Regions Financial Corporation
) 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.
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
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
Farmers Capital Bank Corporation
First M&F Corporation
). All these carry a Zacks Rank #1 (Strong Buy).
AMERIS BANCORP (ABCB): Free Stock Analysis
FARMERS CAP KY (FFKT): Free Stock Analysis
FIRST M & F CRP (FMFC): Get Free Report
REGIONS FINL CP (RF): Free Stock Analysis
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