Citizens Finl Group Inc Stock Price, News & Analysis

Citizens Financial Group (NYSE: CFG) has declared dividends on its preferred stock, payable on October 6, 2022. Preferred shareholders of record by September 21, 2022 will receive:

• $15.9375 per share for Series C
• $15.875 per share for Series D
• $12.50 per share for Series E
• $14.125 per share for Series F
• $10.00 per share for Series G

This reinforces CFG's commitment to returning value to its shareholders.

Citizens Financial Group (CFG) announced the redemption of all its outstanding 6.50% Fixed-to-Floating Rate Subordinated Notes due October 1, 2027, effective September 29, 2022. The redemption price will be 100% of the principal plus any accrued interest up to the redemption date. This decision follows CFG's recent acquisition of Investors Bancorp. The bank, headquartered in Providence, Rhode Island, operates with assets totaling $226.7 billion as of June 30, 2022, offering a wide range of banking products and services across multiple states.

Citizens Financial Group, Inc. (NYSE: CFG) announced the pricing of $800 million in 4.575% fixed/floating rate senior notes due 2028. The net proceeds will be allocated for general corporate purposes. The offering is expected to close on August 9, 2022. These notes are part of Citizens Bank, N.A.'s $10 billion Global Bank Note Program and are not insured deposits. The offering involves risks, including potential loss of principal. Barclays, Credit Suisse, J.P. Morgan, Morgan Stanley, and Citizens Capital Markets are joint book-running managers for this issuance.

Citizens Financial Group, Inc. has raised its prime lending rate from 4.75% to 5.50%, effective July 28, 2022. This adjustment reflects current market conditions and aims to align with the Federal Reserve's monetary policy. Citizens Bank, a part of Citizens Financial Group, serves a diverse clientele, offering various retail and commercial banking services. As of June 30, 2022, the company reported $226.7 billion in assets, underscoring its significant presence in the financial sector.

Citizens disclosed that its national Business Conditions Index (CBCI) fell to 52.9 in Q2 2022, down from 59.5 in Q1, yet still above the growth threshold. Consumer inflation reached an annual 9.1%, prompting two rate hikes by the Federal Reserve. The Treasury market signals potential recession, as consumer sentiment declines. Despite cooling, business activity remains stable, supported by pent-up demand. The report noted mixed signals, with three index components contributing positively, while new business formation applications decreased. Employment trends remained neutral amid recession fears.

Citizens has partnered with the New York Giants as their official bank, enhancing brand visibility through various marketing initiatives at training camps and games. Additionally, Citizens is the presenting partner of the New Jersey Devils and Prudential Center, where signage and promotional activities will be featured. Following its expansion into the NYC metro area and acquisition of Investors Bank, Citizens plans community programs focused on local needs. The bank currently manages over $226.7 billion in assets, highlighting its significant presence in the financial sector.

Citizens Financial Group (NYSE: CFG) reported strong Q2 2022 results with an underlying net income of $595 million and EPS of $1.14. The acquisition of Investors Bancorp was completed, contributing to robust loan growth despite inflationary pressures. The company announced an 8% dividend increase to $0.42 per share, payable on August 16, 2022. Additionally, the board authorized a $1 billion stock repurchase. Overall, Citizens maintains a strong capital and liquidity position.

Citizens Financial Group, Inc. (NYSE: CFG) has entered a definitive agreement to acquire select assets and liabilities of Paladin Advisors, a New Hampshire-based independent investment advisor. This strategic acquisition aims to enhance Citizens' wealth management capabilities and expand its geographical presence. The deal is expected to close in Q3 2022, integrating Paladin's unique asset allocation strategies into Citizens' existing wealth management framework. The acquisition aligns with Citizens' goals of providing tailored financial services and expanding its client offerings.

Citizens Financial Group has released its 2021 Corporate Responsibility Report, titled Creating a Brighter Tomorrow, showcasing its achievements in environmental, social, and governance (ESG) initiatives. The company announced its membership in the Partnership for Carbon Accounting Financials (PCAF), focusing on measuring greenhouse gas emissions related to loans and investments. Citizens aims to reduce Scope 1 and 2 emissions by 30% by 2025 and 50% by 2035, and it plans to release its first climate report aligned with the Task Force on Climate-Related Financial Disclosures (TCFD) later this year.