RF - Why Regions Financial Stock Is Plunging Today
2023-10-20 13:09:26 ET
Regions Financial (NYSE: RF) is struggling to cope with higher interest rates, and it doesn't expect the situation to turn around any time soon. Investors are running out of patience, sending Region shares down more than 10% on Friday.
Regions, like many bank stocks , has had a difficult year. The industry has had a hard time adjusting to rising interest rates, and a pair of high-profile failures last spring shook investors in mid-sized institutions like Regions.
The company's latest quarter provided little to get excited about. Regions missed Wall Street earnings expectations, posting net interest income of $1.3 billion for the quarter. That's a 6.5% decline from the second quarter of 2023.
For further details see:
Why Regions Financial Stock Is Plunging Today