Arrowstreet Capital Limited Partnership acquired a new stake in Regions Financial Corporation (NYSE:RF) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 126,200 shares of the bank’s stock, valued at approximately $1,848,000.
Other large investors have also recently made changes to their positions in the company. OppenheimerFunds Inc. lifted its position in shares of Regions Financial Corporation by 18.5% during the 1st quarter. OppenheimerFunds Inc. now owns 57,510 shares of the bank’s stock valued at $836,000 after acquiring an additional 8,970 shares during the period. Wellington Management Group LLP grew its stake in Regions Financial Corporation by 667.7% in the 1st quarter. Wellington Management Group LLP now owns 896,549 shares of the bank’s stock worth $13,028,000 after acquiring an additional 779,760 shares during the period. Teachers Advisors LLC grew its stake in Regions Financial Corporation by 11.6% in the 1st quarter. Teachers Advisors LLC now owns 6,545,258 shares of the bank’s stock worth $95,103,000 after acquiring an additional 681,822 shares during the period. Ngam Advisors L.P. grew its stake in Regions Financial Corporation by 19.7% in the 1st quarter. Ngam Advisors L.P. now owns 39,135 shares of the bank’s stock worth $569,000 after acquiring an additional 6,451 shares during the period. Finally, Thrivent Financial For Lutherans grew its stake in Regions Financial Corporation by 2.7% in the 1st quarter. Thrivent Financial For Lutherans now owns 44,227 shares of the bank’s stock worth $643,000 after acquiring an additional 1,170 shares during the period. Hedge funds and other institutional investors own 75.53% of the company’s stock.
In related news, Director Susan W. Matlock sold 10,000 shares of the stock in a transaction 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 transaction, the director now directly owns 32,188 shares in the company, valued at approximately $490,223.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Fournier J. Gale III sold 35,825 shares of the stock in a transaction 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 transaction, 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. Insiders have sold a total of 124,514 shares of company stock valued at $1,846,733 in the last three months. Insiders own 0.52% of the company’s stock.
Shares of Regions Financial Corporation (NYSE RF) opened at 15.22 on Friday. The firm has a 50-day moving average of $14.51 and a 200 day moving average of $14.31. Regions Financial Corporation has a 52-week low of $10.32 and a 52-week high of $16.03. The firm has a market cap of $18.19 billion, a PE ratio of 15.90 and a beta of 1.34.
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 Thomson Reuters’ 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 quarter in the prior year, the firm posted $0.20 earnings per share. The firm’s revenue was up 2.0% compared to the same quarter last year. On average, equities analysts predict that Regions Financial Corporation will post $1.00 earnings per share 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 repurchase up to 8.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 8th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Thursday, December 7th. Regions Financial Corporation’s dividend payout ratio is presently 37.89%.
Several research firms have commented on RF. Robert W. Baird cut shares of Regions Financial Corporation from a “neutral” rating to an “underperform” rating and set a $13.00 target price for the company. in a research note on Monday, October 2nd. Citigroup Inc. reissued a “neutral” rating and set a $16.00 price objective (up from $15.00) on shares of Regions Financial Corporation in a research note on Monday, October 9th. Keefe, Bruyette & Woods restated a “hold” rating and set a $15.00 target price on shares of Regions Financial Corporation in a report on Tuesday, October 3rd. FBR & Co lowered shares of Regions Financial Corporation from a “buy” rating to a “neutral” rating and set a $16.00 target price on the stock. in a report on Tuesday, October 10th. Finally, Deutsche Bank AG restated a “hold” rating on shares of Regions Financial Corporation in a report on Monday, July 3rd. Four research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Regions Financial Corporation presently has an average rating of “Hold” and an average price target of $14.95.
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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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