Shares of Regions Financial Corp. (NYSE:RF) saw unusually-high trading volume on Tuesday following a better than expected earnings announcement. Approximately 24,107,089 shares traded hands during 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, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.03. Regions Financial Corp. had a net margin of 18.63% and a return on equity of 6.65%. The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the company posted $0.18 earnings per share. The business’s revenue was up .8% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 9th will be issued a dividend of $0.065 per share. The ex-dividend date is Wednesday, December 7th. This represents a $0.26 annualized dividend and a yield of 2.54%. Regions Financial Corp.’s payout ratio is 32.91%.
RF has been the topic of several research reports. FBR & Co restated a “buy” rating and set a $10.50 price objective on shares of Regions Financial Corp. in a report on Wednesday, July 20th. Wedbush initiated coverage on shares of Regions Financial Corp. in a report on Thursday, October 6th. They set an “outperform” rating and a $12.00 price objective on the stock. They noted that the move was a valuation call. Evercore ISI restated a “buy” rating and set a $10.00 price objective (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 objective on shares of Regions Financial Corp. and gave the stock a “hold” rating in a report on Wednesday, September 14th. Finally, Bank of America Corp. downgraded shares of Regions Financial Corp. from a “buy” rating to a “neutral” rating in a report on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Regions Financial Corp. currently has an average rating of “Hold” and an average target price of $10.34.
In other Regions Financial Corp. news, EVP C. Keith Herron sold 38,753 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $9.38, for a total transaction of $363,503.14. Following the transaction, the executive vice president now directly owns 290,384 shares in the company, valued at $2,723,801.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott M. Peters sold 23,391 shares of the stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $9.73, for a total transaction of $227,594.43. Following the transaction, the executive vice president now 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 currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of RF. Menta Capital LLC boosted its position in shares of Regions Financial Corp. by 178.3% in the first quarter. Menta Capital LLC now owns 101,300 shares of the company’s stock worth $795,000 after buying an additional 64,900 shares during the last quarter. Rafferty Asset Management LLC boosted its position in shares of Regions Financial Corp. by 49.2% in the first quarter. Rafferty Asset Management LLC now owns 176,866 shares of the company’s stock worth $1,388,000 after buying an additional 58,290 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in shares of Regions Financial Corp. by 1.5% in the first quarter. Pictet Asset Management Ltd. now owns 699,663 shares of the company’s stock worth $5,262,000 after buying an additional 10,100 shares during the last quarter. AXA acquired a new position in shares of Regions Financial Corp. during the first quarter worth approximately $5,708,000. Finally, Riverhead Capital Management LLC boosted its position in shares of Regions Financial Corp. by 262.7% in the first quarter. Riverhead Capital Management LLC now owns 1,046,263 shares of the company’s stock worth $8,213,000 after buying an additional 757,803 shares during the last quarter. Institutional investors and hedge funds own 74.26% of the company’s stock.
The company’s 50-day moving average price is $9.91 and its 200 day moving average price is $9.30. The firm has a market cap of $12.87 billion, a price-to-earnings ratio of 12.89 and a beta of 1.44.
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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