Zacks Investment Research | Jul 19, 2016 05:21AM ET
Citizens Financial Group, Inc.’s (NYSE:CFG) earnings estimates have been going down ahead of its second-quarter earnings release on Thursday, Jul 21. Could it be that this time around Citizens Financial will disappoint investors and market-watchers with lackluster results?
The Providence, Rhode Island-based company beat the Zacks Consensus Estimate by nearly 8% in the first-quarter 2016. Also, on an adjusted basis, the bottom line improved 5% year over year aided by higher net-interest income and relatively stable expenses, partially offset by a fall in non-interest income and a significant rise in provisions.
Interestingly, Citizens Financial delivered positive earnings surprises in three of the trailing four quarters with an average earnings beat of 4.64%. However, from the start of the year, it has been a tough environment for U.S. banks to function in with industry-wide weakness and global concerns, not the least of which was the Brexit referendum taking a toll on the bank stocks, with Citizens Financial falling around 20% year to date.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.