Jefferies Financial Group upgraded shares of Regions Financial (NYSE:RF) from a hold rating to a buy rating in a report released on Tuesday, BenzingaRatingsTable reports. The firm currently has $18.00 price target on the bank’s stock, up from their previous price target of $16.00. Jefferies Financial Group also issued estimates for Regions Financial’s Q3 2019 earnings at $0.40 EPS, Q4 2019 earnings at $0.39 EPS, Q1 2020 earnings at $0.38 EPS, Q2 2020 earnings at $0.41 EPS, Q3 2020 earnings at $0.42 EPS, Q4 2020 earnings at $0.42 EPS, Q2 2021 earnings at $0.43 EPS and FY2021 earnings at $1.71 EPS.
Other equities research analysts have also recently issued reports about the stock. Bank of America cut shares of Regions Financial from a buy rating to a neutral rating and reduced their target price for the company from $18.00 to $16.00 in a report on Thursday, July 11th. ValuEngine raised shares of Regions Financial from a sell rating to a hold rating in a report on Wednesday, October 2nd. Raymond James set a $18.50 target price on shares of Regions Financial and gave the company a buy rating in a report on Thursday, September 12th. Wedbush raised shares of Regions Financial from a neutral rating to an outperform rating and upped their target price for the company from $15.00 to $17.00 in a report on Monday, July 22nd. Finally, SunTrust Banks reduced their target price on shares of Regions Financial from $18.00 to $17.00 and set a buy rating for the company in a report on Tuesday, August 27th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $16.94.
Shares of NYSE:RF opened at $15.43 on Tuesday. The company has a 50-day simple moving average of $15.29 and a 200-day simple moving average of $14.93. Regions Financial has a one year low of $12.39 and a one year high of $18.00. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.88 and a current ratio of 0.89. The stock has a market capitalization of $14.88 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 1.26 and a beta of 1.55.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were issued a dividend of $0.155 per share. This is a boost from Regions Financial’s previous quarterly dividend of $0.14. This represents a $0.62 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend was Thursday, September 5th. Regions Financial’s dividend payout ratio is currently 45.59%.
Regions Financial declared that its board has initiated a stock repurchase program on Thursday, June 27th that permits the company to buyback $1.37 billion in shares. This buyback authorization permits the bank to purchase up to 9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, EVP C. Matthew Lusco sold 20,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $16.43, for a total transaction of $328,600.00. Following the completion of the transaction, the executive vice president now directly owns 163,229 shares of the company’s stock, valued at $2,681,852.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hardie B. Kimbrough, Jr. sold 7,148 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $14.68, for a total transaction of $104,932.64. Following the transaction, the insider now directly owns 34,482 shares of the company’s stock, valued at $506,195.76. The disclosure for this sale can be found here. Insiders have sold 136,436 shares of company stock valued at $2,024,102 over the last three months. 0.28% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of RF. Covington Capital Management purchased a new position in Regions Financial in the second quarter valued at about $25,000. Mcmillion Capital Management Inc. purchased a new position in Regions Financial in the second quarter valued at about $40,000. Doyle Wealth Management purchased a new position in Regions Financial in the second quarter valued at about $45,000. Phocas Financial Corp. purchased a new position in Regions Financial in the second quarter valued at about $46,000. Finally, SRS Capital Advisors Inc. purchased a new position in Regions Financial in the second quarter valued at about $47,000. 71.40% of the stock is owned by institutional investors.
About Regions Financial
Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers in the United States. 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 services; corresponding deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.
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