Jefferies Group Brokers Reduce Earnings Estimates for Regions Financial Corporation (RF)
Regions Financial Corporation (NYSE:RF) – Equities researchers at Jefferies Group cut their FY2017 earnings per share (EPS) estimates for Regions Financial Corporation in a report issued on Monday. Jefferies Group analyst K. Usdin now forecasts that the bank will post earnings per share of $1.00 for the year, down from their previous forecast of $1.02. Jefferies Group currently has a “Hold” rating and a $16.00 price target on the stock. Jefferies Group also issued estimates for Regions Financial Corporation’s FY2018 earnings at $1.11 EPS.
Several other research firms have also issued reports on RF. Robert W. Baird lowered 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 report on Monday, October 2nd. Citigroup Inc. restated a “neutral” rating and set a $16.00 price target (up previously from $15.00) on shares of Regions Financial Corporation in a report on Monday. Keefe, Bruyette & Woods restated a “hold” rating and set a $15.00 price target on shares of Regions Financial Corporation in a report on Tuesday, October 3rd. FBR & Co lowered shares of Regions Financial Corporation from a “buy” rating to a “neutral” rating and set a $16.00 price target for the company. in a report on Tuesday. Finally, Deutsche Bank AG restated a “hold” rating on shares of Regions Financial Corporation in a report on Monday, July 3rd. Four equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $14.95.
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Shares of Regions Financial Corporation (NYSE:RF) opened at 15.16 on Wednesday. Regions Financial Corporation has a 52 week low of $9.78 and a 52 week high of $16.03. The company has a market cap of $18.12 billion, a P/E ratio of 15.84 and a beta of 1.34. The firm has a 50-day moving average of $14.36 and a 200 day moving average of $14.28.
Regions Financial Corporation (NYSE:RF) last issued its earnings results on Friday, July 21st. The bank reported $0.25 EPS for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the firm earned $0.20 earnings per share. The business’s quarterly revenue was up 2.0% on a year-over-year basis.
Institutional investors and hedge funds have recently bought and sold shares of the business. FNY Partners Fund LP purchased a new position in Regions Financial Corporation during the 1st quarter worth $103,000. Lloyds Banking Group plc purchased a new position in Regions Financial Corporation during the 2nd quarter worth $108,000. Seven Eight Capital LP purchased a new position in Regions Financial Corporation during the 2nd quarter worth $111,000. Sun Life Financial INC boosted its holdings in Regions Financial Corporation by 98,133.3% during the 2nd quarter. Sun Life Financial INC now owns 8,841 shares of the bank’s stock worth $129,000 after acquiring an additional 8,832 shares during the last quarter. Finally, Salem Investment Counselors Inc. boosted its holdings in Regions Financial Corporation by 0.3% during the 2nd quarter. Salem Investment Counselors Inc. now owns 9,124 shares of the bank’s stock worth $134,000 after acquiring an additional 26 shares during the last quarter. 75.53% of the stock is currently owned by hedge funds and other institutional investors.
In other Regions Financial Corporation news, CFO David J. Turner, Jr. sold 65,000 shares of Regions Financial Corporation stock in a transaction 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 transaction, the chief financial officer now directly owns 121,160 shares of the company’s stock, valued at approximately $1,811,342. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan W. Matlock sold 10,000 shares of Regions Financial Corporation stock in a transaction on Friday, August 4th. The stock was sold at an average price of $15.23, for a total transaction of $152,300.00. Following the transaction, the director now directly owns 32,188 shares in the company, valued at $490,223.24. The disclosure for this sale can be found here. Insiders have sold a total of 124,514 shares of company stock valued at $1,846,733 in the last 90 days. 0.52% of the stock is currently owned by company insiders.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 8th were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date was Thursday, September 7th. This is a positive change from Regions Financial Corporation’s previous quarterly dividend of $0.07. Regions Financial Corporation’s payout ratio is 37.89%.
Regions Financial Corporation declared that its board has initiated a share buyback program on Wednesday, June 28th that permits the company to buyback $1.47 billion in outstanding shares. This buyback authorization permits the bank to repurchase up to 8.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are 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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