Reliance Trust Co. of Delaware decreased its stake in Regions Financial Corporation (NYSE:RF) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,286 shares of the bank’s stock after selling 32 shares during the period. Reliance Trust Co. of Delaware’s holdings in Regions Financial Corporation were worth $429,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of RF. Kentucky Retirement Systems acquired a new position in shares of Regions Financial Corporation during the fourth quarter worth about $1,283,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Regions Financial Corporation during the fourth quarter worth about $572,000. Macquarie Group Ltd. boosted its stake 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. Chevy Chase Trust Holdings Inc. boosted its stake in shares of Regions Financial Corporation by 1.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 1,049,851 shares of the bank’s stock worth $15,255,000 after buying an additional 10,391 shares during the period. Finally, New England Research & Management Inc. purchased a new stake in shares of Regions Financial Corporation during the first quarter worth about $906,000. 75.40% of the stock is owned by hedge funds and other institutional investors.
Regions Financial Corporation (NYSE RF) traded down 1.61% during midday trading on Friday, reaching $14.07. 18,741,361 shares of the company traded hands. The firm has a 50-day moving average price of $14.54 and a 200-day moving average price of $14.47. The firm has a market capitalization of $16.81 billion, a price-to-earnings ratio of 14.70 and a beta of 1.31. Regions Financial Corporation has a one year low of $9.28 and a one year high of $16.03.
Regions Financial Corporation (NYSE:RF) last released its earnings results on Friday, July 21st. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter last year, the business posted $0.20 earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis. Equities analysts predict that Regions Financial Corporation will post $1.00 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors 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 is a positive change 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 dividend payout ratio is presently 29.47%.
Regions Financial Corporation declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to buyback $1.47 billion in outstanding shares. This buyback authorization permits the bank to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
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Several brokerages have recently issued reports on RF. Bank of America Corporation raised shares of Regions Financial Corporation from a “neutral” rating to a “buy” rating and raised their target price for the company from $15.00 to $17.00 in a research note on Thursday, May 4th. Argus lowered shares of Regions Financial Corporation from a “buy” rating to a “hold” rating and set a $15.00 price objective on the stock. in a research note on Monday, May 1st. Rafferty Capital Markets lowered shares of Regions Financial Corporation from a “buy” rating to a “hold” rating and set a $15.00 price objective on the stock. in a research note 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 research note on Friday, May 5th. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of Regions Financial Corporation in a research note on Monday, July 3rd. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $14.21.
In other news, Director Susan W. Matlock sold 10,000 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $15.23, for a total value of $152,300.00. Following the sale, the director now directly owns 32,188 shares in the company, valued at $490,223.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Fournier J. Gale III sold 35,825 shares of the 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 owns 109,318 shares in the company, valued at $1,594,949.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 124,514 shares of company stock valued at $1,846,733. 0.52% of the stock is owned by corporate 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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