FBR & Co downgraded shares of Regions Financial Corporation (NYSE:RF) from a buy rating to a neutral rating in a research report report published on Tuesday morning. FBR & Co currently has $16.00 target price on the bank’s stock.
Several other equities analysts also recently commented on RF. Citigroup Inc. reaffirmed a neutral rating and set a $16.00 price objective (up from $15.00) on shares of Regions Financial Corporation in a research note on Monday. Keefe, Bruyette & Woods reissued a hold rating and issued a $15.00 price target on shares of Regions Financial Corporation in a research note on Tuesday, October 3rd. Robert W. Baird downgraded shares of Regions Financial Corporation from a neutral rating to an underperform rating and set a $13.00 price target for the company. in a research note on Monday, October 2nd. Piper Jaffray Companies reaffirmed a hold rating and set a $14.50 target price on shares of Regions Financial Corporation in a research note on Tuesday, September 19th. Finally, BidaskClub downgraded shares of Regions Financial Corporation from a hold rating to a sell rating in a research note on Monday, August 14th. Four equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Regions Financial Corporation presently has an average rating of Hold and an average price target of $14.95.
Shares of Regions Financial Corporation (NYSE:RF) traded down 1.32% during midday trading on Tuesday, hitting $14.96. The company’s stock had a trading volume of 1,249,226 shares. The firm has a market cap of $17.88 billion, a P/E ratio of 15.63 and a beta of 1.34. The stock’s 50 day moving average is $14.36 and its 200-day moving average is $14.28. Regions Financial Corporation has a 52-week low of $9.78 and a 52-week high of $16.03.
Regions Financial Corporation (NYSE:RF) last announced its earnings results on Friday, July 21st. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.01. Regions Financial Corporation had a net margin of 20.25% and a return on equity of 7.51%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the business earned $0.20 earnings per share. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. Equities analysts predict that Regions Financial Corporation will post $1.00 EPS for the current fiscal year.
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Regions Financial Corporation announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $1.47 billion in shares. This buyback authorization permits the bank to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 8th were given a dividend of $0.09 per share. This is a boost from Regions Financial Corporation’s previous quarterly dividend of $0.07. This represents a $0.36 annualized dividend and a yield of 2.37%. The ex-dividend date was Thursday, September 7th. Regions Financial Corporation’s dividend payout ratio (DPR) is presently 37.89%.
In other news, EVP Fournier J. Gale III sold 35,825 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $14.59, for a total value of $522,686.75. Following the completion of the transaction, the executive vice president now owns 109,318 shares of the company’s stock, valued at $1,594,949.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO David J. Turner, Jr. sold 65,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $14.95, for a total transaction of $971,750.00. Following the completion of the transaction, the chief financial officer now directly owns 121,160 shares of the company’s stock, valued at approximately $1,811,342. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 124,514 shares of company stock valued at $1,846,733. 0.52% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. FNY Partners Fund LP purchased a new position in Regions Financial Corporation in the first quarter worth approximately $103,000. Lloyds Banking Group plc acquired a new stake in Regions Financial Corporation during the second quarter worth approximately $108,000. Seven Eight Capital LP acquired a new stake in Regions Financial Corporation during the second quarter worth approximately $111,000. Sun Life Financial INC raised its holdings in Regions Financial Corporation by 98,133.3% during the second quarter. Sun Life Financial INC now owns 8,841 shares of the bank’s stock worth $129,000 after purchasing an additional 8,832 shares in the last quarter. Finally, Salem Investment Counselors Inc. raised its holdings in Regions Financial Corporation by 0.3% during the second quarter. Salem Investment Counselors Inc. now owns 9,124 shares of the bank’s stock worth $134,000 after purchasing an additional 26 shares in the last quarter. Institutional investors own 75.53% 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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