Regions Financial Corporation (NYSE:RF) posted its earnings results on Friday, July 21st. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01, Bloomberg Earnings reports. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.43 billion. Regions Financial Corporation had a net margin of 20.25% and a return on equity of 7.51%. Regions Financial Corporation’s revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.20 EPS.
Shares of Regions Financial Corporation (RF) traded up 0.95% during mid-day trading on Wednesday, reaching $14.83. 13,687,914 shares of the company’s stock traded hands. The company has a 50 day moving average of $14.44 and a 200 day moving average of $14.44. Regions Financial Corporation has a 12 month low of $8.88 and a 12 month high of $16.03. The company has a market cap of $17.78 billion, a price-to-earnings ratio of 15.50 and a beta of 1.32.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be issued a dividend of $0.09 per share. This is an increase from Regions Financial Corporation’s previous quarterly dividend of $0.07. This represents a $0.36 annualized dividend and a yield of 2.43%. The ex-dividend date is Thursday, September 7th. Regions Financial Corporation’s dividend payout ratio (DPR) is 29.47%.
A number of analysts have recently weighed in on the stock. UBS AG reaffirmed a “sell” rating and issued a $13.00 price target (down from $14.00) on shares of Regions Financial Corporation in a research note on Saturday, April 22nd. BidaskClub upgraded shares of Regions Financial Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Wedbush downgraded shares of Regions Financial Corporation from an “outperform” rating to a “neutral” rating and set a $15.00 target price on the stock. in a report on Monday, May 1st. Jefferies Group LLC restated a “hold” rating and set a $16.00 price target on shares of Regions Financial Corporation in a report on Wednesday, April 5th. Finally, Instinet boosted their price target on shares of Regions Financial Corporation from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, June 30th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Regions Financial Corporation currently has a consensus rating of “Hold” and a consensus price target of $14.13.
Regions Financial Corporation announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.47 billion in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 8.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In other Regions Financial Corporation news, EVP C. Keith Herron sold 30,000 shares of Regions Financial Corporation stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $14.30, for a total value of $429,000.00. Following the transaction, the executive vice president now directly owns 204,537 shares of the company’s stock, valued at approximately $2,924,879.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott M. Peters sold 13,689 shares of Regions Financial Corporation stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $14.61, for a total value of $199,996.29. Following the completion of the transaction, the executive vice president now directly owns 147,528 shares in the company, valued at $2,155,384.08. The disclosure for this sale can be found here. Insiders sold a total of 79,514 shares of company stock worth $1,151,683 over the last ninety days. Insiders own 0.52% of the company’s stock.
Several large investors have recently modified their holdings of RF. Thrivent Financial for Lutherans raised its stake in shares of Regions Financial Corporation by 5.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 43,057 shares of the bank’s stock worth $618,000 after buying an additional 2,130 shares in the last quarter. Wealthfront Inc. raised 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 worth $427,000 after buying an additional 4,073 shares in the last quarter. Teachers Advisors LLC raised 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 worth $84,199,000 after buying an additional 544,570 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in shares of Regions Financial Corporation during the fourth quarter worth $1,283,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Regions Financial Corporation during the fourth quarter valued at $572,000. Hedge funds and other institutional investors own 75.46% of the company’s stock.
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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