Skandinaviska Enskilda Banken AB publ boosted its position in Regions Financial Corporation (NYSE:RF) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,491,451 shares of the bank’s stock after buying an additional 45,480 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.12% of Regions Financial Corporation worth $21,671,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Regions Financial Corporation by 2.2% in the first quarter. Vanguard Group Inc. now owns 132,731,086 shares of the bank’s stock worth $1,928,583,000 after buying an additional 2,860,634 shares during the period. BlackRock Inc. increased its position in shares of Regions Financial Corporation by 3,130.8% in the first quarter. BlackRock Inc. now owns 92,466,983 shares of the bank’s stock worth $1,343,545,000 after buying an additional 89,604,919 shares during the period. 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. Dimensional Fund Advisors LP increased its position in shares of 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 worth $202,193,000 after buying an additional 403,258 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of 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 worth $201,002,000 after buying an additional 1,031,540 shares during the period. 75.30% of the stock is currently owned by institutional investors.
Shares of Regions Financial Corporation (NYSE RF) traded up 0.76% during trading on Friday, hitting $14.50. The company had a trading volume of 16,575,052 shares. The stock 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 52 week low of $8.82 and a 52 week high of $16.03. The firm’s 50 day moving average is $14.43 and its 200-day moving average is $14.44.
Regions Financial Corporation (NYSE:RF) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the prior year, the business posted $0.20 earnings per share. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. Equities research analysts anticipate that Regions Financial Corporation will post $1.00 EPS for the current fiscal year.
Regions Financial Corporation announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $1.47 billion in outstanding shares. This repurchase authorization allows the bank to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be given a dividend of $0.09 per share. The ex-dividend date is Thursday, September 7th. This is an increase 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 2.48%. Regions Financial Corporation’s dividend payout ratio is 29.47%.
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A number of brokerages have issued reports on RF. Deutsche Bank AG restated a “hold” rating on shares of Regions Financial Corporation in a research note on Monday, July 3rd. Instinet reiterated a “neutral” rating and set a $16.00 price target on shares of Regions Financial Corporation in a research note on Wednesday, July 12th. Jefferies Group LLC reiterated a “hold” rating and set a $16.00 price target on shares of Regions Financial Corporation in a research note on Wednesday, April 5th. Bank of America Corporation reiterated a “buy” rating and set a $17.00 price target on shares of Regions Financial Corporation in a research note on Wednesday. Finally, Vining Sparks upgraded Regions Financial Corporation from an “outperform” rating to a “strong-buy” rating in a research note 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 has a consensus rating of “Hold” and a consensus price target of $14.13.
In other Regions Financial Corporation news, EVP Scott M. Peters sold 13,689 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $14.61, for a total transaction of $199,996.29. Following the sale, the executive vice president now directly owns 147,528 shares in the company, valued at $2,155,384.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Fournier J. Gale III sold 35,825 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $14.59, for a total value of $522,686.75. Following 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 90 days, insiders have sold 79,514 shares of company stock worth $1,151,683. Company insiders own 0.52% of the company’s stock.
About Regions Financial Corporation
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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