Citizens Financial Group Inc. (NYSE: CFG) shares rose in early trade today on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile stocks opened fat this morning as investors wait on the minutes from the Federal Reserve’s latest policy meeting, which may confirm expectations for a December rate hike.
The S&P 500 was up 2 points, or 0.1%, to 2,138. The Dow Jones Industrial Average was flat at 18,128. The Nasdaq Composite began the session unchanged at 5,247.
Citigroup Inc. analysts reiterated its Buy rating on Citizens Financial Group Inc. (NYSE: CFG) in a note to investors, making it one of the more closely watched stocks on Wall Street. With a rating of Buy on the stock, the company has a 52-week high of $27.17. As a means of comparison, a number of other analysts have spoken on the stock recently, and the company has earned a consensus one-year price target of $26.93, above the opening price of $24.99. Stock prices sometimes get a boost to the upside when analysts reiterate coverage.
Citizens Financial Group Inc. (NYSE: CFG) shares last traded at $25.41, an increase of $0.45 or 0.02 over the previous closing price. Opening at $24.99, they fluctuated from $24.95 and $25.42 throughout the day.
Citizens Financial Group Inc. (NYSE: CFG) currently has a market cap of 13.20B.
Citizens Financial Group Inc.Trading Volume
The stock’s average daily volume is 5,326,010 shares out of a total float 517,844,000 and some 486,605 shares traded hands yesterday, below the norm. Trading volume is likely to increase in the next few days as momentum traders often use upticks in trading volume to identify large volume accumulation or dissemination by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% above normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain teams of analysts that investigate thousands of stocks, so it is good validation to see them taking a postion in a stock you’re researching.
Citizens Financial Group Inc. 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 spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, Citizens Financial Group Inc. (NYSE: CFG) now has a 50-day MA of $24.54 and 200-day MA of $22.69. It has traded in a 52-week range between $18.04 – 27.17 and today’s last price is 0.06% lower than the 52 week high of $27.17.
Earnings growth is a critical factor to consider when investing in stocks and investors identify companies that have increased their earnings by at least 25% over the past 3 years.
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