Regions Financial Corp. (RF) Releases Earnings Results, Beats Expectations By $0.03 EPS
Regions Financial Corp. (NYSE:RF) released its earnings results on Tuesday. The company reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.03. The company earned $1.46 billion during the quarter, compared to the consensus estimate of $1.38 billion. Regions Financial Corp. had a return on equity of 6.65% and a net margin of 18.63%. During the same quarter in the previous year, the company posted $0.18 EPS.
Regions Financial Corp. (NYSE:RF) opened at 10.01 on Tuesday. The firm has a 50-day moving average price of $9.90 and a 200-day moving average price of $9.29. Regions Financial Corp. has a 12-month low of $7.00 and a 12-month high of $10.47. The company has a market cap of $12.56 billion, a P/E ratio of 12.59 and a beta of 1.44.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 9th will be issued a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend is Wednesday, December 7th. Regions Financial Corp.’s dividend payout ratio is 32.91%.
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In other news, EVP C. Keith Herron sold 38,753 shares of Regions Financial Corp. stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $9.38, for a total value of $363,503.14. Following the transaction, the executive vice president now directly owns 290,384 shares in the company, valued at approximately $2,723,801.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ellen S. Jones sold 10,000 shares of Regions Financial Corp. stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $9.53, for a total value of $95,300.00. Following the completion of the transaction, the executive vice president now owns 54,886 shares in the company, valued at $523,063.58. The disclosure for this sale can be found here. Company insiders own 0.88% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in RF. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Regions Financial Corp. by 23.7% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 405,580 shares of the company’s stock worth $3,451,000 after buying an additional 77,700 shares in the last quarter. Highbridge Capital Management LLC bought a new position in shares of Regions Financial Corp. during the second quarter worth about $3,685,000. Panagora Asset Management Inc. increased its position in shares of Regions Financial Corp. by 8.2% in the second quarter. Panagora Asset Management Inc. now owns 59,597 shares of the company’s stock worth $507,000 after buying an additional 4,505 shares in the last quarter. A.R.T. Advisors LLC increased its position in shares of Regions Financial Corp. by 19.6% in the second quarter. A.R.T. Advisors LLC now owns 289,190 shares of the company’s stock worth $2,461,000 after buying an additional 47,300 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of Regions Financial Corp. during the second quarter worth about $2,258,000. Institutional investors and hedge funds own 74.26% of the company’s stock.
Several analysts have weighed in on RF shares. Raymond James Financial Inc. downgraded Regions Financial Corp. from a “strong-buy” rating to an “outperform” rating and set a $10.50 price objective for the company. in a research report on Thursday, October 6th. Keefe, Bruyette & Woods upgraded Regions Financial Corp. from an “underperform” rating to a “market perform” rating and set a $10.50 price objective for the company in a research report on Thursday, August 25th. Credit Suisse Group AG reiterated a “hold” rating and issued a $9.50 price objective on shares of Regions Financial Corp. in a research report on Wednesday, July 20th. FBR & Co reiterated a “buy” rating and issued a $10.50 price objective on shares of Regions Financial Corp. in a research report on Wednesday, July 20th. Finally, Barclays PLC reiterated a “sell” rating and issued a $10.00 price objective on shares of Regions Financial Corp. in a research report on Tuesday, October 11th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $10.34.
About Regions Financial Corp.
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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