PROVIDENCE, R.I. - Citizens Financial Group, Inc. (NYSE: NYSE:CFG) has announced the appointment of Christopher Schnirel as its new Controller and Chief Accounting Officer, effective October 21, 2024. The announcement comes after the departure of the previous officeholder, Jack Read, in August 2024.
Schnirel joins Citizens with a wealth of experience, having served as Senior Vice President and Assistant Controller at Huntington Bancshares (NASDAQ:HBAN) Inc. In his 12 years at Huntington, he was responsible for a range of key financial functions, including SEC and regulatory reporting, as well as accounting policy. His background also includes senior accounting roles at HSBC North America and an early career foundation at PricewaterhouseCoopers LLP.
John Woods, Vice Chair and Chief Financial Officer of Citizens, expressed confidence in Schnirel's capabilities, citing his over 20 years of leadership experience in financial services as a valuable asset for the company. Woods emphasized the importance of Schnirel's role in upholding Citizens' high standards of financial reporting and controls, as well as his contribution to the strategic agenda of the institution.
Citizens Financial Group is one of the oldest and largest financial entities in the United States, with $219.9 billion in assets as of June 30, 2024. The company operates approximately 1,000 branches and 3,300 ATMs across 14 states and the District of Columbia. Citizens offers a diverse range of services, including banking, lending, savings, wealth management, and small business solutions in Consumer Banking, as well as comprehensive financial products in Commercial Banking.
The information for this article is based on a press release statement from Citizens Financial Group.
In other recent news, Citizens Financial Group has reported a strong second quarter, with a revenue increase and a 3% rise in net income. Earnings per share saw a 4% sequential rise, backed by $200 million in share repurchases. The financial institution also issued $1.25 billion in senior notes, a strategic move to manage its capital and funding requirements. The Piper Sandler firm maintained an Overweight rating on Citizens Financial shares, with an increased price target of $48. The firm's analysis highlights Citizens Financial's strong performance and robust capital position, driven by management's vision for expanding the private bank and the anticipated benefits from swaps enhancing the net interest income trajectory in the future. However, the company expects a modest decrease in net charge-offs and a decline in net interest income in the third quarter. These are the recent developments in the financial trajectory of Citizens Financial Group.
InvestingPro Insights
As Citizens Financial Group, Inc. (NYSE: CFG) welcomes Christopher Schnirel to its executive team, investors and stakeholders may consider the latest financial health and performance metrics of the company. According to InvestingPro data, Citizens Financial Group's market capitalization stands at $18.42 billion, reflecting its significant presence in the financial sector. The company's P/E ratio, a key indicator of its earnings relative to share price, is currently at 15.42, with an adjusted P/E ratio for the last twelve months as of Q2 2024 slightly lower at 15.07.
InvestingPro Tips highlight that CFG has high shareholder yield and analysts have a positive outlook, with 7 analysts having revised their earnings upwards for the upcoming period. This could signal confidence in the company's financial trajectory following the new appointment. Moreover, Citizens Financial Group has maintained dividend payments for 11 consecutive years, underpinning its commitment to returning value to shareholders. The dividend yield as of the latest data stands at a robust 4.19%.
It's also noteworthy that the company has experienced a strong return over the last three months, with a 18.82% total return, and an even more impressive one-year price total return of 51.08%, indicating robust performance in the market. For investors seeking additional insights, there are more InvestingPro Tips available, which can be explored by visiting the dedicated CFG page on InvestingPro.
With such financial metrics and strategic leadership changes, Citizens Financial Group appears to be positioning itself for sustained growth and profitability, as also suggested by the analysts' profitability predictions for the year.
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