Regions Financial Corporation (RF) to Issue Quarterly Dividend of $0.09 on September 29th
Regions Financial Corporation (NYSE:RF) declared a quarterly dividend on Thursday, July 27th, RTT News reports. Shareholders of record on Friday, September 8th will be given a dividend of 0.09 per share by the bank on Friday, September 29th. This represents a $0.36 annualized dividend and a yield of 2.53%. The ex-dividend date is Thursday, September 7th. This is a positive change from Regions Financial Corporation’s previous quarterly dividend of $0.07.
Regions Financial Corporation has increased its dividend by an average of 46.2% per year over the last three years and has increased its dividend every year for the last 4 years. Regions Financial Corporation has a dividend payout ratio of 36.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Regions Financial Corporation to earn $1.14 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 31.6%.
Regions Financial Corporation (RF) opened at 14.23 on Friday. The company has a market capitalization of $17.01 billion, a P/E ratio of 14.87 and a beta of 1.33. The firm has a 50-day moving average of $14.44 and a 200 day moving average of $14.43. Regions Financial Corporation has a 52-week low of $9.37 and a 52-week high of $16.03.
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 of Directors has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $1.47 billion in outstanding shares. This repurchase authorization allows the bank to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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In related news, CFO David J. Turner, Jr. sold 65,000 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $14.95, for a total transaction of $971,750.00. Following the completion of the transaction, the chief financial officer now directly owns 121,160 shares in the company, valued at approximately $1,811,342. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Susan W. Matlock sold 10,000 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $15.23, for a total value of $152,300.00. Following the transaction, the director now owns 32,188 shares of the company’s stock, valued at $490,223.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 124,514 shares of company stock valued at $1,846,733. 0.52% of the stock is owned by company insiders.
A number of equities analysts have issued reports on the company. Instinet upped their target price on Regions Financial Corporation from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, June 30th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $15.00 target price on shares of Regions Financial Corporation in a research report on Thursday, May 18th. 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 Wednesday, August 16th. Wells Fargo & Company assumed coverage on Regions Financial Corporation in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $16.00 target price on the stock. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of Regions Financial Corporation in a research report on Monday, July 3rd. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $14.63.
About Regions Financial Corporation
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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