Regions Financial Corp. (RF) Sees Strong Trading Volume on Earnings Beat
Regions Financial Corp. (NYSE:RF) saw unusually-high trading volume on Tuesday after the company announced better than expected quarterly earnings. Approximately 24,107,089 shares traded hands during mid-day trading, an increase of 49% from the previous session’s volume of 16,224,989 shares.The stock last traded at $10.08 and had previously closed at $10.01.
The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. The company earned $1.46 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Regions Financial Corp. had a return on equity of 6.65% and a net margin of 18.63%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 9th will be paid a $0.065 dividend. The ex-dividend date is Wednesday, December 7th. This represents a $0.26 annualized dividend and a dividend yield of 2.60%. Regions Financial Corp.’s payout ratio is 32.91%.
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Several equities research analysts recently commented on RF shares. FBR & Co reaffirmed a “buy” rating and set a $10.50 target price on shares of Regions Financial Corp. in a research note on Wednesday, July 20th. Wedbush initiated coverage on Regions Financial Corp. in a report on Thursday, October 6th. They issued an “outperform” rating and a $12.00 price target on the stock. They noted that the move was a valuation call. Evercore ISI reiterated a “buy” rating and issued a $10.00 price target (up previously from $9.00) on shares of Regions Financial Corp. in a report on Friday, July 22nd. Credit Suisse Group AG set a $9.50 price target on Regions Financial Corp. and gave the stock a “hold” rating in a report on Wednesday, September 14th. Finally, Bank of America Corp. lowered Regions Financial Corp. from a “buy” rating to a “neutral” rating in a report on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $10.34.
In related news, EVP Ellen S. Jones sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $9.53, for a total value of $95,300.00. Following the transaction, the executive vice president now directly owns 54,886 shares of the company’s stock, valued at approximately $523,063.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott M. Peters sold 23,391 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $9.73, for a total value of $227,594.43. Following the completion of the transaction, the executive vice president now directly owns 201,391 shares in the company, valued at $1,959,534.43. The disclosure for this sale can be found here. 0.88% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in RF. Meiji Yasuda Asset Management Co Ltd. boosted its position in Regions Financial Corp. by 6.2% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,215 shares of the company’s stock valued at $104,000 after buying an additional 710 shares during the last quarter. Kanaly Trust Co boosted its position in Regions Financial Corp. by 9.6% in the second quarter. Kanaly Trust Co now owns 13,044 shares of the company’s stock valued at $111,000 after buying an additional 1,145 shares during the last quarter. Wesbanco Bank Inc. boosted its position in Regions Financial Corp. by 14.2% in the second quarter. Wesbanco Bank Inc. now owns 13,329 shares of the company’s stock valued at $114,000 after buying an additional 1,662 shares during the last quarter. Paradigm Financial Advisors LLC purchased a new position in Regions Financial Corp. during the second quarter valued at $119,000. Finally, Woodmont Investment Counsel LLC boosted its position in Regions Financial Corp. by 3.1% in the second quarter. Woodmont Investment Counsel LLC now owns 14,144 shares of the company’s stock valued at $120,000 after buying an additional 426 shares during the last quarter. 74.26% of the stock is currently owned by institutional investors and hedge funds.
The stock has a market cap of $12.70 billion, a PE ratio of 12.73 and a beta of 1.44. The firm’s 50-day moving average is $9.90 and its 200-day moving average is $9.29.
Regions Financial Corp. Company Profile
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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