Citizens Financial Group Inc. (NYSE: CFG) shares rose in value Thursday Dec 1 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks opened with slight gains on Thursday.
The Dow Jones Industrial Average DJIA, +0.31% rose 38.22 points, or 0.2%, to 19,174, while the S&P 500 SPX, +0.01% added 2.1 points to 2,202, a rise of 0.1%.
The Nasdaq Composite Index COMP, -0.32% rose less than 1 point to 5,323, essentially unchanged on the day.
Analysts at Zacks Investment Research upgraded shares of Citizens Financial Group Inc. (NYSE: CFG) from Hold to Buy today. The company currently has a rating of Buy on the stock. A number of other analysts have issued reports on the company recently, and Citizens Financial Group Inc. has secured a consensus one-year price target of $31.14, lower than the opening price of $33.87, a difference of 9.16 percent. Citizens Financial Group Inc. stock has a 52-week high of $34.35. Share prices often move to the upside on recommendations and new price targets of professional brokerage firms.
Shares of Citizens Financial Group Inc. (NYSE: CFG) opened at $33.87 on Tuesday and has traded in a range between, $33.83 and $34.35, and last traded at $33.98, which represents a spike of $0.47 or 1.40% from the previous closing price.
Citizens Financial Group Inc. (NYSE: CFG) currently has a market cap of 17.61B.
Citizens Financial Group Inc. (NYSE: CFG) Average Daily Trading Volume
901,214 shares traded hands yesterday, lower than normal, out of a total float 516,500,000. Trading volume is likely to increase in the next few days as momentum traders often use increases in trading volume to identify heavy volume aggregation or dissemination by institutional investors.
As with all possible breakouts, investors look for volume to be at least 40%-50% above normal on the breakout to demonstrate that fund managers and other professional investors are jumping in.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have substantial teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you are researching.
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 spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
With that in mind, Citizens Financial Group Inc. (NYSE: CFG) now has a 50-day MA of $27.85 and 200-day MA of $24.08. It has traded in a 52-week range between $18.04 – 34.35 and today’s last price is 1.08%% lower than the 52 week high of $34.35.
Earnings growth is a crucial factor to consider when investing in stocks and investors identify companies that have been successful at growing their earnings by at least 25% for a 3 year period.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.