Regions Financial
shares were sinking Friday after the regional bank missed third-quarter earnings estimates.
Regions (ticker: RF) posted third-quarter earnings of 49 cents a share, rising from 43 cents a year earlier but lower than Wall Street estimates of 58 cents.
Revenue was $1.86 billion, below expectations of $1.89 billion. Net interest income was $1.29 billion, missing estimates of $1.32 billion.
Deposits at the end of the third quarter were $126.2 billion, down from nearly $127 billion in the second quarter and $135.4 billion a year earlier.
“Our protective hedging strategies position us for success in any rate environment and support our commitment to generating consistent, sustainable long-term performance,” said President and CEO John Turner in the earnings release. “While the industry continues to face economic and regulatory uncertainty, we are confident in our ability to adapt to the changing landscape while continuing to deliver top-quartile returns through the cycle.”
Shares were falling 14% to $14.10 and were on pace for their largest percent decrease since March 18, 2020, when they declined 17%, according to Dow Jones Market Data.
Write to Emily Dattilo at [email protected]
Read the full article here