Regions Financial (NYSE:RF) Given New $23.00 Price Target at Royal Bank of Canada

Regions Financial (NYSE:RF) had its price objective boosted by Royal Bank of Canada from $21.00 to $23.00 in a report issued on Monday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the bank’s stock.

A number of other research firms have also recently issued reports on RF. Truist Financial upped their price objective on shares of Regions Financial from $20.00 to $21.00 and gave the stock a hold rating in a research report on Monday, July 8th. Morgan Stanley lowered their price objective on shares of Regions Financial from $27.00 to $25.00 and set an overweight rating for the company in a research report on Monday, April 22nd. Evercore ISI lowered their price objective on shares of Regions Financial from $22.00 to $21.00 and set an in-line rating for the company in a research report on Tuesday, June 25th. Wells Fargo & Company boosted their target price on shares of Regions Financial from $18.00 to $22.00 and gave the stock an equal weight rating in a report on Monday. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Regions Financial from $22.00 to $21.00 and set a market perform rating on the stock in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Regions Financial presently has an average rating of Hold and a consensus price target of $21.32.

Regions Financial Price Performance

RF stock opened at $22.55 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.33. Regions Financial has a 12 month low of $13.72 and a 12 month high of $22.85. The firm has a market cap of $20.63 billion, a P/E ratio of 12.26, a P/E/G ratio of 2.37 and a beta of 1.18. The company’s 50-day moving average price is $19.78 and its two-hundred day moving average price is $19.40.

Regions Financial (NYSE:RF) last released its earnings results on Friday, July 19th. The bank reported $0.52 EPS for the quarter, beating the consensus estimate of $0.49 by $0.03. Regions Financial had a net margin of 18.91% and a return on equity of 12.64%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the firm earned $0.59 EPS. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. On average, analysts anticipate that Regions Financial will post 1.99 earnings per share for the current fiscal year.

Regions Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, September 3rd. This is a positive change from Regions Financial’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 4.43%. Regions Financial’s dividend payout ratio is currently 52.17%.

Insider Buying and Selling

In related news, EVP William D. Ritter sold 23,000 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $19.95, for a total transaction of $458,850.00. Following the transaction, the executive vice president now directly owns 41,671 shares of the company’s stock, valued at $831,336.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RF. EntryPoint Capital LLC acquired a new position in Regions Financial during the first quarter worth $26,000. Laurel Wealth Advisors LLC raised its holdings in Regions Financial by 86.5% during the fourth quarter. Laurel Wealth Advisors LLC now owns 1,399 shares of the bank’s stock worth $27,000 after buying an additional 649 shares during the last quarter. ICA Group Wealth Management LLC acquired a new position in Regions Financial during the fourth quarter worth $28,000. Glassman Wealth Services raised its holdings in shares of Regions Financial by 163.3% in the fourth quarter. Glassman Wealth Services now owns 1,559 shares of the bank’s stock valued at $30,000 after purchasing an additional 967 shares during the last quarter. Finally, MV Capital Management Inc. raised its holdings in shares of Regions Financial by 75.6% in the first quarter. MV Capital Management Inc. now owns 1,435 shares of the bank’s stock valued at $30,000 after purchasing an additional 618 shares during the last quarter. Institutional investors and hedge funds own 79.39% of the company’s stock.

Regions Financial Company Profile

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.