Hartford Investment Management Co. cut its position in Regions Financial Corporation (NYSE:RF) by 4.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 275,261 shares of the bank’s stock after selling 13,188 shares during the period. Hartford Investment Management Co.’s holdings in Regions Financial Corporation were worth $4,030,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Regions Financial Corporation by 2.2% in the first quarter. Vanguard Group Inc. now owns 132,731,086 shares of the bank’s stock worth $1,928,583,000 after buying an additional 2,860,634 shares during the last quarter. BlackRock Inc. raised its stake in Regions Financial Corporation by 3,130.8% in the first quarter. BlackRock Inc. now owns 92,466,983 shares of the bank’s stock worth $1,343,545,000 after buying an additional 89,604,919 shares during the period. JPMorgan Chase & Co. raised its stake in Regions Financial Corporation by 12.3% in the first quarter. JPMorgan Chase & Co. now owns 27,243,518 shares of the bank’s stock worth $395,848,000 after buying an additional 2,985,752 shares during the period. Dimensional Fund Advisors LP raised its stake in Regions Financial Corporation by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,915,066 shares of the bank’s stock worth $202,193,000 after buying an additional 403,258 shares during the period. Finally, Geode Capital Management LLC raised its stake in Regions Financial Corporation by 8.0% in the first quarter. Geode Capital Management LLC now owns 13,850,291 shares of the bank’s stock worth $201,002,000 after buying an additional 1,031,540 shares during the period. 76.61% of the stock is owned by institutional investors and hedge funds.
Regions Financial Corporation (RF) opened at 14.06 on Friday. The firm has a market cap of $16.80 billion, a P/E ratio of 14.69 and a beta of 1.31. Regions Financial Corporation has a 1-year low of $9.37 and a 1-year high of $16.03. The stock has a 50 day moving average price of $14.57 and a 200-day moving average price of $14.46.
Regions Financial Corporation (NYSE:RF) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.01. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Regions Financial Corporation had a net margin of 20.25% and a return on equity of 7.51%. Regions Financial Corporation’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 earnings per share. Equities research analysts forecast that Regions Financial Corporation will post $1.00 EPS for the current year.
Regions Financial Corporation declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $1.47 billion in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 8.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be given a dividend of $0.09 per share. The ex-dividend date is Thursday, September 7th. This represents a $0.36 dividend on an annualized basis and a yield of 2.56%. This is a boost from Regions Financial Corporation’s previous quarterly dividend of $0.07. Regions Financial Corporation’s dividend payout ratio is 29.47%.
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A number of research firms recently commented on RF. Instinet increased their price target on Regions Financial Corporation from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, June 30th. Royal Bank Of Canada restated a “hold” rating and set a $15.00 price target on shares of Regions Financial Corporation in a research report on Thursday, May 18th. UBS AG restated a “sell” rating and set a $13.00 price target (down from $14.00) on shares of Regions Financial Corporation in a research report on Saturday, April 22nd. Keefe, Bruyette & Woods restated a “hold” rating and set a $15.50 price target on shares of Regions Financial Corporation in a research report on Wednesday. Finally, Wells Fargo & Company began coverage on Regions Financial Corporation in a research report on Wednesday, August 9th. They set a “market perform” rating and a $16.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $14.63.
In other Regions Financial Corporation news, CFO David J. Turner, Jr. sold 65,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $14.95, for a total transaction of $971,750.00. Following the sale, the chief financial officer now owns 121,160 shares of the company’s stock, valued at $1,811,342. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan W. Matlock sold 10,000 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $15.23, for a total transaction of $152,300.00. Following the sale, the director now directly owns 32,188 shares in the company, valued at approximately $490,223.24. The disclosure for this sale can be found here. Insiders have sold 124,514 shares of company stock worth $1,846,733 in the last ninety days. Insiders own 0.52% of the company’s stock.
About Regions Financial Corporation
Regions Financial Corporation is a financial holding company. The Company conducts its banking operations through Regions Bank, an Alabama state-chartered commercial bank, which is a member of the Federal Reserve System. It operates in three segments: Corporate Bank, which represents its commercial banking functions, including commercial and industrial, commercial real estate and investor real estate lending; Consumer Bank, which represents its branch network, including consumer banking products and services related to residential first mortgages, home equity lines and loans, small business loans, indirect loans, consumer credit cards and other consumer loans, as well as the corresponding deposit relationships, and Wealth Management, which offers individuals, businesses, governmental institutions and non-profit entities a range of solutions to enable transfer of wealth.
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