Citizens Financial Group (CFG) Increases Share Buyback by $1.15B

February 17, 2023 6:36 AM EST

Citizens Financial Group, Inc. (NYSE: CFG) today announced that its board of directors has increased the capacity of the Company’s 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.

“We are pleased to report that our board has approved a sizeable increase to our share repurchase authorization,” said John Woods, Vice Chairman and Chief Financial Officer. “With 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.”

The Company will assess potential changes to its capital distributions as conditions warrant. Citizens’ 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’ 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’s capital position, financial performance, capital impacts of strategic initiatives, market conditions, receipt of required regulatory approvals and other regulatory considerations.

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