A.R.T. Advisors LLC lowered its position in Regions Financial Corp (NYSE:RF) by 79.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,000 shares of the bank’s stock after selling 335,200 shares during the period. A.R.T. Advisors LLC’s holdings in Regions Financial were worth $1,285,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Investors Asset Management of Georgia Inc. GA ADV lifted its position in Regions Financial by 1.4% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 49,220 shares of the bank’s stock valued at $735,000 after purchasing an additional 700 shares in the last quarter. Weiss Asset Management LP lifted its position in Regions Financial by 7.3% during the second quarter. Weiss Asset Management LP now owns 11,006 shares of the bank’s stock valued at $164,000 after purchasing an additional 747 shares in the last quarter. Avestar Capital LLC lifted its position in Regions Financial by 7.6% during the first quarter. Avestar Capital LLC now owns 10,804 shares of the bank’s stock valued at $137,000 after purchasing an additional 762 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Regions Financial by 0.5% during the second quarter. Nomura Asset Management Co. Ltd. now owns 193,926 shares of the bank’s stock valued at $2,897,000 after purchasing an additional 870 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its position in Regions Financial by 2.7% during the second quarter. Hillsdale Investment Management Inc. now owns 33,700 shares of the bank’s stock valued at $503,000 after purchasing an additional 900 shares in the last quarter. 71.40% of the stock is owned by institutional investors.
Several equities analysts recently weighed in on RF shares. ValuEngine upgraded Regions Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Raymond James set a $18.50 price objective on Regions Financial and gave the company a “buy” rating in a research report on Thursday, September 12th. Citigroup downgraded Regions Financial from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $16.00 to $14.00 in a research report on Tuesday. UBS Group boosted their target price on Regions Financial from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Finally, Bank of America downgraded Regions Financial from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $18.00 to $16.00 in a research report on Thursday, July 11th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Regions Financial has an average rating of “Hold” and an average price target of $16.94.
In other news, COO John B. Owen sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $14.63, for a total transaction of $585,200.00. Following the transaction, the chief operating officer now owns 87,152 shares of the company’s stock, valued at $1,275,033.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Hardie B. Kimbrough, Jr. sold 7,148 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 34,482 shares in the company, valued at approximately $506,195.76. The disclosure for this sale can be found here. Insiders have sold 136,436 shares of company stock worth $2,024,102 over the last three months. 0.28% of the stock is currently owned by insiders.
Shares of NYSE:RF traded up $0.32 during mid-day trading on Friday, reaching $15.43. The stock had a trading volume of 9,139,922 shares, compared to its average volume of 9,175,650. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.60. The company has a market cap of $14.88 billion, a P/E ratio of 11.35, a price-to-earnings-growth ratio of 1.26 and a beta of 1.55. Regions Financial Corp has a 1 year low of $12.39 and a 1 year high of $18.00. The business’s 50 day moving average price is $15.29 and its 200 day moving average price is $14.93.
Regions Financial (NYSE:RF) last issued its quarterly earnings data on Friday, July 19th. The bank reported $0.39 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.39. Regions Financial had a return on equity of 10.86% and a net margin of 26.43%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the firm posted $0.32 earnings per share. The firm’s revenue for the quarter was down .1% on a year-over-year basis. Analysts predict that Regions Financial Corp will post 1.54 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were paid a dividend of $0.155 per share. This is a boost from Regions Financial’s previous quarterly dividend of $0.14. This represents a $0.62 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend was Thursday, September 5th. Regions Financial’s payout ratio is presently 45.59%.
Regions Financial declared that its board has approved a share repurchase plan on Thursday, June 27th that allows the company to buyback $1.37 billion in outstanding shares. This buyback authorization allows the bank to reacquire up to 9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
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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