Earnings Are Growing at Citizens Financial Services (NASDAQ:CZFS) but Shareholders Still Don't Like Its Prospects
Earnings Are Growing at Citizens Financial Services (NASDAQ:CZFS) but Shareholders Still Don't Like Its Prospects
It's easy to match the overall market return by buying an index fund. Active investors aim to buy stocks that vastly outperform the market - but in the process, they risk under-performance. That downside risk was realized by Citizens Financial Services, Inc. (NASDAQ:CZFS) shareholders over the last year, as the share price declined 36%. That contrasts poorly with the market return of 14%. To make matters worse, the returns over three years have also been really disappointing (the share price is 30% lower than three years ago). And the share price decline continued over the last week, dropping some 22%.
通过购买指数基金,很容易跟上市场整体回报。而积极的投资者则希望购买远远超过市场表现的股票,但与此同时,他们面临着低于市场表现的风险。市民金融服务公司(NASDAQ:CZFS)的股东在过去一年中就已经意识到了这种下行风险,因为公司股价下跌了36%,而市场表现却为14%。更糟糕的是,过去三年的收益率也相当令人失望(股价较三年前下降了30%)。而股价下跌的势头也在过去一周持续,下跌了22%。
Since Citizens Financial Services has shed US$56m from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
鉴于市民金融服务公司在过去7天中已经损失了5600万美元,让我们看看长期下降是否是由公司的商业经济所驱动的。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
在他的文章《格雷厄姆-多德斯维尔的超级投资人》中,沃伦·巴菲特描述了股票价格并不总是理性地反映公司价值的情况。一种有缺陷但合理的评估公司情绪如何变化的方法是将每股收益(EPS)与股票价格进行比较。
During the unfortunate twelve months during which the Citizens Financial Services share price fell, it actually saw its earnings per share (EPS) improve by 30%. It could be that the share price was previously over-hyped.
在不幸的十二个月中,市民金融服务股价下跌,但它的每股收益(EPS)却提高了30%。可能是因为股价之前被过度炒作了。
The divergence between the EPS and the share price is quite notable, during the year. So it's well worth checking out some other metrics, too.
在过去的一年中,每股收益和股价之间的背离相当引人注目。因此,值得检查一些其他指标。
We don't see any weakness in the Citizens Financial Services' dividend so the steady payout can't really explain the share price drop. From what we can see, revenue is pretty flat, so that doesn't really explain the share price drop. Of course, it could simply be that it simply fell short of the market consensus expectations.
我们没有发现市民金融服务股息的任何弱点,因此稳定的股息支付不能真正解释股价下跌。从我们所看到的,营业收入基本持平,因此也不能解释股价下跌。当然,它可能仅仅是未能达到市场共识预期。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下面的图表显示了收益和营收随时间的变化情况(通过单击图像揭示确切的值)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240807/0-d1b6db23d86c13e46bc5da2f36937de4-0-b9f804f3fb078fe1c25e012b3c7b1625.png/big)
We like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. You can see what analysts are predicting for Citizens Financial Services in this interactive graph of future profit estimates.
我们喜欢看到内部人士在过去十二个月中一直在购买股份。即便如此,未来的盈利对于当前股东赚取的利润来说将更加重要。您可以在这个未来利润预测交互图表中查看分析师们对市民金融服务的预测。
What About Dividends?
那么分红怎么样呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Citizens Financial Services' TSR for the last 1 year was -34%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
考虑到股东的总收益和股价收益,对于任何一只股票都很重要。TSR是一种回报计算,它考虑了现金股息的价值(假定任何股息收到后都被再次投资)以及任何折价资本募集和剥离的计算价值。可以认为,TSR为股票所产生的回报提供了更全面的图景。恰好,在过去一年中,市民金融服务的TSR为-34%,超过了前面提到的股价回报。而并且可以猜想,股息支付很大程度上解释了这种差异!
A Different Perspective
不同的观点
Citizens Financial Services shareholders are down 34% for the year (even including dividends), but the market itself is up 14%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 2% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. If you want to research this stock further, the data on insider buying is an obvious place to start. You can click here to see who has been buying shares - and the price they paid.
市民金融服务的股东们今年已经跌了34%(即使含股息),但市场本身上涨了14%。即使是好股票的股价有时也会下跌,但在产生兴趣之前,我们需要看到企业基本指标的改善。不幸的是,去年的表现可能表明还有未解决的挑战,因为它是过去半个世纪以来平均损失2%的情况更糟糕。一般来说,长期的股价疲软可能是一个坏兆头,但持不同意见者可能希望研究这只股票,希望它能扭转局面。如果你想进一步研究这只股票,内部买入数据显然是一个开始的地方。您可以点击这里查看谁一直在购买股票-以及他们支付的价格。
Citizens Financial Services is not the only stock that insiders are buying. For those who like to find lesser know companies this free list of growing companies with recent insider purchasing, could be just the ticket.
市民金融服务并不是唯一一只内部人士在购买的股票。对于那些喜欢发现不太知名公司的人,这个最新内幕交易公司免费列表可能是最好的选择。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
请注意,本文所引述的市场回报反映了目前在美国交易所上市的股票的市场加权平均回报。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。