NEW YORK (TheStreet) -- Citizens Financial Group(CFG) - Get Report , the spinoff of Royal Bank of Scotland(RBS) - Get Report , began trading Wednesday after its IPO but failed to excite investors out of the gate.
TheStreet's Jim Cramer says they could have made this deal work if they had priced it at $18 or $19 because it would have put the stock at a discount and it would trade up. Instead, the price was $21.50, which was below the range of $23 to $25 RBS had stated earlier this month. Cramer says this price tag was in line with other regional banks, which means it is not a great opportunity.
Cramer says no one will sell shares of one regional bank to get another if it does not come at a discount to the average stocks that he or she follow. He says this is a shame because CFG is a good bank, but the pricing does not motivate him to want to buy it.