Wealth Enhancement Advisory Services LLC acquired a new position in shares of Regions Financial Corporation (NYSE:RF) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 61,887 shares of the bank’s stock, valued at approximately $909,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. increased 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 in the last quarter. Toronto Dominion Bank increased its stake in Regions Financial Corporation by 53.9% in the first quarter. Toronto Dominion Bank now owns 326,968 shares of the bank’s stock worth $4,750,000 after buying an additional 114,483 shares in the last quarter. Trexquant Investment LP increased its stake in Regions Financial Corporation by 26.4% in the first quarter. Trexquant Investment LP now owns 161,400 shares of the bank’s stock worth $2,345,000 after buying an additional 33,700 shares in the last quarter. Macquarie Group Ltd. increased its stake in Regions Financial Corporation by 48.6% in the fourth quarter. Macquarie Group Ltd. now owns 44,400 shares of the bank’s stock worth $638,000 after buying an additional 14,525 shares in the last quarter. Finally, Elkfork Partners LLC increased its stake in Regions Financial Corporation by 96.9% in the first quarter. Elkfork Partners LLC now owns 809,160 shares of the bank’s stock worth $11,757,000 after buying an additional 398,112 shares in the last quarter. 76.61% of the stock is currently owned by institutional investors and hedge funds.
Shares of Regions Financial Corporation (NYSE RF) opened at 14.06 on Friday. The stock has a market cap of $16.80 billion, a price-to-earnings ratio of 14.69 and a beta of 1.31. The stock’s 50 day moving average is $14.57 and its 200 day moving average is $14.46. Regions Financial Corporation has a 52-week low of $9.37 and a 52-week high of $16.03.
Regions Financial Corporation (NYSE:RF) last announced its quarterly earnings results on Friday, July 21st. The bank reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.01. Regions Financial Corporation had a return on equity of 7.51% and a net margin of 20.25%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the company posted $0.20 earnings per share. Regions Financial Corporation’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities analysts predict that Regions Financial Corporation will post $1.00 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This is an increase from Regions Financial Corporation’s previous quarterly dividend of $0.07. This represents a $0.36 dividend on an annualized basis and a yield of 2.56%. Regions Financial Corporation’s payout ratio is presently 29.47%.
Regions Financial Corporation announced that its board has approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $1.47 billion in shares. This repurchase authorization allows the bank to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of analysts have recently weighed in on RF shares. Bank of America Corporation raised shares of Regions Financial Corporation from a “neutral” rating to a “buy” rating and upped their target price for the stock from $15.00 to $17.00 in a research report on Thursday, May 4th. Argus downgraded shares of Regions Financial Corporation from a “buy” rating to a “hold” rating and set a $15.00 target price on the stock. in a research report on Monday, May 1st. Deutsche Bank AG reaffirmed a “hold” rating on shares of Regions Financial Corporation in a research report on Monday, July 3rd. Jefferies Group LLC reiterated a “hold” rating and issued a $16.00 price target on shares of Regions Financial Corporation in a research note on Friday, May 5th. Finally, BidaskClub cut shares of Regions Financial Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $14.63.
In other news, EVP Fournier J. Gale III sold 35,825 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $14.59, for a total value of $522,686.75. Following the completion of the sale, the executive vice president now directly owns 109,318 shares in the company, valued at $1,594,949.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David J. Turner, Jr. sold 65,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $14.95, for a total value of $971,750.00. Following the completion of the sale, the chief financial officer now owns 121,160 shares of the company’s stock, valued at $1,811,342. The disclosure for this sale can be found here. Insiders sold 124,514 shares of company stock valued at $1,846,733 over the last three months. 0.52% of the stock is currently owned by corporate insiders.
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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