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Now that the quiet period for Citizens Financial Group Inc. (NYSE: CFG) is finally over, analysts present within the syndicate group can now commence coverage of the bank holding company. Citizens Financial is the owner of the Citizens Bank of Pennsylvania and Citizens Bank N.A. It has a market cap that is just north of $13 billion and has also been attached to the Royal Bank of Scotland Group PLC (NYSE: RBS) and approximately 25% of the company’s shares were sold in the initial public offering (IPO).
The thing that draws focus towards this IPO on September 24 is that it traded more than 60 million shares on the day it debuted. The official IPO was a massive 140 million shares at the rate of $21.50 per share. The opening price was $21.50 on the initial day, and the day range was $21.35-$23.22. The bank holding company’s Citizens Financial Group’s closing price for the initial day was $23.08.
According to the 24/7 Wall St., it has shown what the ratings were started as for the Citizens Financial Group. They are clustered as real ratings and price targets just so the ratings are kept in order. The following list shows these initial analyst calls:
- Deutsche Bank opened with a price target of $26 as a Buy
- Evercore began opened with a price target of $27 as a Buy
- Keefe Bruyette and Woods opened with a price target of $28 as an Outperform
- Morgan Stanley opened with a price target of $27 as an Overweight
- J.P. Morgan opened with a price target of $29 as an Overweight
- Wells Fargo opened with a price target of $24 to $26 valuation range as a Market Perform
- Bernstein opened with a price target of $25 as a Market Perform
- Barclays opened with a price target of $26 as an Equal Weight
- RBC Capital Markets opened with a price target of $22 as a Sector Perform
- Goldman Sachs opened with a price target of $25 as a Neutral
- Citigroup opened with a price target of $26 as a Neutral
- R.W. Baird opened with a price target of $25 (the week before) as a Neutral
Last Friday, the shares of the Citizens Financial Group Inc. (NYSE: CFG) closed at $23.62, up 0.77% with approximately 1.25 million shares trading hands. The range after the IPO has been $21.35-$23.92.
Last week, the Citizens Financial Group Inc. (NYSE: CFG) issued the company’s earnings report. The bank holding company declared a profit of $189 million, up by 31% rise in profits from 4144 million, ever since it came back as a public company. Income increased to $1.16 billion, up from $1.15 billion.