Citizens Financial Raises Share Repurchase Authorization By $1.15 Bln

(RTTNews) - Citizens Financial Group, Inc. (CFG) said on Friday that it has raised its share repurchase authorization by an additional $1.15 billion.

This is an increment to the $850 million remaining as of December 31, 2022 under the June 2022 authorization. Out of which, the company intends to utilize $400 million in the first quarter of 2023.

John Woods, CFO of Citizens Financial, said: "…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."