SeaBridge Investment Advisors LLC lowered its position in Regions Financial Corp (NYSE:RF) by 2.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 243,634 shares of the bank’s stock after selling 7,316 shares during the period. Regions Financial makes up about 1.3% of SeaBridge Investment Advisors LLC’s investment portfolio, making the stock its 26th biggest position. SeaBridge Investment Advisors LLC’s holdings in Regions Financial were worth $3,854,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RF. Covington Capital Management purchased a new stake in Regions Financial in the 2nd quarter valued at approximately $25,000. Mcmillion Capital Management Inc. purchased a new position in shares of Regions Financial during the 2nd quarter worth $40,000. Doyle Wealth Management purchased a new position in shares of Regions Financial during the 2nd quarter worth $45,000. Phocas Financial Corp. purchased a new position in shares of Regions Financial during the 2nd quarter worth $46,000. Finally, SRS Capital Advisors Inc. purchased a new position in shares of Regions Financial during the 2nd quarter worth $47,000. Institutional investors and hedge funds own 71.60% of the company’s stock.
In related news, EVP C. Keith Herron sold 69,288 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $14.51, for a total value of $1,005,368.88. Following the completion of the sale, the executive vice president now directly owns 232,595 shares in the company, valued at approximately $3,374,953.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 of the company’s stock, valued at $506,195.76. The disclosure for this sale can be found here. Insiders sold a total of 136,436 shares of company stock worth $2,024,102 over the last ninety days. Corporate insiders own 0.28% of the company’s stock.
Shares of RF traded down $0.01 during trading hours on Tuesday, hitting $16.06. The stock had a trading volume of 939,128 shares, compared to its average volume of 8,842,462. 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 cap of $15.73 billion, a P/E ratio of 11.80, a P/E/G ratio of 1.56 and a beta of 1.55. The company’s fifty day simple moving average is $15.58 and its 200 day simple moving average is $15.00. Regions Financial Corp has a 12-month low of $12.39 and a 12-month high of $17.88.
Regions Financial (NYSE:RF) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.48 billion. Regions Financial had a return on equity of 10.86% and a net margin of 26.43%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the company posted $0.50 EPS. As a group, sell-side analysts predict that Regions Financial Corp will post 1.54 earnings per share for the current fiscal year.
Regions Financial announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $1.37 billion in shares. This repurchase authorization authorizes the bank to repurchase up to 9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Thursday, December 5th. Regions Financial’s dividend payout ratio (DPR) is currently 45.59%.
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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