Regions Hits New 52-Week High - Analyst Blog
23 Mai 2013 - 4:50PM
Zacks
Shares of Regions Financial Corporation (RF)
crafted a new 52-week high, touching $9.34 in the beginning of the
trading session on May 22. The closing price of this financial
services provider represents a solid year-to-date return of 23.6%.
The trading volume for the session was 16.3 million shares,
substantially higher than the average 14.6 million over the last 3
months.
Despite hitting its 52-week high, this Zacks Rank #2 (Buy) stock
has plenty of upside left, given its strong estimate revisions over
the last 30 days and expected year-over-year earnings growth of
10.0% for 2013.
Growth Drivers
Impressive first-quarter 2013 results – including an earnings
surprise of 15.0% and reduced provision for loan losses – as well
as approval of the capital plan under the 2013 Comprehensive
Capital Analysis and Review (CCAR) were the primary growth drivers
for Regions.
On Apr 23, Regions reported its first-quarter earnings from
continuing operations of 23 cents per share, marginally beating the
Zacks Consensus Estimate by 3 cents. Moreover, results beat the
prior-quarter earnings by a penny.
Results benefited from a fall in non-interest expenses, reflecting
effective cost control measures. Moreover, fall in provision for
loan losses, strong capital position, improved funding mix and HARP
II loan production were the tailwinds for the quarter.
Moreover, Regions has now delivered positive earnings surprises in
the last 4 quarters with an average beat of 19.5%.
Estimate Revisions Show Potency
Over the last 30 days, 12 of the 17 estimates for 2013 have been
revised upward for Regions, lifting the Zacks Consensus Estimate by
6.2% to 86 cents per share. For 2013, 6 of the 16 estimates moved
north, helping the Zacks Consensus Estimate advance 3.5% to 88
cents per share.
Some better performing Southeast banks include Ameris
Bancorp (ABCB), Farmers Capital Bank
Corporation (FFKT) and First M&F
Corporation (FMFC). All these carry a Zacks Rank #1
(Strong Buy).
AMERIS BANCORP (ABCB): Free Stock Analysis Report
FARMERS CAP KY (FFKT): Free Stock Analysis Report
FIRST M & F CRP (FMFC): Get Free Report
REGIONS FINL CP (RF): Free Stock Analysis Report
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