Flagship Harbor Advisors LLC maintained its stake in shares of Regions Financial Corporation (NYSE:RF) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,176 shares of the bank’s stock at the end of the first quarter. Flagship Harbor Advisors LLC’s holdings in Regions Financial Corporation were worth $157,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Regions Financial Corporation by 2.2% in the first quarter. Vanguard Group Inc. now owns 132,731,086 shares of the bank’s stock valued at $1,928,583,000 after buying an additional 2,860,634 shares during the period. BlackRock Inc. increased its position in Regions Financial Corporation by 3,130.8% in the first quarter. BlackRock Inc. now owns 92,466,983 shares of the bank’s stock valued at $1,343,545,000 after buying an additional 89,604,919 shares during the period. JPMorgan Chase & Co. increased its position 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 valued at $395,848,000 after buying an additional 2,985,752 shares during the period. Dimensional Fund Advisors LP increased its position in Regions Financial Corporation by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,915,066 shares of the bank’s stock valued at $202,193,000 after buying an additional 403,258 shares during the period. Finally, Geode Capital Management LLC increased its position in Regions Financial Corporation by 8.0% in the first quarter. Geode Capital Management LLC now owns 13,850,291 shares of the bank’s stock valued at $201,002,000 after buying an additional 1,031,540 shares during the period. Hedge funds and other institutional investors own 75.30% of the company’s stock.
Shares of Regions Financial Corporation (RF) traded up 0.76% on Friday, reaching $14.50. 16,575,052 shares of the company’s stock were exchanged. The firm’s 50 day moving average price is $14.43 and its 200-day moving average price is $14.44. The company has a market capitalization of $17.39 billion, a P/E ratio of 15.15 and a beta of 1.32. Regions Financial Corporation has a 12 month low of $8.82 and a 12 month high of $16.03.
Regions Financial Corporation (NYSE:RF) last issued its earnings results on Friday, July 21st. The bank reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.43 billion. Regions Financial Corporation had a return on equity of 7.51% and a net margin of 20.25%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 EPS. On average, equities analysts anticipate that Regions Financial Corporation will post $1.00 EPS for the current year.
Regions Financial Corporation declared that its board has approved a share repurchase program on Wednesday, June 28th that permits the company to repurchase $1.47 billion in outstanding shares. This repurchase authorization permits the bank to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors 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 represents a $0.36 dividend on an annualized basis and a yield of 2.48%. This is an increase from Regions Financial Corporation’s previous quarterly dividend of $0.07. Regions Financial Corporation’s dividend payout ratio is currently 29.47%.
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Several research firms have weighed in on RF. Deutsche Bank AG restated a “hold” rating on shares of Regions Financial Corporation in a report on Monday, July 3rd. Instinet restated a “neutral” rating and set a $16.00 target price on shares of Regions Financial Corporation in a report on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) dropped their target price on shares of Regions Financial Corporation to $17.00 and set a “buy” rating for the company in a report on Thursday, March 30th. Jefferies Group LLC reiterated a “hold” rating and set a $16.00 price target on shares of Regions Financial Corporation in a report on Wednesday, April 5th. Finally, Bank of America Corporation reiterated a “buy” rating and set a $17.00 price target on shares of Regions Financial Corporation in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $14.13.
In related news, 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 transaction, the executive vice president now owns 109,318 shares in the company, valued at $1,594,949.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott M. Peters sold 13,689 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $14.61, for a total value of $199,996.29. Following the completion of the transaction, the executive vice president now owns 147,528 shares in the company, valued at approximately $2,155,384.08. The disclosure for this sale can be found here. Insiders sold 79,514 shares of company stock worth $1,151,683 in the last 90 days. 0.52% of the stock is currently 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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