First Personal Financial Services increased its stake in shares of Regions Financial Corporation (NYSE:RF) by 1,397.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,754 shares of the bank’s stock after buying an additional 28,700 shares during the period. First Personal Financial Services’ holdings in Regions Financial Corporation were worth $450,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised 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 valued at $1,928,583,000 after buying an additional 2,860,634 shares in the last quarter. BlackRock Inc. raised its stake 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 worth $1,343,545,000 after buying an additional 89,604,919 shares in the last quarter. Boston Partners raised its stake in Regions Financial Corporation by 506.1% in the second quarter. Boston Partners now owns 32,501,037 shares of the bank’s stock worth $475,815,000 after buying an additional 27,138,273 shares in the last quarter. JPMorgan Chase & Co. raised its stake 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 worth $395,848,000 after buying an additional 2,985,752 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake 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 worth $202,193,000 after buying an additional 403,258 shares in the last quarter. Hedge funds and other institutional investors own 76.61% of the company’s stock.
Shares of Regions Financial Corporation (NYSE:RF) opened at 13.99 on Friday. Regions Financial Corporation has a 1-year low of $9.37 and a 1-year high of $16.03. The firm has a 50-day moving average of $14.59 and a 200 day moving average of $14.46. The stock has a market capitalization of $16.72 billion, a PE ratio of 14.62 and a beta of 1.31.
Regions Financial Corporation (NYSE:RF) last posted its quarterly earnings results on Friday, July 21st. The bank reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.01. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.43 billion. Regions Financial Corporation had a net margin of 20.25% and a return on equity of 7.51%. The company’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.20 earnings per share. Analysts predict that Regions Financial Corporation will post $1.00 EPS for the current year.
Regions Financial Corporation declared that its board has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $1.47 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 8.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be given a $0.09 dividend. 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 dividend yield of 2.57%. The ex-dividend date is Thursday, September 7th. Regions Financial Corporation’s dividend payout ratio is presently 29.47%.
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A number of research firms recently weighed in on RF. Instinet upped their target price on shares of Regions Financial Corporation from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, June 30th. Royal Bank Of Canada restated a “hold” rating and issued a $15.00 target price on shares of Regions Financial Corporation in a report on Thursday, May 18th. UBS AG restated a “sell” rating and issued a $13.00 target price (down previously from $14.00) on shares of Regions Financial Corporation in a report on Saturday, April 22nd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $15.50 target price on shares of Regions Financial Corporation in a report on Wednesday. Finally, Wells Fargo & Company began coverage on shares of Regions Financial Corporation in a report on Wednesday, August 9th. They issued a “market perform” rating and a $16.00 target price on the stock. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $14.63.
In other Regions Financial Corporation news, CFO David J. Turner, Jr. sold 65,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $14.95, for a total value of $971,750.00. Following the completion of the transaction, the chief financial officer now directly owns 121,160 shares in the company, valued at $1,811,342. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 stock was sold at an average price of $14.59, for a total transaction of $522,686.75. Following the completion of the transaction, the executive vice president now owns 109,318 shares of the company’s stock, valued at $1,594,949.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 124,514 shares of company stock valued at $1,846,733. 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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