The Vanguard Group, Inc. recently announced the acquisition of new stake in Regions Financial Corp. (NYSE:RF). The institutional investor has increased its shareholding in the Financial company by 2.68% to 110.5 million shares with purchase of 2.89 million shares. This fresh investment now brings its stake to 11.88% valued currently at $1.84 billion. In addition, Wellington Management Co. LLP raised its holdings by 4.16 million to 53.82 million shares. And SSgA Funds Management, Inc. has lifted its position by 5.46% or 2.68 million shares – to 51.72 million shares.
With over 4.44 million Regions Financial Corp. (RF) shares trading Tuesday and a closing price of $19.57 on the day, the dollar volume was approximately $86.92 million. The shares have shown a positive half year performance of 11.70% and its price on 12/26/23 gained nearly 1.56%. Currently, there are 934.49M common shares owned by the public and among those 927.66M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for RF have a consensus price objective of $18.70. The analysts have set the share’s price value over the next 12 months at a high of $23.00 and a low of $15.00. The average price target is -4.65% below its recent price level and a downside to the estimated low will see the stock lose -30.47% over that period. But an upside of 14.91% will see the stock hit the forecast high price target while median target price for the stock is $18.50.
Insiders at the company have transacted a total of 44 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 1,092,100 shares. Insider sales of the common stock occurred on 17 occasions, with total insider shares sold totaling 599,805 shares.
The top 3 mutual fund holders in Regions Financial Corp. are Vanguard Equity Income Fund, Vanguard Total Stock Market ETF, and Vanguard 500 Index Fund. Vanguard Equity Income Fund owns 30.96 million shares of the company’s stock, all valued at over $516.38 million. The company bought an additional 6.78 million shares recently to bring their total holdings to about 3.33% of the shares outstanding. Vanguard Total Stock Market ETF bought 33045.0 shares to see its total holdings expand to 29.34 million shares valued at over $489.41 million and representing 3.16% of the shares outstanding. Vanguard 500 Index Fund bought 99505.0 shares to bring its total holdings to over 22.65 million shares at a value of $377.88 million. Vanguard 500 Index Fund now owns shares totaling to 2.44% of the shares outstanding.
Shares of Regions Financial Corp. (NYSE: RF) opened at $19.30, up $0.03 from a prior closing price of $19.27. However, the script later moved the day high at 19.62, up 1.56%. The company’s stock has a 5-day price change of 2.30% and 16.00% over the past three months. RF shares are trading -9.23% year to date (YTD), with the 12-month market performance down to -7.16% lower. It has a 12-month low price of $13.72 and touched a high of $24.33 over the same period. RF has an average intraday trading volume of 10.00 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 9.65%, 19.44%, and 10.26% respectively.
Institutional ownership of Regions Financial Corp. (NYSE: RF) shares accounts for 79.90% of the company’s 934.49M shares outstanding. Mutual fund holders own 28.28%, while other institutional holders and individual stakeholders account for 52.52% and 2.12% respectively.
It has a market capitalization of $18.20B and a beta (3y monthly) value of 1.24. The stock’s trailing 12-month PE ratio is 8.11, while the earnings-per-share (ttm) stands at $2.41. The company has a debt-to-equity ratio at 0.39. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.22% over the week and 2.86% over the month.
Analysts forecast that Regions Financial Corp. (RF) will achieve an EPS of $0.48 for the current quarter, $0.45 for the next quarter and $1.97 for 2024. The lowest estimate earnings-per-share for the quarter is $0.36 while analysts give the company a high EPS estimate of $0.54. Comparatively, EPS for the current quarter was $0.66 a year ago. Earnings per share for the fiscal year are expected to decrease by -3.78%, and -10.81% over the next financial year. EPS should shrink at an annualized rate of -0.88% over the next five years, compared to 17.88% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 28 brokerage firm advisors rate Regions Financial Corp. (RF) as a “Moderate Buy” at a consensus score of 2.39. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 19 of the 28 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RF, a number of firms have released research notes about the stock. Odeon stated their Hold rating for the stock in a research note on November 13, 2023, with the firm’s price target at $17.10.
