Main Street Research LLC increased its position in Regions Financial Corporation (NYSE:RF) by 4.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 940,974 shares of the bank’s stock after buying an additional 38,224 shares during the period. Regions Financial Corporation comprises approximately 2.3% of Main Street Research LLC’s holdings, making the stock its 10th largest position. Main Street Research LLC owned approximately 0.08% of Regions Financial Corporation worth $13,776,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of 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. Toronto Dominion Bank increased its position in shares of 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 during the period. Trexquant Investment LP increased its position in shares of 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 during the period. Macquarie Group Ltd. increased its position in shares of 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 during the period. Finally, Elkfork Partners LLC increased its position in shares of 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 during the period. 75.46% of the stock is owned by institutional investors and hedge funds.
Regions Financial Corporation (NYSE RF) opened at 14.94 on Friday. Regions Financial Corporation has a 52-week low of $8.88 and a 52-week high of $16.03. The stock has a market cap of $17.91 billion, a PE ratio of 15.61 and a beta of 1.31. The firm has a 50-day moving average price of $14.44 and a 200 day moving average price of $14.44.
Regions Financial Corporation (NYSE:RF) last released its quarterly earnings data 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 business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the previous year, the firm posted $0.20 EPS. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities analysts anticipate that Regions Financial Corporation will post $1.00 earnings per share for the current year.
Regions Financial Corporation announced that its board has approved a share buyback program on Wednesday, June 28th that permits the company to repurchase $1.47 billion in outstanding shares. This repurchase authorization permits the bank to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.36 annualized dividend and a yield of 2.41%. This is an increase from Regions Financial Corporation’s previous quarterly dividend of $0.07. Regions Financial Corporation’s payout ratio is presently 29.47%.
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RF has been the subject of a number of research analyst reports. Bank of America Corporation raised Regions Financial Corporation from a “neutral” rating to a “buy” rating and upped their price target for the company from $15.00 to $17.00 in a report on Thursday, May 4th. Argus downgraded Regions Financial Corporation from a “buy” rating to a “hold” rating and set a $15.00 price target for the company. in a report on Monday, May 1st. Rafferty Capital Markets downgraded Regions Financial Corporation from a “buy” rating to a “hold” rating and set a $15.00 price target for the company. in a report on Thursday, April 20th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $16.00 price target on shares of Regions Financial Corporation in a report on Friday, May 5th. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of Regions Financial Corporation in a report on Monday, July 3rd. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Regions Financial Corporation has an average rating of “Hold” and a consensus price target of $14.13.
In other Regions Financial Corporation news, EVP Fournier J. Gale III sold 35,825 shares of Regions Financial Corporation stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $14.59, for a total transaction of $522,686.75. Following the sale, the executive vice president now owns 109,318 shares of the company’s stock, valued at approximately $1,594,949.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott M. Peters sold 13,689 shares of Regions Financial Corporation stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $14.61, for a total value of $199,996.29. Following the sale, the executive vice president now directly owns 147,528 shares in the company, valued at approximately $2,155,384.08. The disclosure for this sale can be found here. 0.52% of the stock is owned by insiders.
Regions Financial Corporation Company Profile
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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