Citizens Financial Group, Inc. - CFG STOCK NEWS

Citizens Financial Group reported an improvement in its Business Conditions Index (CBCI) to 51.0 in Q4 2024, indicating modest business expansion. The improvement was driven by strong corporate revenue trends and sustained strength in the service sector, despite challenges from severe weather events and labor strikes in automotive and aerospace sectors.

The positive momentum was supported by the Federal Reserve's interest rate cuts and reduced election-related uncertainty. While employment trends and new business growth remained neutral, robust consumer spending offset regional challenges. The ISM manufacturing component, though still contractionary for the ninth consecutive quarter, showed slight improvement from Q3.

The company, with $217.5 billion in assets as of December 31, 2024, maintains approximately 3,100 ATMs and 1,000 branches across 14 states and D.C., offering comprehensive retail and commercial banking services.

Citizens Financial Group (NYSE: CFG) has expanded its wealth management presence in southern Florida by adding a new team of experienced advisors in Naples. Led by Dustin Smith and James Rubinton, who previously managed nearly $700 million in client assets, the team brings over 60 years of combined experience specializing in wealth management solutions for high-net-worth individuals.

This expansion follows the recent addition of a wealth advisory team in Boca Raton and strengthens Citizens' presence in Florida, where the bank is focusing on adding top talent to support the region's growing population. The company, with $217.5 billion in assets as of December 31, 2024, offers comprehensive services including financial planning, investment management, estate planning, and banking solutions through its Private Wealth and Private Bank divisions.

Citizens Financial Group (NYSE: CFG) has announced its participation in the upcoming UBS Financial Services Conference 2025. The company's Vice Chair and Chief Financial Officer John Woods will be presenting at the conference on Tuesday, February 11, 2025 at 12:10 pm ET.

Interested parties can access the live webcast of the presentation through Citizens Financial Group's investor relations website at http://investor.citizensbank.com under the Events & Presentations section.

Citizens Financial Group (CFG) reported Q4 2024 net income of $401 million and EPS of $0.83, with underlying net income of $412 million and EPS of $0.85. The company achieved full-year 2024 net income of $1.5 billion and EPS of $3.03, with underlying EPS of $3.24.

The bank maintained strong financial metrics with a CET1 ratio of 10.8% and loan-to-deposit ratio of 79.6%. The Private Bank division reached significant milestones with $7 billion in deposits, $3.1 billion in loans, and $4.7 billion in assets under management.

The board declared a quarterly dividend of $0.42 per share, payable on February 14, 2025. As of December 31, 2024, Citizens reported total assets of $217.5 billion and maintains approximately 1,000 branches across 14 states and DC.

Citizens Bank announced the early redemption of its outstanding $350 million Fixed/Floating Rate Senior Notes. The notes, originally due January 26, 2026, will be redeemed on January 27, 2025. The redemption price will be 100% of the principal amount plus any accrued and unpaid interest up to the redemption date. After January 27, 2025, the notes will cease to be outstanding, and no further interest will accrue. The redemption payment will be processed through The Depository Trust Company.

Citizens Financial Group (NYSE: CFG) has released its 2025 M&A Outlook, revealing dealmaker sentiment at a five-year high with 54% of decision-makers viewing the current M&A environment as strong. The survey of 400 middle-market companies and private equity firms shows increased optimism, with 57% expecting U.S. economic improvement.

Private equity firms are particularly optimistic, with 68% viewing the M&A environment as strong, up from 52% last year. The seller pool has expanded significantly, with 73% of middle-market companies identifying as potential sellers, compared to 63% last year. Key trends include growing openness to partial sales, increased interest in AI capabilities acquisition, and higher consideration of international deals, with 74% of PE firms more likely to consider investments outside the U.S.

Citizens Financial Group (NYSE: CFG) has announced its upcoming fourth quarter and full year 2024 earnings conference call, scheduled for January 17, 2025, at 9:00 AM ET. The company will release its earnings report and supplemental materials on the same day, which will be accessible through their investor relations website.

Interested parties can participate in the conference call by dialing 800-369-1703 with conference ID 1679767. A live webcast will be available on the company's investor website. For those unable to attend, a replay will be accessible from 12:00 PM ET on January 17 through February 17, 2025.

Citizens Financial Group (NYSE: CFG) has announced that its subsidiary, Citizens Bank, will reduce its prime lending rate by 25 basis points, from 7.75% to 7.50%. The new rate will take effect on Thursday, December 19, 2024. This adjustment in the prime rate, which serves as a benchmark for various consumer and commercial loan products, reflects changes in the broader interest rate environment.

Citizens Financial Group (NYSE: CFG) announced that Chairman and CEO Bruce Van Saun will participate in the Goldman Sachs U.S. Financial Services Conference. The event is scheduled for Tuesday, December 10, 2024, at 10:00 am ET. Interested parties can access the live webcast through the company's investor relations website under the Events & Presentations section.