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Citizens Financial is scooping up bankers from First Republic. Executives say they will copy only the good parts of the failed bank.
Bill Gross, the Bond King, is back in the news this week. Last week, I detailed how Bill Gross focused on equity arbitrage opportunities while forecasting a recession.
Bank stocks are down badly this year. Borrowing costs are sky-high, cutting into net interest income.
the recent CFG share price of $22.87 represents a price-to-book ratio of 0.5 and an annual dividend yield of 7.35%
“Value ranking, looks at the price of a stock relative to intrinsic firm value. Graham Value Stocks match the criteria Benjamin Graham followed. “—YCharts Value Screener. 68 November Value large caps and Graham formula-derived results reflect established value-stock detection-criteria. Of those, 58 met the dogcatcher-Notorious-ideal of dividends from $1K invested exceeding their single-share-stock-prices. Representing eight-of-eleven Morningstar Sectors, all 58 ideal value-picks pay regular-dividends. Broker-target-top-ten net-gains ranged 38.29%-81.03%, topped by SBSW & SQM, as-of 10/23/23.
America's regional banks are reportedly hoping to get healthier by getting smaller. As The Wall Street Journal (WSJ) reported Monday (Oct. 23), these lenders are scaling back following a quarter that saw banks like KeyCorp, Truist and Citizens Financial record double-digit declines in profit.
While Citizens Financial Group operates 1,110 branches in 14 states, mostly in the eastern half of the U.S., it has now launched a private-banking unit with a coast-to-coast reach.
A fall in NII and fee income and a rise in expenses hurt Citizens Financial (CFG) Q3 earnings, while a decent deposit balance offers some support.
Citizens Financial Group (CFG) came out with quarterly earnings of $0.85 per share, missing the Zacks Consensus Estimate of $0.92 per share. This compares to earnings of $1.30 per share a year ago.
A weaker lending environment and high funding costs are likely to have affected Citizens Financials' (CFG) NII. Nonetheless, a rise in non-interest income is likely to have supported Q3 earnings.