Regions Financial (RF) PT Raised to $23 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods raised the price target on Regions Financial (NYSE: RF) to $23.00 (from $21.00) while maintaining a Market Perform rating.

The analyst commented, "Core PPNR was in line with KBWe, driven by a $0.02 beat on NII, in-line core fees, and a $0.02 miss on core expenses. Provisions were a $0.04 beat to KBWe. Overall, it was a solid quarter from Regions, with the NII beat coming from lower than expected deposit costs coupled with the benefit of a modest bond restructuring. As a result, we lifted our NII estimate for the remainder of 2024; however, 2025 might present challenges to reduce the deposit base costs should rates decline, given the outperformance of its deposit beta during the last rate hike cycle. We reiterate our Market Perform rating."

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