Regions Financial (NYSE:RF) Authorizes Share Buyback Program

Regions Financial (NYSE:RF) announced that its board has initiated a share repurchase plan on Wednesday, December 10th, RTT News reports. The company plans to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 12.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

RF has been the subject of several recent research reports. Truist Financial dropped their price target on Regions Financial from $28.00 to $26.00 and set a “hold” rating for the company in a research report on Monday, October 20th. Evercore ISI boosted their target price on shares of Regions Financial from $28.00 to $29.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Stephens restated an “equal weight” rating and issued a $27.00 target price (down from $30.00) on shares of Regions Financial in a report on Tuesday, October 14th. Cowen reiterated a “buy” rating on shares of Regions Financial in a report on Tuesday, October 21st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Regions Financial in a research report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $27.93.

Regions Financial Trading Up 3.6%

RF traded up $0.96 during midday trading on Wednesday, hitting $27.40. The company’s stock had a trading volume of 15,523,281 shares, compared to its average volume of 12,246,570. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 0.27. The firm has a market cap of $24.02 billion, a P/E ratio of 12.07, a PEG ratio of 1.17 and a beta of 1.04. The firm has a 50-day moving average price of $24.96 and a two-hundred day moving average price of $24.90. Regions Financial has a 52-week low of $17.74 and a 52-week high of $27.60.

Regions Financial (NYSE:RF) last announced its quarterly earnings data on Thursday, February 27th. The bank reported $0.39 earnings per share for the quarter. Regions Financial had a net margin of 22.49% and a return on equity of 13.05%. The business had revenue of $1.81 billion for the quarter. On average, research analysts anticipate that Regions Financial will post 2.26 earnings per share for the current year.

Regions Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Monday, December 1st. Regions Financial’s dividend payout ratio (DPR) is 46.70%.

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.