Regions Financial (NYSE:RF) Price Target Cut to $28.00 by Analysts at Piper Sandler

Regions Financial (NYSE:RF) had its price target trimmed by Piper Sandler from $31.00 to $28.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Several other analysts have also commented on the stock. Evercore lowered shares of Regions Financial from an “in-line” rating to an “underperform” rating and increased their target price for the company from $27.00 to $29.00 in a research note on Tuesday, January 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $32.00 price target on shares of Regions Financial in a report on Tuesday, March 3rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $31.00 price objective on shares of Regions Financial in a research report on Tuesday, January 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Regions Financial in a research note on Monday, December 29th. Finally, Truist Financial cut their target price on Regions Financial from $29.00 to $28.00 and set a “hold” rating on the stock in a research report on Monday, March 23rd. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Regions Financial presently has an average rating of “Hold” and an average price target of $29.72.

Regions Financial Trading Up 0.3%

Shares of RF stock opened at $25.25 on Monday. The stock has a 50-day simple moving average of $27.92 and a 200 day simple moving average of $26.74. The stock has a market capitalization of $21.80 billion, a P/E ratio of 11.02, a P/E/G ratio of 0.91 and a beta of 1.02. Regions Financial has a fifty-two week low of $17.74 and a fifty-two week high of $31.53. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.23.

Regions Financial (NYSE:RF) last issued its quarterly earnings results on Friday, January 16th. The bank reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.04). Regions Financial had a net margin of 22.44% and a return on equity of 12.55%. The business had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period in the previous year, the company posted $0.56 earnings per share. Regions Financial’s revenue was up 5.8% compared to the same quarter last year. On average, sell-side analysts expect that Regions Financial will post 2.26 earnings per share for the current fiscal year.

Regions Financial announced that its Board of Directors has initiated a stock repurchase program on Wednesday, December 10th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the bank to purchase up to 12.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Regions Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 2nd will be paid a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, March 2nd. Regions Financial’s dividend payout ratio is currently 46.29%.

Insiders Place Their Bets

In related news, EVP William D. Ritter sold 36,000 shares of the business’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $28.78, for a total transaction of $1,036,080.00. Following the transaction, the executive vice president directly owned 17,569 shares of the company’s stock, valued at approximately $505,635.82. The trade was a 67.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Regions Financial

Hedge funds have recently modified their holdings of the stock. Darwin Wealth Management LLC bought a new position in shares of Regions Financial in the second quarter valued at approximately $25,000. United Community Bank acquired a new position in Regions Financial in the 3rd quarter valued at $30,000. SouthState Bank Corp raised its holdings in Regions Financial by 94.1% in the 4th quarter. SouthState Bank Corp now owns 1,110 shares of the bank’s stock worth $30,000 after acquiring an additional 538 shares during the period. Salomon & Ludwin LLC acquired a new position in Regions Financial during the 3rd quarter worth $32,000. Finally, Spire Wealth Management boosted its holdings in Regions Financial by 91.5% during the fourth quarter. Spire Wealth Management now owns 1,166 shares of the bank’s stock valued at $32,000 after acquiring an additional 557 shares during the period. 79.39% of the stock is owned by institutional investors and hedge funds.

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.