Pitcairn Co. Acquires 1,382 Shares of Regions Financial Co. (NYSE:RF)

Pitcairn Co. boosted its holdings in Regions Financial Co. (NYSE:RF) by 9.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,556 shares of the bank’s stock after acquiring an additional 1,382 shares during the quarter. Pitcairn Co.’s holdings in Regions Financial were worth $348,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Regions Financial in the fourth quarter valued at about $210,379,000. Cincinnati Insurance Co. acquired a new position in Regions Financial in the first quarter valued at approximately $74,606,000. Vanguard Group Inc. increased its stake in Regions Financial by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 117,704,755 shares of the bank’s stock valued at $2,281,118,000 after purchasing an additional 3,119,237 shares in the last quarter. Wellington Management Group LLP increased its stake in Regions Financial by 3.6% in the fourth quarter. Wellington Management Group LLP now owns 55,775,416 shares of the bank’s stock valued at $1,080,928,000 after purchasing an additional 1,951,026 shares in the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in Regions Financial in the first quarter valued at approximately $33,829,000. Institutional investors own 79.39% of the company’s stock.

Insider Transactions at Regions Financial

In other news, EVP William D. Ritter sold 23,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $19.95, for a total transaction of $458,850.00. Following the completion of the sale, the executive vice president now owns 41,671 shares in the company, valued at approximately $831,336.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.33% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RF. Truist Financial increased their price objective on shares of Regions Financial from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Monday. Jefferies Financial Group increased their price objective on shares of Regions Financial from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Piper Sandler increased their price objective on shares of Regions Financial from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Friday, April 26th. Keefe, Bruyette & Woods lowered their price objective on shares of Regions Financial from $22.00 to $21.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Finally, Wells Fargo & Company increased their price objective on shares of Regions Financial from $18.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $21.32.

Regions Financial Stock Performance

RF stock traded up $0.44 during trading hours on Thursday, reaching $22.55. The stock had a trading volume of 7,899,249 shares, compared to its average volume of 8,243,253. The stock has a market capitalization of $20.65 billion, a PE ratio of 12.20, a price-to-earnings-growth ratio of 2.40 and a beta of 1.18. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a 50-day simple moving average of $19.73 and a 200 day simple moving average of $19.38. Regions Financial Co. has a fifty-two week low of $13.72 and a fifty-two week high of $22.85.

Regions Financial (NYSE:RF) last announced its quarterly earnings results on Friday, July 19th. The bank reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Regions Financial had a net margin of 18.91% and a return on equity of 12.64%. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.59 earnings per share. Analysts predict that Regions Financial Co. will post 1.99 EPS for the current fiscal year.

Regions Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a boost from Regions Financial’s previous quarterly dividend of $0.24. Regions Financial’s dividend payout ratio (DPR) is currently 52.17%.

Regions Financial Company Profile

Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers. 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; deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.