Regions Financial (NYSE:RF) Hits New 1-Year High – Here’s What Happened

Regions Financial Corporation (NYSE:RF) shares hit a new 52-week high on Wednesday . The stock traded as high as $31.53 and last traded at $31.5050, with a volume of 3557015 shares. The stock had previously closed at $30.92.

Wall Street Analysts Forecast Growth

RF has been the subject of a number of research reports. Piper Sandler reduced their price target on shares of Regions Financial from $31.00 to $28.00 and set a “neutral” rating for the company in a research report on Monday, March 30th. Morgan Stanley upped their price target on Regions Financial from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Stephens started coverage on Regions Financial in a research note on Monday, June 15th. They issued an “equal weight” rating and a $31.00 price objective for the company. Robert W. Baird reaffirmed an “underperform” rating and set a $28.00 price objective on shares of Regions Financial in a report on Monday, July 6th. Finally, UBS Group boosted their target price on Regions Financial from $29.00 to $33.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $31.28.

Regions Financial Stock Up 1.6%

The firm’s 50-day moving average price is $28.72 and its 200 day moving average price is $28.16. The firm has a market capitalization of $26.82 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.80 and a quick ratio of 0.80.

Regions Financial (NYSE:RF) last issued its quarterly earnings data on Friday, April 17th. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. Regions Financial had a return on equity of 12.70% and a net margin of 23.13%.The firm had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same period in the previous year, the firm posted $0.54 EPS. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. Sell-side analysts expect that Regions Financial Corporation will post 2.6 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Brian R. Willman sold 7,014 shares of the business’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $27.91, for a total value of $195,760.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.34% of the company’s stock.

Institutional Trading of Regions Financial

A number of large investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Regions Financial in the 4th quarter valued at $254,564,000. Victory Capital Management Inc. boosted its holdings in shares of Regions Financial by 68.9% during the fourth quarter. Victory Capital Management Inc. now owns 22,836,163 shares of the bank’s stock worth $618,860,000 after purchasing an additional 9,312,449 shares during the last quarter. First Trust Advisors LP grew its position in shares of Regions Financial by 75.7% in the first quarter. First Trust Advisors LP now owns 13,358,969 shares of the bank’s stock valued at $348,936,000 after purchasing an additional 5,754,487 shares during the period. Qube Research & Technologies Ltd grew its position in shares of Regions Financial by 286.2% in the third quarter. Qube Research & Technologies Ltd now owns 4,022,031 shares of the bank’s stock valued at $106,061,000 after purchasing an additional 2,980,505 shares during the period. Finally, AQR Capital Management LLC increased its stake in Regions Financial by 151.2% in the third quarter. AQR Capital Management LLC now owns 3,939,544 shares of the bank’s stock valued at $103,886,000 after purchasing an additional 2,371,048 shares during the last quarter. Institutional investors and hedge funds own 79.39% of the company’s stock.

About Regions Financial

Regions Financial Corporation (NYSE: RF) is a U.S. bank holding company headquartered in Birmingham, Alabama, that provides a broad range of banking and financial services. Its primary banking subsidiary, Regions Bank, serves retail and commercial customers through a combination of branch and ATM networks, digital channels and relationship-based delivery. The company offers deposit accounts, consumer and commercial loans, mortgage origination and servicing, and payment and treasury services.

In addition to core banking, Regions offers wealth management, trust and brokerage services, insurance solutions, and capital markets capabilities to corporate and institutional clients.