Regions Financial Corporation (RF) Announces $0.09 Quarterly Dividend
Regions Financial Corporation (NYSE:RF) announced a quarterly dividend on Thursday, October 19th, RTT News reports. Investors of record on Friday, December 8th will be paid a dividend of 0.09 per share by the bank on Tuesday, January 2nd. This represents a $0.36 annualized dividend and a yield of 2.40%.
Regions Financial Corporation has raised its dividend by an average of 46.2% annually over the last three years and has raised its dividend annually for the last 4 consecutive years. Regions Financial Corporation has a payout ratio of 36.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Regions Financial Corporation to earn $1.13 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 31.9%.
Shares of Regions Financial Corporation (NYSE RF) traded up 0.47% during mid-day trading on Thursday, reaching $14.97. 10,444,872 shares of the company traded hands. Regions Financial Corporation has a 52-week low of $10.32 and a 52-week high of $16.03. The firm’s 50 day moving average price is $14.46 and its 200-day moving average price is $14.30. The company has a market capitalization of $17.89 billion, a P/E ratio of 15.64 and a beta of 1.34.
Regions Financial Corporation (NYSE:RF) last released its quarterly earnings results on Friday, July 21st. The bank reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.01. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Regions Financial Corporation had a return on equity of 7.51% and a net margin of 20.25%. Regions Financial Corporation’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.20 EPS. Equities analysts predict that Regions Financial Corporation will post $1.00 earnings per share for the current fiscal year.
Regions Financial Corporation declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.47 billion in shares. This repurchase authorization authorizes the bank to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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In other news, CFO David J. Turner, Jr. sold 65,000 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $14.95, for a total value of $971,750.00. Following the completion of the transaction, the chief financial officer now owns 121,160 shares of the company’s stock, valued at $1,811,342. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott M. Peters sold 13,689 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $14.61, for a total value of $199,996.29. Following the completion of the transaction, the executive vice president now directly owns 147,528 shares of the company’s stock, valued at approximately $2,155,384.08. The disclosure for this sale can be found here. Insiders sold 124,514 shares of company stock worth $1,846,733 over the last ninety days. 0.52% of the stock is owned by corporate insiders.
A number of equities analysts have issued reports on RF shares. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $15.50 target price on shares of Regions Financial Corporation in a research report on Friday, September 15th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Regions Financial Corporation in a research report on Monday, July 3rd. Bank of America Corporation reaffirmed a “buy” rating and issued a $17.00 target price on shares of Regions Financial Corporation in a research report on Wednesday, July 26th. BidaskClub lowered Regions Financial Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, FBR & Co lowered Regions Financial Corporation from a “buy” rating to a “neutral” rating and set a $16.00 target price on the stock. in a research report on Tuesday, October 10th. Four analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $14.95.
Regions Financial Corporation Company Profile
Regions Financial Corporation is a financial holding company. The Company conducts its banking operations through Regions Bank, an Alabama state-chartered commercial bank, which is a member of the Federal Reserve System. It operates in three segments: Corporate Bank, which represents its commercial banking functions, including commercial and industrial, commercial real estate and investor real estate lending; Consumer Bank, which represents its branch network, including consumer banking products and services related to residential first mortgages, home equity lines and loans, small business loans, indirect loans, consumer credit cards and other consumer loans, as well as the corresponding deposit relationships, and Wealth Management, which offers individuals, businesses, governmental institutions and non-profit entities a range of solutions to enable transfer of wealth.
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