Takeaways from the Road (Chairman/CEO and IR); Reiterate Overweight, Top Pick

Research evidence excerpt

Takeaways from the Road (Chairman/CEO and IR); Reiterate Overweight, Top Pick

US Banks

Citizens Financial Group, Inc. (CFG)

EQUITY RESEARCH Company Update

June 9, 2026

Takeaways from the Road (Chairman/CEO and IR); Price: $64.35

Price Target: $75.00 Reiterate Overweight, Top Pick

Rating: Overweight

We are reiterating our Overweight rating and Top Pick designation on

Key Statistics: shares of CFG, maintaining our 12-month price target of $75, and

Symbol NYSE: CFG maintaining our FY26/27 core EPS estimates of $5.26/$6.60. We recently 52-Week Range 40.17 - 68.79

hosted investor meetings with CFG management in New York, including Market Cap 27,212.5

ADV (3 mo) 4,547,272 Bruce Van Saun (Chairman & CEO) and the IR team, and came away with

Shares Out (M) 422.9 several takeaways on the outlook/trends that support our constructive

Dividend $1.84 view of the shares, with additional insight into NII, expenses, M&A, and

Short Int. (M) 14.202 fees, among other topics, and learned mgmt. remains comfortable with

Short Int. - DTC 3.0 the 2Q and overall guide. In this report, we provide our (1) key takeaways TBV/Sh $37.94

P/TBV 1.70x from our mgmt. meetings, (2) updated stance on the stock, (3) mgmt.

Core ROTCE 11.87% outlook/commentary summary from recent earnings calls, (4) detailed

Core ROA 0.91% mgmt. guidance vs. consensus analysis, and (5) model highlights.

Total Assets $228

Total Deposits $184 Key Points

TCE/TA 7.35% NII guidance seems conservative if recent trends persist. With slightly

NPAs/Assets 0.66% stronger loan growth than expected and higher rates than CFG assumed as

of March 31, we expect CFG could see NII trends near the higher-end of Research Analysts:

the guidance range (perhaps higher), assuming continued favorable loan Dave Rochester