Oppenheimer Keeps Their Hold Rating on Citizens Financial

By Ryan Adsit

In a report released yesterday, Ben Chittenden from Oppenheimer reiterated a Hold rating on Citizens Financial (NYSE: CFG). The company’s shares closed yesterday at $35.20.

Chittenden noted:

“We recently had the opportunity to spend time with CEO Bruce Van Saun, CFO John Woods, Vice Chairman and Head of Commercial Banking Don McCree, Vice Chairman of Consumer Banking Brad Conner and Chief Risk Officer Malcolm Griggs. It was a great opportunity to focus on the medium/longer term strategy. On this front we walked away feeling more confident that there is a significant amount of latent growth potential left at CFG. In our minds the capital markets execution in 1Q17 was a harbinger of executing on this potential across the platform. It doesn’t guarantee success, but our view is that the next chapter of the story doesn’t just end with the company hitting a 10%+ ROTCE and looking like other regional banks.”

According to TipRanks.com, Chittenden is a 1-star analyst with an average return of -0.1% and a 50.8% success rate. Chittenden covers the Financial sector, focusing on stocks such as Sutherland Asset Management Corporation, Discover Financial Services, and Capital One Financial.

Currently, the analyst consensus on Citizens Financial is Moderate Buy and the average price target is $39, representing a 10.8% upside.

In a report issued on June 8, Jefferies also reiterated a Hold rating on the stock with a $39 price target.

Based on Citizens Financial’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $1.56 billion and quarterly net profit of $320 million. In comparison, last year the company earned revenue of $1.4 billion and had a net profit of $223 million.

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Citizens Financial Group, Inc. engages in the provision of commercial banking services. It operates through the following segments: Consumer Banking and Commercial Banking. The Consumer Banking segment includes deposit products, mortgage and home equity lending, student loans, auto financing, credit cards, business loans, and wealth management and investment services. The Commercial Banking segment offers lending and leasing, trade financing, deposit and treasury management, foreign exchange and interest rate risk management, corporate finance and debt, and equity capital markets. The company was founded in 1828 and is headquartered in Providence, RI.