Wedge Capital Management L L P NC Trims Stock Position in Regions Financial Corporation $RF

Wedge Capital Management L L P NC trimmed its stake in shares of Regions Financial Corporation (NYSE:RF) by 90.8% in the second quarter, Holdings Channel reports. The fund owned 115,623 shares of the bank’s stock after selling 1,147,870 shares during the period. Wedge Capital Management L L P NC’s holdings in Regions Financial were worth $3,492,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of RF. Darwin Wealth Management LLC purchased a new stake in shares of Regions Financial during the second quarter worth approximately $25,000. SouthState Bank Corp lifted its holdings in shares of Regions Financial by 94.1% during the fourth quarter. SouthState Bank Corp now owns 1,110 shares of the bank’s stock worth $30,000 after purchasing an additional 538 shares during the period. Leonteq Securities AG purchased a new position in Regions Financial in the 4th quarter valued at $33,000. DV Equities LLC purchased a new position in Regions Financial in the 4th quarter valued at $33,000. Finally, Allied Private Wealth LLC acquired a new position in Regions Financial in the 2nd quarter valued at $37,000. 79.39% of the stock is currently owned by hedge funds and other institutional investors.

Regions Financial Stock Performance

Shares of RF stock opened at $31.65 on Friday. The stock has a fifty day moving average price of $30.37 and a 200 day moving average price of $28.68. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $26.97 billion, a PE ratio of 12.92, a P/E/G ratio of 1.21 and a beta of 1.00. Regions Financial Corporation has a 1 year low of $22.70 and a 1 year high of $32.47.

Regions Financial (NYSE:RF) last posted its earnings results on Friday, July 17th. The bank reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.05. Regions Financial had a return on equity of 12.88% and a net margin of 23.33%.The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the prior year, the company earned $0.60 earnings per share. Regions Financial’s revenue was up .1% compared to the same quarter last year. Sell-side analysts forecast that Regions Financial Corporation will post 2.63 earnings per share for the current fiscal year.

Regions Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be given a $0.30 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.20 annualized dividend and a dividend yield of 3.8%. This is a boost from Regions Financial’s previous quarterly dividend of $0.27. Regions Financial’s payout ratio is presently 43.27%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Regions Financial in a research report on Friday, July 17th. Truist Financial lifted their target price on shares of Regions Financial from $30.00 to $34.00 and gave the company a “hold” rating in a report on Tuesday, July 21st. Wells Fargo & Company boosted their price target on shares of Regions Financial from $28.00 to $30.00 and gave the stock an “underweight” rating in a research note on Monday, July 6th. JPMorgan Chase & Co. increased their price target on shares of Regions Financial from $31.50 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Finally, Evercore restated an “underperform” rating and issued a $31.00 price objective on shares of Regions Financial in a research report on Monday, July 6th. Six investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, Regions Financial currently has a consensus rating of “Hold” and a consensus price target of $32.24.

Regions Financial 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.