Citizens Financial Group (NYSE:CFG) Announces Quarterly Earnings Results, Hits Expectations

Citizens Financial Group (NYSE:CFG - Get Free Report) issued its quarterly earnings results on Wednesday. The bank reported $0.79 EPS for the quarter, meeting analysts' consensus estimates of $0.79, Briefing.com reports. Citizens Financial Group had a net margin of 10.74% and a return on equity of 6.21%. The business had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.94 billion. During the same period last year, the business earned $0.85 earnings per share. The business's quarterly revenue was down 5.6% on a year-over-year basis.

Citizens Financial Group Stock Down 0.6 %

Citizens Financial Group stock traded down $0.27 during mid-day trading on Thursday, hitting $42.14. The company had a trading volume of 7,366,640 shares, compared to its average volume of 5,387,245. Citizens Financial Group has a 12 month low of $22.77 and a 12 month high of $44.39. The company has a market capitalization of $19.17 billion, a PE ratio of 15.26, a price-to-earnings-growth ratio of 1.42 and a beta of 1.07. The stock's 50 day moving average price is $41.22 and its two-hundred day moving average price is $37.97. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.60.

Citizens Financial Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Wednesday, October 30th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Wednesday, October 30th. Citizens Financial Group's dividend payout ratio (DPR) is presently 60.87%.

Analyst Ratings Changes

CFG has been the subject of several analyst reports. Evercore ISI cut their price target on shares of Citizens Financial Group from $47.00 to $46.00 and set an "in-line" rating for the company in a research report on Wednesday, October 2nd. The Goldman Sachs Group upped their price target on shares of Citizens Financial Group from $43.00 to $49.00 and gave the company a "buy" rating in a report on Thursday, July 18th. Piper Sandler increased their target price on shares of Citizens Financial Group from $45.00 to $48.00 and gave the stock an "overweight" rating in a report on Friday, July 26th. Keefe, Bruyette & Woods boosted their price target on Citizens Financial Group from $42.00 to $46.00 and gave the company a "market perform" rating in a report on Monday, September 30th. Finally, UBS Group upped their target price on Citizens Financial Group from $42.00 to $46.00 and gave the company a "buy" rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $43.80.

Insider Activity

In related news, insider Craig Jack Read sold 3,938 shares of the company's stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $43.26, for a total value of $170,357.88. Following the transaction, the insider now owns 33,620 shares in the company, valued at $1,454,401.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.62% of the company's stock.

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.