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Citizen Financial (CFG) Tops Q2 Earnings on High Revenues
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Have you been eager to see how Citizens Financial Group, Inc. (CFG - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Providence, Rhode Island-based financial services company’s earnings release this morning:
An Earnings Beat
Citizens Financial came out with earnings per share of 63 cents, beating the Zacks Consensus Estimate of 59 cents. Higher revenues along with lower provisions were primarily responsible for the beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Citizens Financial depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained unchanged over the last 7 days.
Notably, Citizens Financial has an impressive earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in all the trailing four quarters with an average of 9.12%.
Citizens Financial Group, Inc. Price and EPS Surprise
Citizens Financial posted total revenues of $1.40 billion for the quarter, in line with the Zacks Consensus Estimate. Further, revenues improved 9% year over year.
Key Takeaways:
Net interest margin improved 13 basis points year over year to 2.97%.
Efficiency ratio improved to 62% from 65% in the prior year quarter. Generally, lower ratio is indicative of the improved efficiency of the bank.
Provision for credit losses decreased 22% year over year to $70 million.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for Citizens Financial. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Citizens Financial earnings report!
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Citizen Financial (CFG) Tops Q2 Earnings on High Revenues
Have you been eager to see how Citizens Financial Group, Inc. (CFG - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Providence, Rhode Island-based financial services company’s earnings release this morning:
An Earnings Beat
Citizens Financial came out with earnings per share of 63 cents, beating the Zacks Consensus Estimate of 59 cents. Higher revenues along with lower provisions were primarily responsible for the beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Citizens Financial depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained unchanged over the last 7 days.
Notably, Citizens Financial has an impressive earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in all the trailing four quarters with an average of 9.12%.
Citizens Financial Group, Inc. Price and EPS Surprise
Citizens Financial Group, Inc. Price and EPS Surprise | Citizens Financial Group, Inc. Quote
Revenue Came in as Expected
Citizens Financial posted total revenues of $1.40 billion for the quarter, in line with the Zacks Consensus Estimate. Further, revenues improved 9% year over year.
Key Takeaways:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for Citizens Financial. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this Citizens Financial earnings report!
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>