You need a gunsmith.
To move the strike of the bullet up with an M4 front sight, you would need to rotate the sight post counterclockwise. This will raise the front sight, adjusting the point of impact higher.
you need to check if the barrel and see if it is loose even just by a hair if it is then you need to twist it to the point where it is accurate then take out the hold pin for it and reset it
Either the front sight will need to be raised, the rear sight lowered, or you will need to aim lower. Most military rifles have a minimum zero distance around 200 yards. If you are shooting at a closer distance, expect that the strike of the bullet will be other than point of aim.
If the sights are fixed, they can't be adjusted. You would either need to replace them with adjustable sights, or else use the "Kentucky windage" method of compensation.
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Alvarez Regent is a series of guitars . You need the model number to determine the price. Range maybe from $50.00 to $200.00
NO!Sight NO!vision
Windage is adjusted using the knob on the right rear of the carrying handle/rear sight mount. There are two elevation adjustments. For the purpose of zeroing the weapon in, you would raise or lower the front sight post as needed. The front sight base is marked with an arrow and the word "UP" - this refers to which direction you would need to adjust it to bring the strike of the round up - it actually lowers the height of the front sight post.
IF IN FACTORY CONFIGURATION, The front sight is fixed and not adjustable. The rear sight is drift adjustable for windage changes - you need to loosen the set screw that holds the rear sight in place. From what I've found, it may take some doing to get that set screw loosened.
A GOOD REGENT HAND-GUN EITHER 4 OR 6 INCHES,SHOULD NOT SELL FOR MORE THAN $200.00 MAX.
Try Numrich Arms or Jack First -- On that Front Sight -- Not sure what you need to do, but the typical fix is to drill it 6x48 and install a new bead sight. sales@countrygunsmith.net