Thrivent Financial For Lutherans raised its position in Regions Financial Corporation (NYSE:RF) by 3.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,537 shares of the bank’s stock after acquiring an additional 1,310 shares during the quarter. Thrivent Financial For Lutherans’ holdings in Regions Financial Corporation were worth $667,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of RF. FNY Partners Fund LP acquired a new stake in Regions Financial Corporation in the first quarter valued at approximately $103,000. Lloyds Banking Group plc acquired a new stake in Regions Financial Corporation in the second quarter valued at approximately $108,000. Seven Eight Capital LP acquired a new stake in Regions Financial Corporation in the second quarter valued at approximately $111,000. Captrust Financial Advisors acquired a new stake in Regions Financial Corporation in the second quarter valued at approximately $139,000. Finally, Cornerstone Wealth Management LLC acquired a new stake in Regions Financial Corporation in the first quarter valued at approximately $146,000. 75.53% of the stock is owned by institutional investors.
Regions Financial Corporation (NYSE:RF) last announced its quarterly earnings results on Friday, July 21st. The bank reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.01. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.43 billion. Regions Financial Corporation had a return on equity of 7.51% and a net margin of 20.25%. Regions Financial Corporation’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 EPS.
The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 8th were paid a $0.09 dividend. This is a positive change from Regions Financial Corporation’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $0.36 annualized dividend and a yield of 2.41%. Regions Financial Corporation’s payout ratio is currently 37.89%.
Regions Financial Corporation announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.47 billion in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, EVP Fournier J. Gale III sold 35,825 shares of the business’s 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 sale, the executive vice president now owns 109,318 shares of the company’s stock, valued at approximately $1,594,949.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David J. Turner, Jr. sold 65,000 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 121,160 shares in the company, valued at approximately $1,811,342. The disclosure for this sale can be found here. In the last ninety days, insiders sold 124,514 shares of company stock worth $1,846,733. 0.52% of the stock is owned by insiders.
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RF has been the subject of several recent research reports. BidaskClub downgraded shares of Regions Financial Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Vining Sparks upgraded Regions Financial Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Wednesday, July 26th. Robert W. Baird cut 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. Piper Jaffray Companies reiterated a “hold” rating and set a $14.50 target price on shares of Regions Financial Corporation in a research note on Thursday, August 17th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $15.50 target price on shares of Regions Financial Corporation in a research note on Friday, September 15th. Four equities 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 stock. The company has a consensus rating of “Hold” and an average target price of $14.95.
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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