Citizens Financial's Target Price Skyrockets, Analyst Coverage on the Rise

Evercore ISI raised its price target on Citizens Financial Group (CFG) from $35.00 to $39.00, maintaining an in-line rating. Several other research firms have recently provided their pandangan on CFG, with TheStreet upgrading it to a b- from c+, Goldman Sachs Group raising its target price to $35.00 from $31.00 and giving it a buy rating, and Barclays downgrading it to an equal weight from overweight while increasing its target price to $40.00 from $38.00. Citizens Financial Group currently has an average rating of Hold and an average target price of $35.63, based on the collective opinions of market analysts.

Citizens Financial Group Witnesses Upward Target Price Revisions and Analyst Coverage

New York, March 8, 2023 - Evercore ISI has updated its target price for Citizens Financial Group (NYSE: CFG) to $39.00, marking a significant increase from its previous target of $35.00. This upgrade comes amidst a flurry of recent analyst coverage and revisions.

Analyst Sentiment

Several other research firms have recently weighed in on CFG, expressing varying degrees of optimism. TheStreet upgraded the stock on December 26, 2022, from a "C+" rating to a "B-" rating. Similarly, The Goldman Sachs Group raised its target price from $31.00 to $35.00 on December 18, 2022, and assigned a "buy" rating. On February 7, 2023, Morgan Stanley followed suit, increasing its target price to $39.00 while maintaining an "equal weight" rating.

Contrasting views emerged from Barclays and Citigroup. Barclays downgraded CFG from "overweight" to "equal weight" on January 2, 2023, while raising its target price to $40.00. In contrast, Citigroup upgraded CFG from "neutral" to "buy" and set a price objective of $36.00 on February 5, 2023.

Market Consensus

Based on data compiled by MarketBeat, the consensus rating for Citizens Financial Group among equity research analysts is "Hold," with an average target price of $35.63. One analyst has rated the stock as a "sell," ten as a "hold," and seven as a "buy."

Stock Performance and Financials

On Thursday, CFG shares experienced a gain of $0.47, closing the trading day at $36.29. The company saw a trading volume of 1,851,332 shares, significantly below its average volume of 5,921,751. The stock's 50-day moving average stands at $32.67, while its 200-day moving average is $29.76.

Citizens Financial Group reported quarterly earnings per share (EPS) of $0.34 on January 17, 2023, falling short of the consensus estimate of $0.60 by $0.26. The company had a net margin of 13.19% and a return on equity of 7.40%. Revenue for the quarter was $2 billion, matching the consensus estimate.

Dividend and Insider Activity

CFG recently announced a quarterly dividend of $0.42 per share, paid to stockholders on February 14, 2023. The ex-dividend date was January 30, 2023. This dividend represents an annualized yield of 4.63%.

In a transaction dated March 5, 2023, insider Craig Jack Read sold 4,508 shares of the company's stock for a total value of $151,198.32. Following the sale, Read retains ownership of 43,885 shares of CFG, valued at $1,471,902.90.

Institutional Holdings

Institutional investors hold a substantial stake in Citizens Financial Group, with 94.90% of the company's stock being held by these entities. Some notable moves in recent quarters include Kinneret Advisory LLC increasing its stake by 2.3%, Envestnet Portfolio Solutions Inc. growing its position by 1.9%, Hall Capital Management Co. Inc. boosting its holdings by 3.6%, Wealthspire Advisors LLC increasing its stake by 4.1%, and Connable Office Inc. expanding its investment by 2.6%.

Company Overview

Citizens Financial Group, Inc. is a bank holding company providing financial services to individuals, businesses, and institutions in the United States. The company operates through two segments: Consumer Banking and Commercial Banking. Consumer Banking offers a range of products, including checking and savings accounts, loans, credit cards, and investment services. Commercial Banking provides lending, deposit, cash management, and other financial services to businesses and institutions.

Additional Insights

• MarketBeat currently tracks Citizens Financial Group as a "hold" stock.
• Top-rated analysts have identified five stocks that they believe have greater upside potential than CFG.
• CFG is part of the KBW Bank Index, which tracks the performance of bank stocks in the United States.