California Public Employees Retirement System grew its holdings in shares of Regions Financial Corp (NYSE:RF) by 5.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,532,894 shares of the bank’s stock after buying an additional 131,131 shares during the period. California Public Employees Retirement System owned 0.25% of Regions Financial worth $40,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Regions Financial by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 124,955,465 shares of the bank’s stock worth $1,866,834,000 after buying an additional 540,749 shares during the last quarter. Bank of America Corp DE increased its position in shares of Regions Financial by 20.6% during the second quarter. Bank of America Corp DE now owns 12,704,955 shares of the bank’s stock worth $189,812,000 after purchasing an additional 2,172,240 shares in the last quarter. Boston Partners increased its position in shares of Regions Financial by 6.2% during the second quarter. Boston Partners now owns 12,570,448 shares of the bank’s stock worth $187,804,000 after purchasing an additional 732,007 shares in the last quarter. Invesco Ltd. increased its position in shares of Regions Financial by 68.9% during the second quarter. Invesco Ltd. now owns 10,444,676 shares of the bank’s stock worth $156,043,000 after purchasing an additional 4,259,901 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of Regions Financial by 4.8% during the second quarter. Parametric Portfolio Associates LLC now owns 7,577,935 shares of the bank’s stock worth $113,214,000 after purchasing an additional 349,158 shares in the last quarter. 71.42% of the stock is owned by institutional investors.
RF has been the topic of a number of research analyst reports. Raymond James set a $18.50 target price on Regions Financial and gave the stock a “buy” rating in a research report on Thursday, September 12th. UBS Group lifted their target price on Regions Financial from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Jefferies Financial Group upgraded Regions Financial from a “hold” rating to a “buy” rating and lifted their target price for the stock from $16.00 to $18.00 in a research report on Tuesday, October 8th. Morgan Stanley set a $16.00 target price on Regions Financial and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Bank of America cut Regions Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $18.00 to $16.00 in a research report on Thursday, July 11th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $16.74.
In related news, COO John B. Owen sold 40,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $14.63, for a total value of $585,200.00. Following the transaction, the chief operating officer now owns 87,152 shares in the company, valued at approximately $1,275,033.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hardie B. Kimbrough, Jr. sold 7,148 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $14.68, for a total value of $104,932.64. Following the completion of the transaction, the insider now owns 34,482 shares in the company, valued at approximately $506,195.76. The disclosure for this sale can be found here. Insiders sold a total of 154,845 shares of company stock worth $2,323,616 in the last 90 days. 0.28% of the stock is currently owned by insiders.
Shares of RF stock opened at $17.06 on Thursday. The stock has a market capitalization of $16.51 billion, a PE ratio of 12.54, a price-to-earnings-growth ratio of 1.51 and a beta of 1.56. Regions Financial Corp has a 52-week low of $12.39 and a 52-week high of $17.88. The stock’s 50-day moving average price is $15.93 and its 200 day moving average price is $15.10. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.60.
Regions Financial (NYSE:RF) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Regions Financial had a return on equity of 10.88% and a net margin of 23.78%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 EPS. Analysts expect that Regions Financial Corp will post 1.53 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend is Thursday, December 5th. Regions Financial’s dividend payout ratio (DPR) is presently 45.59%.
Regions Financial Profile
Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers in the United States. It operates through three segments: Corporate Bank, Consumer Bank, and Wealth Management. The Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending; equipment lease financing services; corresponding deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.
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