Regions Financial (NYSE:RF) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Regions Financial experienced a significant increase in trading volume, with over 44 million shares traded, marking a 232% rise from the previous session.
• Analysts have set new price targets for the stock, with estimates ranging from $25.00 to $30.00, indicating a consensus rating of "Moderate Buy."
• The company declared a quarterly dividend of $0.265, resulting in an annualized yield of 4.4%, payable on January 2nd, 2024.

Shares of Regions Financial Corporation (NYSE:RF - Get Free Report) saw strong trading volume on Wednesday . 44,051,571 shares changed hands during mid-day trading, an increase of 232% from the previous session's volume of 13,248,917 shares.The stock last traded at $24.08 and had previously closed at $24.36.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. DA Davidson raised their price objective on Regions Financial from $25.00 to $29.00 and gave the company a "buy" rating in a report on Monday, July 21st. Weiss Ratings restated a "buy (b-)" rating on shares of Regions Financial in a report on Wednesday, October 8th. Cantor Fitzgerald began coverage on Regions Financial in a report on Wednesday, September 10th. They set an "overweight" rating and a $30.00 price target for the company. Stephens reiterated an "equal weight" rating and set a $27.00 price target (down previously from $30.00) on shares of Regions Financial in a report on Tuesday, October 14th. Finally, Evercore ISI lifted their price target on Regions Financial from $28.00 to $29.00 and gave the stock an "in-line" rating in a report on Tuesday, September 30th. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $27.94.

Regions Financial Price Performance

The company's 50-day simple moving average is $26.20 and its 200-day simple moving average is $23.75. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.82 and a quick ratio of 0.81. The stock has a market capitalization of $21.52 billion, a price-to-earnings ratio of 10.62, a P/E/G ratio of 1.14 and a beta of 1.02.

Regions Financial (NYSE:RF - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The bank reported $0.39 earnings per share (EPS) for the quarter. Regions Financial had a net margin of 22.49% and a return on equity of 13.05%. The firm had revenue of $1.81 billion during the quarter. Research analysts forecast that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st will be given a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Monday, December 1st. Regions Financial's payout ratio is presently 46.70%.

Insider Buying and Selling

In other news, EVP David R. Keenan sold 30,000 shares of Regions Financial stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $25.01, for a total value of $750,300.00. Following the completion of the sale, the executive vice president directly owned 90,915 shares in the company, valued at approximately $2,273,784.15. The trade was a 24.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roger W. Jenkins purchased 4,000 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average price of $25.48 per share, with a total value of $101,920.00. Following the completion of the transaction, the director owned 6,383 shares of the company's stock, valued at $162,638.84. This represents a 167.86% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RF. Wealth Enhancement Advisory Services LLC grew its stake in shares of Regions Financial by 6.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 243,969 shares of the bank's stock worth $5,301,000 after buying an additional 14,720 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Regions Financial by 1.1% during the first quarter. Janney Montgomery Scott LLC now owns 76,306 shares of the bank's stock worth $1,658,000 after buying an additional 802 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Regions Financial by 8.8% during the first quarter. Blue Trust Inc. now owns 9,605 shares of the bank's stock worth $209,000 after buying an additional 777 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Regions Financial in the first quarter worth $1,225,000. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Regions Financial by 12.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 156,593 shares of the bank's stock worth $3,403,000 after purchasing an additional 16,801 shares during the last quarter. 79.39% of the stock is currently owned by institutional investors and hedge funds.

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.

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