Regions Financial Corporation (NYSE:RF) announced its earnings results on Friday. The bank reported $0.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.01, Bloomberg Earnings reports. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.43 billion. Regions Financial Corporation had a return on equity of 7.27% and a net margin of 19.94%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 EPS.
Shares of Regions Financial Corporation (NYSE RF) traded down 0.56% during mid-day trading on Friday, reaching $14.23. The company’s stock had a trading volume of 19,775,337 shares. The company has a 50-day moving average of $14.30 and a 200-day moving average of $14.44. Regions Financial Corporation has a 12 month low of $8.82 and a 12 month high of $16.03. The company has a market cap of $17.06 billion, a P/E ratio of 14.87 and a beta of 1.32.
A number of research analysts have recently issued reports on RF shares. BidaskClub raised Regions Financial Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Bank of America Corporation raised Regions Financial Corporation from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $15.00 to $17.00 in a research note on Thursday, May 4th. Royal Bank Of Canada reissued a “hold” rating and issued a $15.00 price objective on shares of Regions Financial Corporation in a research note on Friday, June 23rd. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $14.50 price objective on shares of Regions Financial Corporation in a research note on Wednesday, April 19th. Finally, Goldman Sachs Group, Inc. (The) dropped their price objective on Regions Financial Corporation to $17.00 and set a “buy” rating on the stock in a research note on Thursday, March 30th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $14.13.
In other news, EVP C. Keith Herron sold 30,000 shares of Regions Financial Corporation stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $14.30, for a total transaction of $429,000.00. Following the completion of the transaction, the executive vice president now directly owns 204,537 shares in the company, valued at $2,924,879.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David J. Turner, Jr. sold 45,535 shares of Regions Financial Corporation stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $13.82, for a total transaction of $629,293.70. Following the transaction, the chief financial officer now owns 126,160 shares of the company’s stock, valued at $1,743,531.20. The disclosure for this sale can be found here. Insiders have sold 144,793 shares of company stock valued at $2,019,039 over the last quarter. Company insiders own 0.52% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans raised its position in Regions Financial Corporation by 5.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 43,057 shares of the bank’s stock valued at $618,000 after buying an additional 2,130 shares during the last quarter. Wealthfront Inc. increased its stake in shares of Regions Financial Corporation by 15.9% in the fourth quarter. Wealthfront Inc. now owns 29,749 shares of the bank’s stock valued at $427,000 after buying an additional 4,073 shares during the period. Teachers Advisors LLC increased its stake in shares of Regions Financial Corporation by 10.2% in the fourth quarter. Teachers Advisors LLC now owns 5,863,436 shares of the bank’s stock valued at $84,199,000 after buying an additional 544,570 shares during the period. Kentucky Retirement Systems purchased a new stake in shares of Regions Financial Corporation during the fourth quarter valued at $1,283,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Regions Financial Corporation during the fourth quarter valued at $572,000. Hedge funds and other institutional investors own 75.47% of the company’s stock.
Regions Financial Corporation announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.47 billion in shares. This buyback authorization authorizes the bank to purchase up to 8.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
About Regions Financial Corporation
Regions Financial Corporation is a financial holding company. The Company conducts its banking operations through Regions Bank, an Alabama state-chartered commercial bank, which is a member of the Federal Reserve System. It operates in three segments: Corporate Bank, which represents its commercial banking functions, including commercial and industrial, commercial real estate and investor real estate lending; Consumer Bank, which represents its branch network, including consumer banking products and services related to residential first mortgages, home equity lines and loans, small business loans, indirect loans, consumer credit cards and other consumer loans, as well as the corresponding deposit relationships, and Wealth Management, which offers individuals, businesses, governmental institutions and non-profit entities a range of solutions to enable transfer of wealth.
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