Citizens Financial Group, Inc. - CFG STOCK NEWS

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.

Citizens Financial Group (NYSE: CFG) announced the hiring of Michael Walker to lead its middle-market team in California. Walker, based in San Francisco, brings over 45 years of banking experience, including previous leadership roles at City National Bank and U.S. Bank. Steve Woods, head of corporate banking at Citizens, highlighted Walker's extensive relationships and leadership skills as key factors in accelerating growth in California. Citizens aims to enhance its presence with nearly 270 colleagues in the state, providing top-tier solutions to businesses and residents. Walker will join other leaders such as Mark Lehmann and David Musicant, following recent strategic hires in wealth management to bolster their Northern California operations.

Citizens Financial Group (NYSE: CFG) will release its second quarter 2024 earnings report on July 17, 2024. The news release and supplemental materials will be accessible via their investor relations website. To discuss the earnings results, CFG management will host a live conference call at 9:00 am ET the same day.

Participants can join the call by dialing 877-692-8955 with the conference ID 6961859. A live webcast will also be available online. For those unable to attend, a replay of the conference call will be available from 12:00 pm ET on July 17 through August 17, 2024, by dialing 866-207-1041 with access code 5396445. The webcast replay will be accessible on the company’s investor relations page.

Citizens Financial Group (NYSE: CFG) has appointed Don McCree as Senior Vice Chair. McCree, previously Head of Commercial Banking, has been recognized for his leadership since 2015. CEO Bruce Van Saun praised McCree's role in expanding the Commercial Bank and fostering a customer-centric culture. McCree's responsibilities include overseeing Corporate and Investment Banking, Commercial Lending, Real Estate, and more. He joined Citizens in 2015 from JPMorgan Chase, where he held various senior roles over 31 years.

Citizens Financial Group (NYSE: CFG) has rescheduled its third quarter 2025 results conference call to 9:00 a.m. Eastern Time (ET) on Wednesday, October 15, 2025. The financial results will be released at approximately 6:20 a.m. ET on the same day. Investors and interested parties can access the press release at the company's investor relations website, http://investor.citizensbank.com.

Citizens Financial Group (NYSE: CFG) announced that John Woods, Vice Chair and Chief Financial Officer, will participate in the Morgan Stanley U.S. Financials, Payments & CRE Conference. The event is scheduled for Monday, June 10, 2024, at 11:00 am ET. A live webcast of the conference will be available on the company's investor relations website under Events & Presentations.

Citizens Financial Group (NYSE: CFG) announced the redemption of 12,000,000 depositary shares representing interests in its Series D Preferred Stock on July 8, 2024. Each Depositary Share represents a 1/40th interest in a share of the 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D. The redemption price is set at $25 per Depositary Share, or $1,000 per share of Series D Preferred Stock. Post-redemption, no dividends will accrue on the Series D Preferred Stock. The regular quarterly dividend will still be paid separately on July 8, 2024. Shareholders should contact their brokers for further details about the redemption process facilitated by Computershare. Citizens Financial Group, headquartered in Providence, Rhode Island, is one of the largest financial institutions in the U.S., offering a wide range of retail and commercial banking services.

A recent survey by Citizens reveals that a significant portion of Americans, including Millennials and Gen Z, are unprepared to manage the upcoming 'Great Wealth Transfer,' with Baby Boomers set to pass on $84 trillion in assets.

The survey found that 72% of Americans lack the financial confidence to handle large sums of money, and over half of younger generations have received poor financial advice in the past. Notably, 61% of Americans would seek professional financial advice if they received a large inheritance, though this tendency decreases with younger generations.

SMB owners also show a lack of confidence in managing windfalls, with 69% feeling unprepared and many having suffered from poor advice, leading to revenue loss and increased debt. The survey underscores the importance of experienced financial advisors in helping Americans and SMBs navigate significant financial changes.