Pzena Investment Management LLC Sells 59,407 Shares of Regions Financial Corporation $RF

Pzena Investment Management LLC lowered its stake in shares of Regions Financial Corporation (NYSE:RF) by 3.1% in the third quarter, Holdings Channel.com reports. The firm owned 1,839,825 shares of the bank’s stock after selling 59,407 shares during the period. Pzena Investment Management LLC’s holdings in Regions Financial were worth $48,516,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CVA Family Office LLC raised its holdings in shares of Regions Financial by 163.2% in the second quarter. CVA Family Office LLC now owns 1,058 shares of the bank’s stock valued at $25,000 after purchasing an additional 656 shares during the last quarter. Darwin Wealth Management LLC purchased a new stake in Regions Financial in the 2nd quarter valued at about $25,000. FNY Investment Advisers LLC bought a new position in shares of Regions Financial during the 2nd quarter worth approximately $30,000. United Community Bank purchased a new position in shares of Regions Financial in the 3rd quarter worth approximately $30,000. Finally, Catalyst Capital Advisors LLC bought a new position in shares of Regions Financial in the second quarter valued at approximately $32,000. 79.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on RF shares. Piper Sandler boosted their price objective on Regions Financial from $29.00 to $31.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. boosted their price target on shares of Regions Financial from $29.00 to $31.50 and gave the stock a “neutral” rating in a report on Monday, February 9th. UBS Group restated a “neutral” rating and set a $30.00 price target on shares of Regions Financial in a research report on Wednesday, February 4th. Wells Fargo & Company lowered shares of Regions Financial from an “equal weight” rating to an “underweight” rating and set a $30.00 price objective on the stock. in a research report on Friday, January 16th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $32.00 target price on shares of Regions Financial in a research report on Tuesday, January 6th. Six analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Regions Financial has an average rating of “Hold” and an average target price of $29.84.

Insider Buying and Selling

In related news, EVP William D. Ritter sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $28.78, for a total transaction of $1,036,080.00. Following the sale, the executive vice president owned 17,569 shares of the company’s stock, valued at approximately $505,635.82. This represents a 67.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Regions Financial Price Performance

Shares of NYSE RF opened at $30.11 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.80 and a current ratio of 0.80. Regions Financial Corporation has a fifty-two week low of $17.74 and a fifty-two week high of $31.53. The stock has a market cap of $26.40 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 1.06 and a beta of 1.04. The stock has a fifty day moving average of $28.48 and a 200-day moving average of $26.63.

Regions Financial (NYSE:RF) last issued its earnings results on Friday, January 16th. The bank reported $0.57 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.04). The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. Regions Financial had a return on equity of 12.55% and a net margin of 22.44%.The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.56 EPS. Equities research analysts anticipate that Regions Financial Corporation will post 2.26 earnings per share for the current year.

Regions Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd will be given a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, March 2nd. Regions Financial’s dividend payout ratio (DPR) is 46.29%.

Regions Financial declared that its board has authorized a stock repurchase program on Wednesday, December 10th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the bank to buy up to 12.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Regions Financial Company Profile

Regions Financial Corporation (NYSE: RF) is a U.S. bank holding company headquartered in Birmingham, Alabama, that provides a broad range of banking and financial services. Its primary banking subsidiary, Regions Bank, serves retail and commercial customers through a combination of branch and ATM networks, digital channels and relationship-based delivery. The company offers deposit accounts, consumer and commercial loans, mortgage origination and servicing, and payment and treasury services.

In addition to core banking, Regions offers wealth management, trust and brokerage services, insurance solutions, and capital markets capabilities to corporate and institutional clients.