Regions Financial Corporation (RF) Position Reduced by Prudential Financial Inc.
Prudential Financial Inc. decreased its stake in shares of Regions Financial Corporation (NYSE:RF) by 0.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,753,125 shares of the bank’s stock after selling 805 shares during the period. Prudential Financial Inc. owned approximately 0.31% of Regions Financial Corporation worth $54,945,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. GHP Investment Advisors Inc. raised its position in shares of Regions Financial Corporation by 3.5% in the second quarter. GHP Investment Advisors Inc. now owns 133,791 shares of the bank’s stock worth $1,959,000 after buying an additional 4,576 shares in the last quarter. Zweig DiMenna Associates LLC raised its position in shares of Regions Financial Corporation by 3,131.8% in the second quarter. Zweig DiMenna Associates LLC now owns 374,893 shares of the bank’s stock worth $5,488,000 after buying an additional 363,293 shares in the last quarter. Stanley Laman Group Ltd. raised its position in shares of Regions Financial Corporation by 3.1% in the second quarter. Stanley Laman Group Ltd. now owns 32,519 shares of the bank’s stock worth $476,000 after buying an additional 973 shares in the last quarter. RFG Advisory Group LLC purchased a new position in shares of Regions Financial Corporation during the second quarter worth $203,000. Finally, Thompson Investment Management Inc. raised its position in shares of Regions Financial Corporation by 13.6% in the second quarter. Thompson Investment Management Inc. now owns 17,933 shares of the bank’s stock worth $263,000 after buying an additional 2,150 shares in the last quarter. 75.60% of the stock is currently owned by institutional investors.
Shares of Regions Financial Corporation (RF) opened at 14.29 on Tuesday. Regions Financial Corporation has a 12-month low of $9.37 and a 12-month high of $16.03. The firm has a market cap of $17.08 billion, a PE ratio of 14.93 and a beta of 1.31. The company has a 50 day moving average price of $14.51 and a 200 day moving average price of $14.45.
Regions Financial Corporation (NYSE:RF) last posted its quarterly earnings results on Friday, July 21st. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.01. Regions Financial Corporation had a net margin of 20.25% and a return on equity of 7.51%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the previous year, the business posted $0.20 earnings per share. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, analysts forecast that Regions Financial Corporation will post $1.00 earnings per share for the current fiscal year.
Regions Financial Corporation announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.47 billion in shares. This repurchase authorization allows the bank to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be 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 is Thursday, September 7th. This represents a $0.36 dividend on an annualized basis and a yield of 2.52%. Regions Financial Corporation’s dividend payout ratio (DPR) is currently 29.47%.
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RF has been the topic of a number of research reports. BidaskClub lowered Regions Financial Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Bank of America Corporation raised Regions Financial Corporation from a “neutral” rating to a “buy” rating and increased their price objective for the company from $15.00 to $17.00 in a report on Thursday, May 4th. Vining Sparks raised Regions Financial Corporation from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, July 26th. Piper Jaffray Companies reissued a “hold” rating and issued a $14.50 price objective on shares of Regions Financial Corporation in a report on Thursday, August 17th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $15.00 price objective on shares of Regions Financial Corporation in a report on Friday, June 23rd. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $14.63.
In other Regions Financial Corporation news, EVP Fournier J. Gale III sold 35,825 shares of Regions Financial Corporation stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $14.59, for a total transaction of $522,686.75. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Susan W. Matlock sold 10,000 shares of Regions Financial Corporation stock in a transaction on Friday, August 4th. The shares were sold at an average price of $15.23, for a total transaction of $152,300.00. Following the sale, the director now directly owns 32,188 shares of the company’s stock, valued at approximately $490,223.24. The disclosure for this sale can be found here. Insiders sold a total of 124,514 shares of company stock valued at $1,846,733 in the last ninety days. Company insiders own 0.52% of the company’s stock.
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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