{"id":732515,"date":"2023-02-17T06:38:09","date_gmt":"2023-02-17T11:38:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/citizens-financial-group-inc-announces-1-15-billion-increase-in-share-repurchase-authorization\/"},"modified":"2023-02-17T06:38:09","modified_gmt":"2023-02-17T11:38:09","slug":"citizens-financial-group-inc-announces-1-15-billion-increase-in-share-repurchase-authorization","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/citizens-financial-group-inc-announces-1-15-billion-increase-in-share-repurchase-authorization\/","title":{"rendered":"Citizens Financial Group, Inc. Announces $1.15 Billion Increase in Share Repurchase Authorization"},"content":{"rendered":"

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Citizens Financial Group, Inc. Announces $1.15 Billion Increase in Share Repurchase Authorization<\/b><\/p>\n

PROVIDENCE, R.I.–(BUSINESS WIRE<\/a>)–
\nCitizens Financial Group, Inc. (NYSE: CFG or the \u201cCompany\u201d) today announced that its board of directors has increased the capacity of the Company\u2019s common share repurchase program by an additional $1.15 billion. This is incremental to the $850 million of capacity remaining as of December 31, 2022 under the prior June 2022 authorization, of which $400 million will be utilized during first quarter 2023.\n<\/p>\n

\n\u201cWe are pleased to report that our board has approved a sizeable increase to our share repurchase authorization,\u201d said John Woods, Vice Chairman and Chief Financial Officer. \u201cWith this increase in authorization, we continue to expect that our total payout ratio, including common dividends, will approach 100% for 2023. Additionally, we continue to target a medium-term dividend payout ratio in the thirty-five to forty percent range. The authorization and our targeted capital return plans reflect our robust capital levels, the strength of our franchise, and confidence in our ability to deliver strong financial performance and attractive returns to shareholders, while continuing to invest across our businesses.\u201d\n<\/p>\n

\nThe Company will assess potential changes to its capital distributions as conditions warrant. Citizens\u2019 common stock repurchases may be executed in the open market or in privately negotiated transactions, including under Rule 10b5-1 plans and accelerated share repurchase and other structured transactions. Common stock dividends are subject to consideration and approval by Citizens\u2019 Board of Directors. The timing and exact amount of common share repurchases and common stock dividends will be subject to various factors, including the company\u2019s capital position, financial performance, capital impacts of strategic initiatives, market conditions, receipt of required regulatory approvals and other regulatory considerations.\n<\/p>\n

About Citizens Financial Group, Inc.<\/span><\/b><\/p>\n

\nCitizens Financial Group, Inc. is one of the nation\u2019s oldest and largest financial institutions, with $226.7 billion in assets as of December 31, 2022. 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 3,400 ATMs and more than 1,100 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<\/a> or visit us on Twitter<\/a>, LinkedIn<\/a> or Facebook<\/a>.\n<\/p>\n

Forward-Looking Statements<\/span><\/b><\/p>\n

\nThis document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cestimates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cgoals,\u201d \u201ctargets,\u201d \u201cinitiatives,\u201d \u201cpotentially,\u201d \u201cprobably,\u201d \u201cprojects,\u201d \u201coutlook,\u201d \u201cguidance\u201d or similar expressions or future conditional verbs such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d and \u201ccould.\u201d\n<\/p>\n

\nForward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:\n<\/p>\n