Citizens Financial Group, Inc. Declares Dividends on Preferred Stock

Rhea-AI Summary

Citizens Financial Group, Inc. (NYSE: CFG) declared dividends on its preferred stock, with various rates for different series, payable on July 8, 2024. The company, with $220.4 billion in assets, offers a wide range of financial products and services to consumers and businesses. Citizens focuses on tailored solutions, including mobile and online banking, with numerous branches and ATMs across 14 states and D.C. In Commercial Banking, the company provides lending, treasury management, and capital markets services.

Positive

• Citizens Financial Group, Inc. declared dividends on its preferred stock, indicating financial stability and ability to provide returns to shareholders.

• The company has a substantial asset base of $220.4 billion as of March 31, 2024, showcasing its strong financial position.

• Citizens Financial Group offers a broad range of financial products and services to individuals, businesses, and institutions, catering to various customer segments.

• In Consumer Banking, the company provides an integrated experience with mobile and online banking, a customer contact center, and a large network of branches and ATMs, enhancing customer convenience.

• Citizens Financial Group's Commercial Banking division offers a comprehensive suite of financial solutions, including lending, treasury management, and capital markets services, meeting the diverse needs of corporate clients.

Negative

• The declaration of dividends on preferred stock may lead to reduced funds available for other internal investments or acquisitions, potentially limiting the company's growth opportunities.

• If the company faces financial challenges in the future, maintaining the current dividend rates on preferred stock may become unsustainable, impacting shareholder returns.

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens Financial Group, Inc. (NYSE: CFG) announced that its board of directors has declared the following dividends on its preferred stock payable on July 8, 2024, to preferred shareholders of record at the close of business on June 21, 2024:

• a quarterly cash dividend of $21.65408194 per share on CFG’s 6.000% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B (CUSIP No. 174610AP0);
• a quarterly cash dividend of $22.52782917 per share on CFG’s 6.375% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C (CUSIP No. 174610AQ8);
• a quarterly cash dividend of $23.7807460 per share ($0.59451865 per each depositary share, each representing a 1/40th interest in a share of the preferred stock) on CFG’s 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (CUSIP No. 174610204);
• a quarterly cash dividend of $12.50 per share ($0.3125 per each depositary share, each representing a 1/40th interest in a share of the preferred stock) on CFG’s 5.000% Fixed-For-Life Non-Cumulative Perpetual Preferred Stock, Series E (CUSIP No. 174610402);
• a quarterly cash dividend of $14.125 per share on CFG’s 5.650% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F (CUSIP No. 174610AU9); and
• a quarterly cash dividend of $10.00 per share on CFG’s 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G (CUSIP No. 174610BD6).

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $220.4 billion in assets as of March 31, 2024. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X (formerly Twitter), LinkedIn or Facebook.

CFG-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507269295/en/

Media: Peter Lucht — 781.655.2289

Investors: Kristin Silberberg — 203.900.6854

Source: Citizens Financial Group, Inc.

FAQ

What dividends did Citizens Financial Group, Inc. declare on its preferred stock?

Citizens Financial Group, Inc. declared dividends on various series of preferred stock, including cash dividends ranging from $10.00 to $23.7807460 per share, payable on July 8, 2024.

What is the asset base of Citizens Financial Group, Inc. as of March 31, 2024?

As of March 31, 2024, Citizens Financial Group, Inc. had assets totaling $220.4 billion, reflecting the company's substantial financial strength.

What banking services does Citizens Financial Group, Inc. offer?

Citizens Financial Group offers a wide range of retail and commercial banking products and services, including banking, lending, savings, wealth management, and small business offerings to various customer segments.