Regions Financial price target lowered to $19 from $23 at RBC Capital

RBC Capital lowered the firm’s price target on Regions Financial to $19 from $23 but keeps an Outperform rating on the shares. The company delivered weaker-than-expected results driven by higher- than-expected noninterest expense and lower revenues, though the revenue miss was primarily driven by continued changes in its deposit mix, lower cost deposits moving to higher cost deposits, and higher deposit rates, the analyst tells investors in a research note. Credit quality has remained healthy however as Regions maintains its strong credit trends through-the-cycle, the firm adds, stating that its stock should be re-valued upward.