Northern, WI 06/18/2013 (usastockreport) – Regions Financial Corporation (NYSE:RF) opened its day at $9.08 and declined by 0.11% in its previous session to close at $8.97. Throughout the day the stock traded in a range of $8.92 and $9.08. Around 14.74 million shares exchanged hands on its previous day’s trading session while the average volume of the stock is 14.97 million.
After reporting losses for several years, Regions Financial Corporation has reported a profit in the first quarter of 2013. The company had reported a huge loss of $5.5 billion in the year 2008. However, since the beginning of the year, the stock price has appreciated by 20.4%. Regions first quarter ended 31st March, 2013 reported a net income of $327 million or $0.23 per diluted share and net income from continuing operations of $325 million or $0.23 per diluted share which was up by $82 million from the previous year’s first quarter. Regions’ performance for the quarter demonstrates that the company’s strategy to deliver the best services to the customers for a long-term span is working efficiently. The company’s strategy to gain market over its competitors and to earn profits for the shareholder’s is working.
The company’s subsidiary United Plants Preferred Funding Corp, has declared for the repurchase of its preference shares which had been issued under the 7.75% of Non-Cumulative Exchangeable Series-B Preferred stock category. The company’s repurchase decision is due to very lucrative investment opportunities. The company repurchases its stock to dilute the boosting share prices and other financial ratios. The company repurchases its stock due to surplus cash in hand. Regions Financial Corporation, accounting a total of $120 billion in its asset, is a member of the S&P 500 Index and is one of the nation’s largest financial service providers. Regions along with its subsidiary serves customers in 16 states and has approximately 1,700 banking offices and 2,000 ATMs.