According to a September 18th investment report from equity research firm Sterne Agee, RBS Citizens Financial Group’s upcoming IPO is on track and looks to price between $23 and $25 per share. Sterne Agee analysts Terry McEvoy, Eric Zwick and Austin Nicholas do not rate the stock in the report, but do highlight that Citizens Financial has underperformed relative to peers for several consecutive quarters.
Details on Citizens Financial IPO
The SA report notes that assuming an IPO price of between $23.00 and $25.00 a share, shares are selling for 1.0 to 1.1 times pro forma 2Q 2014 tangible book value. As a group, U.S. Super Regional Banks are trading at around a 1.4 times tangible book value. After the IPO the firm will trade on the New York Stock Exchange under the symbol “CFG.”
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