Regional banking company Citizens Financial Group (NYSE: CFG) will be reporting results this Wednesday morning. Here’s what to expect.
Citizens Financial Group beat analysts’ revenue expectations by 1.5% last quarter, reporting revenues of $2.04 billion, up 3.8% year on year. It was a mixed quarter for the company, with a decent beat of analysts’ revenue estimates but a miss of analysts’ tangible book value per share estimates.
Is Citizens Financial Group a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Citizens Financial Group’s revenue to grow 10.4% year on year to $2.10 billion, a reversal from the 5.6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.03 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Citizens Financial Group has missed Wall Street’s revenue estimates three times over the last two years.
With Citizens Financial Group being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for banks stocks. However, the whole sector has faced a sell-off over the last month with stocks in Citizens Financial Group’s peer group down 4.3% on average. Citizens Financial Group is down 2% during the same time and is heading into earnings with an average analyst price target of $61.18 (compared to the current share price of $50.32).
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