Regions Financial Corporation (RF) is set to release fourth-quarter earnings before the opening bell on Friday, January 16, and Wall Street's sharpest minds have been busy adjusting their forecasts.
Analysts are expecting the Birmingham, Alabama-based bank to report quarterly earnings of 61 cents per share, up from 59 cents per share in the same period last year. Revenue is projected to hit $1.94 billion, a notable jump from $1.83 billion a year earlier, according to consensus estimates.
The earnings report comes as Regions Financial announced on January 12 that CFO David Turner would be retiring, marking a significant leadership change for the regional banking institution. Shares closed at $28.14 on Wednesday, up 1.1%.
What the Most Accurate Analysts Are Saying
The analyst community has been particularly active lately, and not everyone agrees on where Regions Financial is headed. Here's what the analysts with the best track records have been saying:
John Pancari from Evercore ISI Group downgraded the stock from In-Line to Underperform on January 6, though he did raise his price target from $27 to $29. Pancari has a 67% accuracy rate on his calls.
Jason Goldberg at Barclays maintained his Underweight rating on January 5 while bumping his price target from $27 to $30. His track record shows a 62% accuracy rate.
Brian Foran of Truist Securities kept his Hold rating intact on December 22 but increased his price target from $26 to $29. Foran boasts an impressive 80% accuracy rate, making his cautious stance worth noting.
David Konrad at Keefe, Bruyette & Woods remains bullish, maintaining an Outperform rating on December 17 and raising his price target from $30 to $31. With a 79% accuracy rate, Konrad is one of the more optimistic voices in the crowd.
Terry McEvoy from Stephens & Co. took a more bearish turn, downgrading the stock from Overweight to Equal-Weight on October 14 and cutting his price target from $30 to $27. McEvoy's accuracy rate stands at 72%.
The spread of opinions reflects the complexity facing regional banks right now. With Friday's earnings report just around the corner, investors will soon see whether Regions Financial can meet these elevated expectations and address any concerns about the upcoming CFO transition.
