When talking about any bank, it’s important to remember that current bank sector valuations are far below normal and sentiment is lousy, as investors worry about the impact of the confluence of tight spreads, weak loan demand, rising credit costs, and limited expense leverage. Given all that, it may well not be until late next year before banks start trading on recovery prospects.
Even so, I continue to believe that Citizens Financial (CFG) is just too cheap at a double-digit discount to book value, particularly in the context of upside potential from balance