DA Davidson Comments on Regions Financial Co.’s FY2024 Earnings (NYSE:RF)

Regions Financial Co. (NYSE:RF) – Research analysts at DA Davidson cut their FY2024 earnings estimates for shares of Regions Financial in a note issued to investors on Monday, April 22nd. DA Davidson analyst P. Winter now expects that the bank will post earnings per share of $1.97 for the year, down from their prior estimate of $2.00. The consensus estimate for Regions Financial’s current full-year earnings is $1.95 per share.

Regions Financial (NYSE:RF) last announced its quarterly earnings data on Friday, April 19th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.08). The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.75 billion. Regions Financial had a return on equity of 13.28% and a net margin of 19.75%. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.62 EPS.

Several other analysts also recently weighed in on RF. Keefe, Bruyette & Woods lifted their price target on shares of Regions Financial from $21.00 to $22.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Argus downgraded shares of Regions Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, January 23rd. StockNews.com downgraded shares of Regions Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. Evercore ISI lifted their price objective on shares of Regions Financial from $20.00 to $22.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Finally, Morgan Stanley cut their price objective on shares of Regions Financial from $27.00 to $25.00 and set an “overweight” rating on the stock in a report on Monday. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.17.

Regions Financial Stock Performance

Regions Financial stock opened at $19.75 on Wednesday. The company has a 50 day moving average price of $19.39 and a 200-day moving average price of $18.06. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 0.83. Regions Financial has a fifty-two week low of $13.72 and a fifty-two week high of $21.08. The company has a market capitalization of $18.15 billion, a PE ratio of 10.73, a P/E/G ratio of 1.40 and a beta of 1.21.

Regions Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.96 dividend on an annualized basis and a yield of 4.86%. Regions Financial’s dividend payout ratio is presently 52.17%.

Insider Activity at Regions Financial

In other news, Director William C. Rhodes III acquired 50,000 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The stock was acquired at an average price of $19.37 per share, for a total transaction of $968,500.00. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at approximately $968,500. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Regions Financial by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 117,704,755 shares of the bank’s stock valued at $2,281,118,000 after acquiring an additional 3,119,237 shares during the last quarter. Wellington Management Group LLP raised its holdings in Regions Financial by 3.6% in the 4th quarter. Wellington Management Group LLP now owns 55,775,416 shares of the bank’s stock valued at $1,080,928,000 after acquiring an additional 1,951,026 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Regions Financial by 3.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,169,876 shares of the bank’s stock valued at $346,922,000 after acquiring an additional 618,384 shares during the last quarter. Invesco Ltd. raised its holdings in Regions Financial by 15.1% in the 3rd quarter. Invesco Ltd. now owns 11,086,142 shares of the bank’s stock valued at $190,682,000 after acquiring an additional 1,455,499 shares during the last quarter. Finally, Norges Bank acquired a new stake in Regions Financial in the 4th quarter valued at about $210,379,000. Institutional investors and hedge funds own 79.39% of the company’s stock.

About Regions Financial

Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers. It operates through three segments: Corporate Bank, Consumer Bank, and Wealth Management. The Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending; equipment lease financing; deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.