Victory Capital Management Inc. trimmed its stake in Regions Financial Corporation (NYSE:RF) by 65.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 95,218 shares of the bank’s stock after selling 183,326 shares during the quarter. Victory Capital Management Inc.’s holdings in Regions Financial Corporation were worth $1,394,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. IFC Holdings Incorporated FL lifted its stake in Regions Financial Corporation by 0.3% in the second quarter. IFC Holdings Incorporated FL now owns 20,289 shares of the bank’s stock valued at $295,000 after buying an additional 58 shares during the last quarter. Advisor Partners LLC lifted its stake in Regions Financial Corporation by 0.3% in the second quarter. Advisor Partners LLC now owns 20,041 shares of the bank’s stock valued at $293,000 after buying an additional 59 shares during the last quarter. Lbmc Investment Advisors LLC lifted its stake in Regions Financial Corporation by 0.5% in the first quarter. Lbmc Investment Advisors LLC now owns 31,795 shares of the bank’s stock valued at $462,000 after buying an additional 147 shares during the last quarter. Huntington National Bank lifted its stake in Regions Financial Corporation by 0.9% in the second quarter. Huntington National Bank now owns 17,347 shares of the bank’s stock valued at $254,000 after buying an additional 161 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its stake in Regions Financial Corporation by 1.6% in the second quarter. Park Avenue Securities LLC now owns 10,833 shares of the bank’s stock valued at $161,000 after buying an additional 166 shares during the last quarter. Institutional investors own 75.61% of the company’s stock.
RF has been the topic of a number of recent analyst reports. Deutsche Bank AG restated a “hold” rating on shares of Regions Financial Corporation in a research note on Monday, July 3rd. BidaskClub upgraded shares of Regions Financial Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. Instinet restated a “neutral” rating and set a $16.00 price objective on shares of Regions Financial Corporation in a research note on Wednesday, July 12th. Wells Fargo & Company initiated coverage on shares of Regions Financial Corporation in a research note on Wednesday, August 9th. They set a “market perform” rating and a $16.00 price objective on the stock. Finally, Vining Sparks upgraded shares of Regions Financial Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $14.63.
Regions Financial Corporation (NYSE:RF) opened at 13.70 on Wednesday. The stock has a market cap of $16.37 billion, a PE ratio of 14.32 and a beta of 1.33. The firm’s 50-day moving average price is $14.29 and its 200 day moving average price is $14.34. Regions Financial Corporation has a 1-year low of $9.37 and a 1-year high of $16.03.
Regions Financial Corporation (NYSE:RF) last announced its quarterly earnings results on Friday, July 21st. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.01. Regions Financial Corporation had a return on equity of 7.51% and a net margin of 20.25%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the prior year, the company earned $0.20 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities research analysts expect that Regions Financial Corporation will post $1.00 EPS for the current year.
Regions Financial Corporation announced that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $1.47 billion in shares. This repurchase authorization allows the bank to purchase up to 8.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be issued a $0.09 dividend. This is an increase from Regions Financial Corporation’s previous quarterly dividend of $0.07. This represents a $0.36 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, September 7th. Regions Financial Corporation’s dividend payout ratio is 37.89%.
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In other Regions Financial Corporation news, EVP Fournier J. Gale III sold 35,825 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $14.59, for a total value of $522,686.75. Following the completion of the sale, the executive vice president now directly owns 109,318 shares in the company, valued at $1,594,949.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David J. Turner, Jr. sold 65,000 shares of the stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $14.95, for a total value of $971,750.00. Following the completion of the sale, the chief financial officer now owns 121,160 shares of the company’s stock, valued at $1,811,342. The disclosure for this sale can be found here. Insiders sold 124,514 shares of company stock valued at $1,846,733 over the last 90 days. Corporate insiders own 0.52% of the company’s stock.
Regions Financial Corporation Company Profile
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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