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Citizens Financial Group (CFG) Reports Q2: Everything You Need To Know Ahead Of Earnings

CFG Cover Image

Regional banking company Citizens Financial Group (NYSE: CFG) will be announcing earnings results this Thursday before market hours. Here’s what to look for.

Citizens Financial Group met analysts’ revenue expectations last quarter, reporting revenues of $1.94 billion, down 1.1% year on year. It was a mixed quarter for the company, with net interest income in line with analysts’ estimates but EPS in line with analysts’ estimates.

Is Citizens Financial Group a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Citizens Financial Group’s revenue to grow 2.4% year on year to $2.01 billion, a reversal from the 6.4% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.88 per share.

Citizens Financial Group Total Revenue

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 10 downward revisions over the last 30 days (we track 14 analysts). Citizens Financial Group has missed Wall Street’s revenue estimates five times over the last two years.

Looking at Citizens Financial Group’s peers in the banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Fulton Financial’s revenues decreased 3.2% year on year, beating analysts’ expectations by 1.9%, and FB Financial reported a revenue decline of 40.1%, falling short of estimates by 43.5%. FB Financial traded down 4.4% following the results.

Read our full analysis of Fulton Financial’s results here and FB Financial’s results here.

There has been positive sentiment among investors in the banks segment, with share prices up 8.3% on average over the last month. Citizens Financial Group is up 13.8% during the same time and is heading into earnings with an average analyst price target of $51.29 (compared to the current share price of $46.65).

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