Regions Financial (NYSE:RF) Given New $28.00 Price Target at Truist Financial

Regions Financial (NYSE:RF) had its target price cut by analysts at Truist Financial from $29.00 to $28.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s price target indicates a potential upside of 7.67% from the company’s current price.

A number of other analysts have also weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $32.00 target price on shares of Regions Financial in a research note on Tuesday, March 3rd. Wells Fargo & Company lowered shares of Regions Financial from an “equal weight” rating to an “underweight” rating and set a $30.00 price objective on the stock. in a report on Friday, January 16th. Brean Capital started coverage on shares of Regions Financial in a research report on Thursday, March 12th. They issued a “neutral” rating for the company. Evercore downgraded shares of Regions Financial from an “in-line” rating to an “underperform” rating and boosted their target price for the stock from $27.00 to $29.00 in a research note on Tuesday, January 6th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $31.00 price target on shares of Regions Financial in a report on Tuesday, January 20th. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $29.91.

Regions Financial Price Performance

Shares of NYSE RF traded up $0.65 during midday trading on Monday, reaching $26.01. 2,546,085 shares of the company traded hands, compared to its average volume of 15,123,836. Regions Financial has a 12 month low of $17.74 and a 12 month high of $31.53. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s 50-day simple moving average is $28.23 and its 200-day simple moving average is $26.81. The firm has a market cap of $22.46 billion, a PE ratio of 11.35, a PEG ratio of 0.90 and a beta of 1.02.

Regions Financial (NYSE:RF) last announced its earnings results on Friday, January 16th. The bank reported $0.57 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.04). Regions Financial had a return on equity of 12.55% and a net margin of 22.44%.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 firm earned $0.56 earnings per share. The firm’s revenue was up 5.8% compared to the same quarter last year. As a group, equities analysts anticipate that Regions Financial will post 2.26 earnings per share for the current fiscal year.

Regions Financial declared that its Board of Directors has authorized a stock buyback plan on Wednesday, December 10th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the bank to purchase up to 12.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Regions Financial news, EVP William D. Ritter sold 36,000 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president owned 17,569 shares in the company, valued at approximately $505,635.82. The trade was a 67.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Regions Financial

Institutional investors have recently made changes to their positions in the stock. GAM Holding AG bought a new stake in shares of Regions Financial in the 3rd quarter valued at about $1,760,000. Allspring Global Investments Holdings LLC grew its holdings in Regions Financial by 2.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 9,205,989 shares of the bank’s stock worth $241,289,000 after purchasing an additional 233,458 shares during the period. First Citizens Bank & Trust Co. increased its position in Regions Financial by 6.8% during the third quarter. First Citizens Bank & Trust Co. now owns 690,344 shares of the bank’s stock worth $18,204,000 after buying an additional 44,252 shares during the last quarter. iA Global Asset Management Inc. bought a new stake in Regions Financial in the third quarter valued at approximately $1,378,000. Finally, Teacher Retirement System of Texas raised its stake in Regions Financial by 111.2% in the third quarter. Teacher Retirement System of Texas now owns 290,563 shares of the bank’s stock valued at $7,662,000 after buying an additional 152,987 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.