Northern Trust Corp cut its position in Regions Financial Corp (NYSE:RF) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,630,599 shares of the bank’s stock after selling 144,042 shares during the period. Northern Trust Corp’s holdings in Regions Financial were worth $188,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in shares of Regions Financial by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 15,010,538 shares of the bank’s stock worth $200,519,000 after buying an additional 432,350 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in Regions Financial by 5.1% during the first quarter. Janney Montgomery Scott LLC now owns 66,590 shares of the bank’s stock worth $942,000 after acquiring an additional 3,257 shares during the last quarter. HL Financial Services LLC grew its stake in Regions Financial by 52.5% during the 1st quarter. HL Financial Services LLC now owns 25,069 shares of the bank’s stock valued at $355,000 after acquiring an additional 8,625 shares in the last quarter. Crossmark Global Holdings Inc. grew its stake in Regions Financial by 0.7% during the 1st quarter. Crossmark Global Holdings Inc. now owns 98,745 shares of the bank’s stock valued at $1,397,000 after acquiring an additional 660 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Regions Financial by 57.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,240,508 shares of the bank’s stock valued at $17,553,000 after acquiring an additional 453,283 shares during the last quarter. 71.60% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE RF traded up $0.21 during mid-day trading on Wednesday, reaching $16.22. 539,771 shares of the company’s stock were exchanged, compared to its average volume of 10,395,850. The company’s 50-day moving average is $14.75 and its 200-day moving average is $14.91. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a market capitalization of $15.42 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 1.43 and a beta of 1.54. Regions Financial Corp has a 52-week low of $12.39 and a 52-week high of $19.78.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a $0.155 dividend. This is a positive change from Regions Financial’s previous quarterly dividend of $0.14. This represents a $0.62 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Thursday, September 5th. Regions Financial’s dividend payout ratio is currently 45.59%.
Regions Financial announced that its board has initiated a share repurchase plan on Thursday, June 27th that authorizes the company to repurchase $1.37 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of equities research analysts have recently issued reports on RF shares. Morgan Stanley set a $16.00 price target on Regions Financial and gave the company a “hold” rating in a research report on Friday, August 9th. SunTrust Banks reduced their price objective on Regions Financial from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Bank of America lowered Regions Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $18.00 to $16.00 in a research note on Thursday, July 11th. Wedbush upgraded Regions Financial from a “neutral” rating to an “outperform” rating and upped their target price for the company from $15.00 to $17.00 in a report on Monday, July 22nd. Finally, Raymond James set a $17.00 target price on Regions Financial and gave the company a “buy” rating in a report on Thursday, August 29th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. Regions Financial has an average rating of “Hold” and an average target price of $17.24.
In other news, COO John B. Owen sold 40,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $14.63, for a total transaction of $585,200.00. Following the sale, the chief operating officer now owns 87,152 shares of the company’s stock, valued at $1,275,033.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hardie B. Kimbrough, Jr. sold 7,148 shares of the stock in a transaction on 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 sale, the insider now owns 34,482 shares in the company, valued at $506,195.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 116,436 shares of company stock worth $1,695,502. Company insiders own 0.28% of the company’s stock.
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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