Regions Financial: Job Growth Loser
NEW YORK (TheStreet) -- Regions Financial (RF) was the loser among the largest U.S. financial names on Monday, with shares sliding over 3% to close at $6.21
The broad indexes saw 1% declines, following the U.S. Labor Department's report on Friday that nonfarm payrolls increased by 120,000 in March, far short of the 200,000 gain expected by economists surveyed by Thomson Reuters. The unemployment rate fell to 8.2% from 8.3% the previous month.
The KBW Bank Index (I:BKX) declined 2% to close at 47.92, with all 24 index components showing session declines of at least 1%.
Regions Financial's shares have now returned 45% year-to-date, following a 38% decline during 2011.
The shares trade for eight times the consensus 2013 earnings estimate of 75 cents, among analysts polled by Thomson Reuters. The consensus 2012 EPS estimate is 48 cents.