Citizens Financial rises after Q2 profit jump

Shares of regional bank Citizens Financial Group (CFG.N) rose 1.2% to $71.9 in premarket trading after the company posted a quarterly net profit of $587 million, or $1.30 per share, versus $436 million, or 92 cents per share, a year earlier.

Q2 capital markets fees surged 45.7% to $153 million, while wealth fees jumped about 16% to $102 million from the year earlier.

Analysts at RBC Capital Markets said the results were driven by a lower-than-expected provision for credit losses, higher-than-expected noninterest income and net interest income.

Sixteen of 19 analysts rate the stock "strong buy" or "buy" and three "hold"; their median price target is $77.5, according to data compiled by LSEG.

As of the last close, the stock was up 21.7% year to date.