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Citizens Financial Group, Inc. Buyback

OLI recorded this information on 6/28/2017

Company: Citizens Financial Group, Inc.
Buyback: CF buyback
$Amount Authorized: $850,000,000
Buyback Details: Citizens Financial Group, Inc. (NYSE:CFGortheCompany) today announced that the Board of Governors of the Federal Reserve System ("Federal Reserve") has completed its review of the Company's 2017 Capital Plan (the "Plan") in connection with its Comprehensive Capital Analysis and Review ("CCAR") of the nation's 34 largest bank holding companies and has not objected to the Plan. The CCAR results follow the Federal Reserve's June 22, 2017 publication of its Dodd-Frank Act Stress Test results. "We are pleased to receive a positive CCAR result, with continued increasing return of capital to shareholders highlighted by a nearly 30% increase in our dividend next quarter and sizable share repurchases," said Chairman and Chief Executive Officer Bruce Van Saun. "With strong capital levels relative to our peer group, we believe we are well positioned to continue to both invest in our growth initiatives and return capital to shareholders in order to drive enhanced shareholder returns." For the four-quarter period beginning July 1, 2017, the Plan includes: Proposed quarterly dividends of $0.18 per share beginning in third quarter 2017, which represents a 29% increase from second quarter 2017. Common share repurchases of up to $850 million, an increase of 23% versus the 2016 Capital Plan.The potential to raise quarterly dividends to $0.22 per share beginning in 2018.

CF Industries Holdings is a global manufacturer of hydrogen and nitrogen products for clean energy, fertilizer, emissions abatement, and other industrial applications. Co.'s product is anhydrous ammonia (ammonia). Co.'s nitrogen products that are upgraded from ammonia are granular urea, urea ammonium nitrate solution and ammonium nitrate. Co.'s other nitrogen products include diesel exhaust fluid, urea liquor, nitric acid and aqua ammonia, which are sold primarily to its industrial customers, and compound fertilizer products, which are solid granular fertilizer products for which the nutrient content is a combination of nitrogen, phosphorus and potassium.

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Agricultural Chemicals
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Buy (3.00 out of 4)
18th percentile
(ranked lower than approx. 82% of all stocks covered)

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