Citizens Finl Group Inc Stock Price, News & Analysis

Citizens announced a partnership with BJ’s Wholesale Club to offer consumer financing through Citizens Pay. This service will allow BJ's members to finance large purchases such as televisions and appliances with low monthly payments. The launch will occur in Q1 2021 for online orders and expand to in-club purchases via the BJ’s Mobile App in Q2. Citizens Pay aims to enhance the shopping experience for consumers with easy financing options. Citizens has originated over $6.4 billion in loans since launching this program, serving more than 5 million accounts.

A survey by Citizens indicates that merger and acquisition (M&A) activity will likely increase in 2021 due to improving public health and anticipated capital gains tax hikes. Despite a general decrease in economic optimism, 55% of business leaders are confident in their own corporate outlooks. Key drivers include the ongoing vaccine rollout and favorable valuations. About 60% of executives expect M&A to boost corporate growth. However, confidence in deal completion has dropped significantly, highlighting a need for stronger partnerships in M&A processes.

Citizens Financial Group reported its fourth quarter and full year 2020 financial results, highlighting strong return on capital as credit costs normalize. The board declared a dividend of $0.39 per share, payable on February 17, 2021. Additionally, the company authorized a stock repurchase program of up to $750 million starting in Q1 2021. With $183.3 billion in assets, Citizens is well-positioned to benefit from economic recovery in 2021, according to CEO Bruce Van Saun.

Citizens Financial Group (CFG) has initiated offers to exchange five series of its outstanding subordinated notes for new subordinated notes. The offers, set to expire on February 9, 2021, include a total consideration for eligible holders, which can be enhanced by an Early Participation Premium if accepted by January 26, 2021. Eligible holders are defined as qualified institutional buyers or non-U.S. persons. The new notes will mature on February 11, 2031. The Exchange Offers are subject to certain conditions, and any questions can be directed to the Information Agent and Exchange Agent.

Citizens has expanded its national point-of-sale offering, now branded as Citizens Pay, providing merchants with flexible payment options. According to Andrew Rostami, the platform enhances sales and consumer loyalty through easy financing for large purchases. Citizens Pay allows repeat purchases without new credit applications and is easy to integrate for merchants. With over $6.4 billion in loans originated, Citizens aims to further penetrate various retail sectors including health, fitness, home improvement, and education.

Citizens Financial Group, Inc. (NYSE: CFG) is set to announce its fourth quarter and full year 2020 earnings on January 20, 2021. The earnings release and supplemental materials will be accessible via their investor relations website. A live conference call will take place at 8:00 am ET on the same day, where stakeholders can dial in or join via a webcast. Citizens Financial, with $179.2 billion in assets as of September 30, 2020, provides an extensive array of retail and commercial banking services across the U.S.

Citizens Financial Group (NYSE: CFG) announced the results of its 2020 Capital Plan resubmission and December 2020 Stress Test. The results surpassed all capital requirements under severe stress scenarios. Citizens maintains its quarterly common dividends while demonstrating strong pre-provision net revenue (PPNR) of 3.9% for the first nine months of 2020, surpassing the Federal Reserve's modeled outcome of 2.0%. The company emphasizes its resilient performance amid the pandemic and plans to leverage its strong capital position to support clients and shareholders.

Citizens Financial Group (NYSE: CFG) announced the appointment of Radha Suvarna as Head of Enterprise Payments Innovation and Strategy, effective February 4, 2021. A former Citibank executive, Suvarna aims to enhance the bank's payments strategy to improve customer experience. He brings extensive experience in digital payments, having previously led initiatives that drove revenue growth at Citibank. His new role focuses on assessing market opportunities and ensuring a unified payments strategy, fostering innovation in real-time payments.

Citizens Financial Group (NYSE: CFG) appointed Christopher Swift and Lee Alexander to its board of directors, effective February 1, 2021. Swift, CEO of The Hartford, will join the Risk Committee, while Alexander, CIO of The Clearing House, will join the Audit Committee. The board will increase to 14 members before reducing back to 13 in April, as Howard Hanna retires due to age considerations. CEO Bruce Van Saun expressed gratitude for Hanna's contributions and emphasized the new appointments as a strategy to drive shareholder value.