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Based in Providence, Rhode Island, Citizens Financial Group, Inc. (CFG) is a financial institution that provides a wide range of banking and financial services. With a market cap of $18.56 billion, CFG offers various services, including checking and savings accounts, loans, wealth management, and corporate banking. The company is scheduled to announce its Q3 earnings on Wednesday, Oct. 16.
Ahead of the event, analysts expect CFG to report a profit of $0.80 per share, down 5.9% from $0.85 in the year-ago quarter. The company has missed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $0.78 per share for the last quarter missed the consensus estimate by 1.3%. Citizens Financial Group's earnings miss was driven by lower net interest income and higher expenses, with earnings per share declining year-over-year.
For fiscal 2024, analysts expect CFG to report EPS of $3.25, up 3.8% from $3.13 in fiscal 2023.
CFG stock is up 23.9% on a YTD basis, outperforming the broader S&P 500 Index's ($SPX) 20.8% gains and the SPDR S&P Regional Banking ETF’s (KRE) 8% returns over the same time frame.
On Sept. 10, Citizens Financial shares fell more than 3% after JPMorgan Chase's President warned analysts were overly optimistic about next year's expenses and net interest income projections for banks.
However, CFG shares closed up more than 3% on Jul. 17 after reporting its Q2 earnings results. The company reported adjusted revenue of $1.96 billion, which topped forecasts of $1.95 billion.
The consensus opinion on CFG stock is moderately bullish, with an overall “Moderate Buy” rating. Out of 21 analysts covering the stock, 10 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and 10 suggest a “Hold.”
CFG's average analyst price target is $44.74, indicating a potential upside of 8.9% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
