Tyers Asset Management LLC grew its position in Regions Financial Corp (NYSE:RF) by 6.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,448 shares of the bank’s stock after acquiring an additional 2,704 shares during the quarter. Tyers Asset Management LLC’s holdings in Regions Financial were worth $634,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Investors Asset Management of Georgia Inc. GA ADV grew its stake in shares of Regions Financial by 1.4% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 49,220 shares of the bank’s stock worth $735,000 after purchasing an additional 700 shares in the last quarter. Avestar Capital LLC grew its stake in shares of Regions Financial by 7.6% in the first quarter. Avestar Capital LLC now owns 10,804 shares of the bank’s stock worth $137,000 after purchasing an additional 762 shares in the last quarter. Hillsdale Investment Management Inc. grew its stake in shares of Regions Financial by 2.7% in the second quarter. Hillsdale Investment Management Inc. now owns 33,700 shares of the bank’s stock worth $503,000 after purchasing an additional 900 shares in the last quarter. Jag Capital Management LLC grew its stake in shares of Regions Financial by 1.4% in the second quarter. Jag Capital Management LLC now owns 64,880 shares of the bank’s stock worth $969,000 after purchasing an additional 908 shares in the last quarter. Finally, FinTrust Capital Advisors LLC grew its stake in shares of Regions Financial by 28.0% in the first quarter. FinTrust Capital Advisors LLC now owns 4,173 shares of the bank’s stock worth $59,000 after purchasing an additional 913 shares in the last quarter. Institutional investors and hedge funds own 71.60% of the company’s stock.
Several research analysts have recently issued reports on the company. Morgan Stanley set a $16.00 price target on Regions Financial and gave the stock a “hold” rating in a research note on Friday, August 9th. Raymond James set a $17.00 price target on Regions Financial and gave the stock a “buy” rating in a research note on Thursday, August 29th. SunTrust Banks decreased their price target on Regions Financial from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Bank of America cut Regions Financial from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $18.00 to $16.00 in a research note on Thursday, July 11th. Finally, Wedbush raised Regions Financial from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $15.00 to $17.00 in a research note on Monday, July 22nd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. Regions Financial currently has a consensus rating of “Hold” and an average price target of $17.24.
Regions Financial (NYSE:RF) last announced its earnings results on Friday, July 19th. The bank reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. Regions Financial had a return on equity of 10.86% and a net margin of 26.43%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the prior year, the business posted $0.32 earnings per share. Regions Financial’s revenue was down .1% compared to the same quarter last year. As a group, research analysts anticipate that Regions Financial Corp will post 1.54 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.77%. This is an increase from Regions Financial’s previous quarterly dividend of $0.14. 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 of Directors has initiated a stock repurchase program on Thursday, June 27th that allows the company to repurchase $1.37 billion in shares. This repurchase authorization allows the bank to purchase up to 9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, insider Hardie B. Kimbrough, Jr. sold 7,148 shares of the stock in a transaction dated Friday, August 9th. The stock was 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 directly owns 34,482 shares of the company’s stock, valued at approximately $506,195.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO John B. Owen sold 40,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $14.63, for a total value of $585,200.00. Following the completion of the sale, the chief operating officer now directly owns 87,152 shares of the company’s stock, valued at $1,275,033.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 116,436 shares of company stock valued at $1,695,502. 0.28% of the stock is currently owned by company insiders.
About Regions Financial
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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