Citizens Finl Group Inc Stock Price, News & Analysis

Citizens has announced a $10 million commitment over the next two years to support workforce development programs. This initiative aims to strengthen talent pipelines and drive economic growth across Citizens' footprint. The funding will support nonprofits working to enhance access to educational and career opportunities, addressing the changing demands of the modern economy.

Key partnerships include a $1.6 million expansion of Citizens' Community College Accelerator program with Education Design Lab across multiple cities, and a $600,000 grant to launch the Brooklyn Youth Offshore Wind Training Program. The bank's recent teen workforce development survey, conducted with Junior Achievement, highlights the need for expanded upskilling programs.

Citizens Financial Group (NYSE: CFG) has appointed Christopher Schnirel as Controller and Chief Accounting Officer, effective October 21, 2024. Schnirel brings over 20 years of leadership experience in financial services, most recently serving as Senior Vice President and Assistant Controller at Huntington Bancshares Inc. for 12 years. There, he led various controllership functions including SEC reporting, regulatory reporting, and accounting policy.

Prior to Huntington, Schnirel held senior accounting positions at HSBC North America and began his career at PricewaterhouseCoopers LLP. He succeeds Jack Read, who left Citizens in August for a career outside banking. John Woods, Vice Chair and CFO of Citizens, expressed confidence in Schnirel's ability to maintain high standards in financial reporting and controls while supporting the company's strategic agenda.

Citizens Financial Group (CFG) has announced new sponsorships in Boston's live entertainment industry, becoming the Official Bank of the MGM Music Hall at Fenway and the presenting sponsor of CollegeFest Boston. These partnerships aim to provide unique experiences for Citizens' customers, including exclusive ticket offerings and VIP events. To celebrate, Citizens is hosting a two-week 'Citizens Live on Tour' roadshow from September 16-30, offering fans chances to win free tickets to upcoming shows.

The bank now supports six concert venues, hosting over 800 shows annually and attracting more than 1 million concertgoers. Since launching Citizens Live in 2019, customers have purchased over 50,000 presale tickets to shows at sponsored venues. These initiatives reinforce Citizens' commitment to supporting live music and entertainment in Boston.

Citizens Financial Group (NYSE: CFG) has declared dividends on its preferred stock, payable on October 7, 2024, to shareholders of record as of September 20, 2024. The dividends cover six series of preferred stock, with quarterly cash dividends ranging from $10.00 to $27.24652778 per share. CFG, one of the nation's oldest and largest financial institutions, reported $219.9 billion in assets as of June 30, 2024. The company offers a wide range of retail and commercial banking products and services, with a presence in 14 states and the District of Columbia, including approximately 3,300 ATMs and over 1,000 branches.

Citizens Financial Group (NYSE: CFG) has announced its participation in the Barclays 22nd Annual Global Financial Services Conference. The event will feature Chairman and CEO Bruce Van Saun on Monday, September 9, 2024, at 9:45 am ET.

Investors and interested parties can access a live webcast of the presentation through the company's investor relations website. This conference provides an opportunity for Citizens Financial Group to showcase its strategies and financial performance to a global audience of financial industry professionals and investors.

The participation of CFG's top executive in this prestigious event highlights the company's commitment to transparency and engagement with the investment community.

College Raptor, Citizens' college planning platform, has released its tenth annual 'Best Colleges' rankings for 2025. The rankings analyze schools based on selectivity, financial health, academic rigor, and student success. This year's list introduces new categories for in-demand programs like AI and Nursing. The rankings cover 50 Best Colleges Nationally and 25 colleges across 19 additional categories.

Notable categories include:

• 50 Best Colleges Nationally (Top 3: Princeton, Harvard, MIT)
• Best Colleges for AI (Top 3: Georgia Tech, Carnegie Mellon, Stevens Institute)
• Best Colleges for Nursing (Top 3: Emory, Molloy, University of Portland)
• Best D2 and D3 Colleges

The rankings aim to help students select colleges for future careers in sought-after industries. Citizens also offers comprehensive resources, including student loans, to support students and families throughout their educational journey.

The Citizens Business Conditions Index™ (CBCI) rose to 52.2 in Q2 2024, indicating expanding economic momentum. This increase was primarily driven by higher company revenue and the prospect of easing monetary policy. Key findings include:

- Strong revenue trends across most industries after a soft Q1
- Labor market and new business growth showing signs of rebalancing
- ISM non-manufacturing component remained expansionary but declined
- ISM manufacturing component contractionary for the seventh consecutive quarter
- Employment trends remained resilient
- New business applications neutral but elevated compared to pre-pandemic levels

The index suggests a business environment adapting to sustained higher rates, with potential for greater expansion as monetary policy eases.

Citizens Financial Group (NYSE: CFG) reported Q2 2024 net income of $392 million and EPS of $0.78. Underlying net income was $408 million with EPS of $0.82. The company maintained a CET1 ratio of 10.7% and a loan-to-deposit ratio of 80.4%.

Highlights include strong fee performance across Capital Markets, Wealth, and Card segments, excellent deposit trends, and good expense discipline. The Private Bank reached $4.0 billion in deposits and $3.6 billion in assets under management.

Citizens declared a quarterly dividend of $0.42 per share, payable on August 14, 2024. The company reaffirmed its full-year guidance and medium-term targets. Total assets stood at $219.9 billion as of June 30, 2024.

Citizens Financial Group (NYSE: CFG) has announced a preliminary Stress Capital Buffer (SCB) of 4.5%, effective October 1, 2024, following the Federal Reserve's stress test results. The company expects its CET1 ratio for Q2 2024 to be about 160 basis points above the regulatory minimum of 9.0%, showcasing its capital strength. Additionally, the board has increased the common share repurchase program to $1.25 billion, an increase of $656 million. This reflects confidence in the company’s financial performance and commitment to delivering attractive returns to shareholders.