Cetera Advisors LLC acquired a new stake in shares of Regions Financial Corp (NYSE:RF) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 15,389 shares of the bank’s stock, valued at approximately $228,000.
A number of other large investors have also recently modified their holdings of RF. Investors Asset Management of Georgia Inc. GA ADV raised its holdings in Regions Financial by 1.4% in the 2nd 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 increased its stake in shares of Regions Financial by 7.6% in the 1st quarter. Avestar Capital LLC now owns 10,804 shares of the bank’s stock worth $137,000 after acquiring an additional 762 shares in the last quarter. Hillsdale Investment Management Inc. increased its stake in shares of Regions Financial by 2.7% in the 2nd quarter. Hillsdale Investment Management Inc. now owns 33,700 shares of the bank’s stock worth $503,000 after acquiring an additional 900 shares in the last quarter. Jag Capital Management LLC increased its stake in shares of Regions Financial by 1.4% in the 2nd quarter. Jag Capital Management LLC now owns 64,880 shares of the bank’s stock worth $969,000 after acquiring an additional 908 shares in the last quarter. Finally, FinTrust Capital Advisors LLC increased its stake in shares of Regions Financial by 28.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 4,173 shares of the bank’s stock worth $59,000 after acquiring an additional 913 shares in the last quarter. 71.60% of the stock is owned by institutional investors.
In other news, EVP C. Keith Herron sold 69,288 shares of Regions Financial stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $14.51, for a total transaction of $1,005,368.88. Following the sale, the executive vice president now owns 232,595 shares in the company, valued at $3,374,953.45. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Hardie B. Kimbrough, Jr. sold 7,148 shares of Regions Financial stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $14.68, for a total transaction of $104,932.64. Following the sale, the insider now owns 34,482 shares in the company, valued at approximately $506,195.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,436 shares of company stock worth $1,695,502. Company insiders own 0.28% of the company’s stock.
Regions Financial (NYSE:RF) last released its earnings results on Friday, July 19th. The bank reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Regions Financial had a net margin of 26.43% and a return on equity of 10.86%. The firm’s revenue was down .1% compared to the same quarter last year. During the same quarter last year, the business earned $0.32 EPS. Sell-side analysts forecast that Regions Financial Corp will post 1.54 EPS for the current year.
Regions Financial declared that its board has authorized a share repurchase plan 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 plans are typically an indication that the company’s board believes its stock is undervalued.
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 given a dividend of $0.155 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.62 annualized dividend and a dividend yield of 3.82%. This is a boost from Regions Financial’s previous quarterly dividend of $0.14. Regions Financial’s dividend payout ratio (DPR) is presently 45.59%.
RF has been the subject of several research reports. SunTrust Banks decreased their price target on shares of Regions Financial from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Morgan Stanley set a $16.00 price target on shares of Regions Financial and gave the stock a “hold” rating in a research note on Friday, August 9th. Wedbush upgraded shares of 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. Bank of America downgraded shares of Regions Financial from a “buy” rating to a “neutral” rating and cut their price objective for the company from $18.00 to $16.00 in a research report on Thursday, July 11th. Finally, Raymond James set a $17.00 price objective on shares of Regions Financial and gave the company a “buy” rating in a research report on Thursday, August 29th. 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. The company presently has a consensus rating of “Hold” and a consensus price target of $17.24.
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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