Citizens Financial Group Inc. (NYSE: CFG) shares rose on Wednesday Nov 30 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.
Meanwhile, the Dow Jones Industrial Average hit an intraday record after opening higher Wednesday, led by the energy sector as hopes rose that the world’s major oil producers are near a deal on limiting output.
The benchmark S&P 500 and Dow were on track to post their largest monthly gains since March.
The S&P 500 SPX, +0.22% gained 5 points, or 0.2%, to 2,209. The Dow Jones Industrial Average DJIA, +0.41% added 62 points, or 0.3%, to 19,184, trading in record territory. The Nasdaq Composite COMP, -0.08% was 7 points, or 0.1%, higher at 5,386.
Citizens Financial Group Inc. (NYSE: CFG) had its price target increased by equities researchers at Wedbush from $31.00 to $34.00. Wedbush currently has a rating of Neutral on the stock. A number of other analysts have commented on the stock in recent days, and Citizens Financial Group Inc. has earned a consensus one-year price target of $29.95, a decrease compared to the opening price of $33.05, a difference of 8.99 percent. Citizens Financial Group Inc. stock has a 52-week high of $33.50.
Citizens Financial Group Inc. (NYSE: CFG) shares last traded at $33.31, a spike of $0.92 or 2.84% from the previous closing price. Opening at $33.05, they ranged from $33.05 and $33.50 throughout the day.
Citizens Financial Group Inc. (NYSE: CFG) now has a market cap of 17.26B.
Citizens Financial Group Inc. (NYSE: CFG) Average Daily Trading Volume
The stock’s average daily volume is 5,970,030 shares out of a total float 516,500,000 and some 1,060,938 shares traded hands yesterday, below the average. Trading volume is likely to increase in the next few days as swing traders often use upticks in trading volume to pinpoint large volume aggregation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to affirm a trend. So market traders will continue to watch for institutional sponsorship as a cue that financial institutions are moving forward.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that research thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
Citizens Financial Group Inc. (NYSE: CFG) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
Trades for Citizens Financial Group Inc. (NYSE: CFG) have ranged from $18.04 – 33.50, and the stock now has a 50-day MA of $27.85 and 200-day MA of $24.08. Today’s last price is 0.57%% under the 52 week high of $33.50.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors watch for companies that have been successful at growing their earnings by at least 25% for the past 3 years.
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