Dallas, Texas 09/30/2013 (Financialstrend) – Regions Financial Corporation (NYSE:RF) announced on September 24, that it is scheduled to release its third quarter 2013 financial results on October 22. The bank has had a relatively tame quarter on the browsers. Its share price is down 1.17% in the past 30 days and by over 2.11% person in the last 90 days. At current valuations, the stock is trading 11.3% below it 52 week high valuation. The share is trading at $9.3 per share as of close of business on September 27.
It had reported a drop in its quarterly sales by close to 8.8% previous quarter. Its earnings per share was also down by 10% in the same period. It makes up one of S&P 500 tracked company with annual sales of $3.73 billion with over 1.4 billion outstanding shares. The bank has paid out a dividend of $0.12 per share over the previous 12 months trailing period which translates to a 1.29% dividend yield for the year.
September 29 holds a grim reminder for Regions Financial Corp. It was on this day in 2008 that the firm had lost close to 40% of its share value during trading hours. This melt down was caused by fears of the bank going kaput due to its exposure to the subprime loans market which had already pulled down much larger and bigger banks and heralded the onset of 2008 financial crisis.
Regions Financial has a market capitalization of $13.3 billion and assets of $119 billion. It is one of North America’s largest financial institutions. It provides consumer banking, commercial banking and wealth management services to its customers. In spite of its unhappy experiences with subprime notes, the financial institution offers full service mortgage, and insurance products. It has a large presence in 16 states across North America and operates approximately “1,700 banking offices and 2,000 ATMs”.