Financial Winners and Losers: BofA

Updated from 2:43 p.m. EDT

Financial stocks finished mostly lower Wednesday afternoon as investors had different reactions to news of common share offerings from Bank of America (BAC) and Regions Financial (RF).

Bank of America said it has raised $13.47 billion after issuing 1.25 billion shares at an average price of $10.77 a share. Together with the sale of its stake in China Construction Bank for about $7.3 billion, the bank is more than halfway to reaching its capital raising goal of $33.9 billion set by the government's stress tests.

Analysts were mostly positive on Bank of America's offering. R.W. Baird analyst David George reiterated his outperform rating on the bank's shares and raised his second-quarter earnings estimate to 22 cents a share. George also increased his full-year 2009 and 2010 earnings estimates to 75 cents and $1 a share, respectively.

"While the price is a notable discount from recent prices, the completion of the deal is a positive catalyst in our opinion, and should remove an overhang on the stock," George wrote in a research note. "Not only is the completion of the offering a positive, [Bank of America] has tremendous earnings power on the other side of the cycle, leading market share positions and high pre-provision profitability."

Meanwhile, Regions Financial planned a public offering of its own, saying it expects to raise $1.25 billion in capital to help meet a $2.5 billion government requirement to buffer itself against future losses.

Bank of America shares finished higher by 2.1% at $11.49, while Regions Financial dropped 6.7% at $4.89.