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

Regions Financial (NYSE:RF) had its price target increased by Royal Bank of Canada from $21.00 to $23.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an outperform rating on the bank’s stock.

Several other equities analysts have also issued reports on RF. Wells Fargo & Company lifted their price target on Regions Financial from $18.00 to $22.00 and gave the stock an equal weight rating in a research report on Monday. Piper Sandler boosted their target price on Regions Financial from $20.00 to $21.00 and gave the stock a neutral rating in a research report on Friday, April 26th. Jefferies Financial Group boosted their target price on Regions Financial from $22.00 to $24.00 and gave the stock a buy rating in a research report on Wednesday, July 3rd. Keefe, Bruyette & Woods decreased their target price on Regions Financial from $22.00 to $21.00 and set a market perform rating for the company in a research report on Tuesday, July 9th. Finally, Evercore ISI decreased their target price on 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. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $21.32.

Regions Financial Stock Performance

Shares of RF stock opened at $22.55 on Monday. Regions Financial has a 12 month low of $13.72 and a 12 month high of $22.85. The stock has a market cap of $20.63 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 2.37 and a beta of 1.18. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.33. The company’s fifty day moving average price is $19.78 and its 200-day moving average price is $19.40.

Regions Financial (NYSE:RF) last announced its earnings results on Friday, July 19th. The bank reported $0.52 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the business posted $0.59 EPS. The company’s quarterly revenue was down 11.5% on a year-over-year basis. On average, equities analysts expect that Regions Financial will post 1.99 EPS for the current fiscal year.

Regions Financial Increases Dividend

The business also recently disclosed 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 an increase from Regions Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.43%. Regions Financial’s payout ratio is 52.17%.

Insider Activity at Regions Financial

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Regions Financial by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 117,704,755 shares of the bank’s stock worth $2,281,118,000 after purchasing an additional 3,119,237 shares during the period. Wellington Management Group LLP boosted its stake 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 worth $1,080,928,000 after purchasing an additional 1,951,026 shares during the period. Norges Bank bought a new position in Regions Financial in the 4th quarter worth approximately $210,379,000. Allspring Global Investments Holdings LLC boosted its stake in Regions Financial by 1.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,707,381 shares of the bank’s stock worth $162,163,000 after purchasing an additional 103,529 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Regions Financial by 19.9% in the 4th quarter. Victory Capital Management Inc. now owns 3,661,093 shares of the bank’s stock worth $70,952,000 after purchasing an additional 606,647 shares during the period. 79.39% of the stock is currently 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. 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.