holdings of CFG. Innealta Capital LLC acquired a new position in shares of Citizens Financial Group during the 2nd quarter worth approximately $25,000. Versant Capital Management Inc increased its holdings in shares of Citizens Financial Group by 262.8% during the second quarter. Versant Capital Management Inc now owns 936 shares of the bank’s stock worth $34,000 after acquiring an additional 678 shares during the last quarter. Private Ocean LLC increased its position in shares of Citizens Financial Group by 484.4% during the second quarter. Private Ocean LLC now owns 1,011 shares of the bank’s stock worth $36,000 after acquiring an additional 838 shares during the last quarter. Quarry LP increased its holdings in shares of Citizens Financial Group by 183.1% during the fourth quarter. Quarry LP now owns 1,104 shares of the bank’s stock worth $37,000 after acquiring an additional 714 shares in the last quarter. Finally, Ridgewood Investments LLC bought a new stake in shares of Citizens Financial Group in the second quarter worth about $48,000. 94.90% of the shares are owned by hedge funds and other institutional investors.

Insider activity

In related news, insider Craig Jack Read sold 3,938 shares of the company’s stock in a transaction dated Thursday, July 25. The shares were sold at an average price of $43.26, for a total value of $170,357.88. Following the completion of the transaction, the insider now owns 33,620 shares of the company’s stock, valued at approximately $1,454,401.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via the SEC website. Insiders own 0.62% of the company’s shares.

Citizens Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were paid a dividend of $0.42 per share. This represents an annualized dividend of $1.68 and a dividend yield of 4.18%. The ex-dividend date for this dividend was Wednesday, July 31st. Citizens Financial Group’s payout ratio is currently 60.87%.

About Citizens Financial Group

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

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