Regional banking company Citizens Financial Group (NYSE: CFG) will be announcing earnings results this Thursday before market hours. Here’s what to expect.
Citizens Financial Group met analysts’ revenue expectations last quarter, reporting revenues of $2.17 billion, up 12% year on year. It was a mixed quarter for the company, with a narrow beat of analysts’ net interest income 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, the market is expecting Citizens Financial Group’s revenue to grow 10.3% year on year, improving from the 4% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Citizens Financial Group has missed Wall Street’s revenue estimates multiple 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. FB Financial delivered year-on-year revenue growth of 27.5%, missing analysts’ expectations by 0.7%, and Citigroup reported revenues up 14.3%, topping estimates by 4.5%. FB Financial traded up 2.7% following the results.
Read our full analysis of FB Financial’s results here and Citigroup’s results here.
There has been positive sentiment among investors in the banks segment, with share prices up 4.2% on average over the last month. Citizens Financial Group is up 5.5% during the same time and is heading into earnings with an average analyst price target of $76.71 (compared to the current share price of $70.30).
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