Citizens Finl Group Inc Stock Price, News & Analysis

Citizens Financial Group, Inc. (NYSE: CFG) reported a strong third quarter 2022, posting underlying net income of $669 million and an EPS of $1.30. The bank benefitted from higher interest rates, maintaining deposit costs and achieving growth in net interest margins and income. The board declared a quarterly dividend of $0.42 per share, payable on November 16, 2022. The company continues to integrate its New York Metro acquisitions effectively while keeping favorable credit metrics.

Citizens has launched a Carbon Offset Deposit Account, allowing corporate clients to acquire carbon offsets via deposit credits. This initiative supports businesses in their transition to a lower carbon economy and complements their existing Green Deposits offering. The program ensures that all carbon offsets are verified and sourced from high-quality projects. Furthermore, complimentary carbon emissions estimates are available to help clients assess their emissions and identify reduction strategies. Citizens underscores its commitment to sustainability and responsible citizenship in its operations.

Citizens has launched CitizensPlus, a new benefits package for account holders, enhancing customer value across banking services. The offering includes credit card rewards, lending discounts, and up to $2,000 match for new Wealth Management clients. Furthermore, the bank is set to introduce Citizens Private Client, an expanded wealth management service, with plans to hire over 200 new Financial Advisors. With $226.7 billion in assets, Citizens aims to provide tailored advice and flexible solutions for long-term customer empowerment.

Citizens Financial Group, Inc. (NYSE: CFG) announced an increase in its prime lending rate from 5.50% to 6.25%, effective September 22, 2022. This adjustment reflects the institution's response to changing economic conditions. Citizens Bank, N.A., part of Citizens Financial Group, continues to serve a diverse clientele, encompassing individuals and businesses through a comprehensive range of banking products and services. As of June 30, 2022, the company reported total assets of $226.7 billion.

Citizens has entered into a power purchase agreement with Ørsted to support the construction of the Sunflower Wind Project, aimed at matching 100% of its power consumption with renewable energy credits. This 200-MW facility in Marion County, Kansas is expected to power approximately 96,000 homes annually. Citizens will acquire 25.8 MW from this project, which is anticipated to create at least 200 jobs during construction and generate significant property tax revenue without increasing local infrastructure demands.

Citizens Financial Group (NYSE: CFG) has entered into a definitive agreement to acquire College Raptor, Inc., a college planning platform based in Iowa City. This acquisition aims to enhance Citizens' engagement with prospective students and their families, providing personalized advice during the college search process. College Raptor, which helps students find colleges fitting their academic and financial profiles, will operate as a wholly-owned subsidiary post-acquisition. The deal is expected to close in the fourth quarter of 2022.

Citizens Financial Group has renewed its partnership with Feeding America for the fifth consecutive year, contributing over $1 million to combat hunger. This funding focuses on equitable access grants aimed at aiding BIPOC communities facing food insecurity. The initiative, part of the bank's broader effort, has already provided 16.3 million meals in 2021. Additionally, Citizens will host a virtual food drive during Hunger Action Month, matching donations up to $20,000.

Citizens Financial Group has announced a significant three-year personal gift from chairman and CEO Bruce Van Saun and his wife, Katie, to the Kenan Institute of Private Enterprise. This funding will support the addition of five Distinguished Fellows focusing on key business challenges starting in 2023. The initiative aims to enhance thought leadership around pressing issues, fostering collaboration among stakeholders. The Institute currently leads a pilot program on stakeholder capitalism and ESG investing, and the new funding will extend their research and programming efforts.

Citizens Financial Group (NYSE: CFG) announced that its Chairman and CEO, Bruce Van Saun, will speak at the Barclays Global Financial Services Conference on September 12, 2022, at 9:45 am ET. The event will be available via a live webcast on the company's investor relations website. Citizens Financial Group, headquartered in Providence, Rhode Island, has $226.7 billion in assets as of June 30, 2022, and offers a wide range of banking services across 14 states and the District of Columbia.