Zurich Insurance Group Ltd FI boosted its position in Regions Financial Corp (NYSE:RF) by 56.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 386,567 shares of the bank’s stock after purchasing an additional 139,803 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Regions Financial were worth $6,873,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of RF. PointState Capital LP raised its stake in Regions Financial by 3,053.2% in the 1st quarter. PointState Capital LP now owns 6,489,300 shares of the bank’s stock valued at $120,571,000 after purchasing an additional 6,283,500 shares during the last quarter. Janus Henderson Group PLC raised its stake in Regions Financial by 135.1% in the 2nd quarter. Janus Henderson Group PLC now owns 7,807,580 shares of the bank’s stock valued at $138,818,000 after purchasing an additional 4,486,512 shares during the last quarter. Nokota Management LP acquired a new position in Regions Financial in the 2nd quarter valued at $24,003,000. Principal Financial Group Inc. increased its stake in shares of Regions Financial by 61.9% in the 1st quarter. Principal Financial Group Inc. now owns 3,097,100 shares of the bank’s stock worth $57,544,000 after acquiring an additional 1,183,688 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Regions Financial by 6.8% in the 1st quarter. JPMorgan Chase & Co. now owns 13,063,953 shares of the bank’s stock worth $242,727,000 after acquiring an additional 832,369 shares during the last quarter. 74.78% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have issued reports on RF shares. Wedbush set a $22.00 target price on Regions Financial and gave the stock a “buy” rating in a research note on Friday, September 7th. ValuEngine raised Regions Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, June 6th. Royal Bank of Canada raised Regions Financial from a “sector perform” rating to an “outperform” rating and set a $11.00 target price for the company in a research note on Monday, June 18th. Finally, Robert W. Baird raised Regions Financial from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 28th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $17.57.
Regions Financial (NYSE:RF) last released its quarterly earnings results on Friday, July 20th. The bank reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.45 billion. Regions Financial had a return on equity of 9.46% and a net margin of 22.77%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.25 EPS. sell-side analysts forecast that Regions Financial Corp will post 1.42 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 7th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, September 6th. This is a boost from Regions Financial’s previous quarterly dividend of $0.09. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.95%. Regions Financial’s dividend payout ratio is currently 56.00%.
In other news, Director Susan W. Matlock sold 24,000 shares of the stock in a transaction on Friday, July 27th. The stock was sold at an average price of $18.50, for a total transaction of $444,000.00. Following the completion of the transaction, the director now directly owns 14,914 shares in the company, valued at approximately $275,909. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP C. Keith Herron sold 23,186 shares of the stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $18.76, for a total value of $434,969.36. Following the transaction, the executive vice president now owns 204,537 shares of the company’s stock, valued at $3,837,114.12. The disclosure for this sale can be found here. Corporate insiders own 0.84% of the company’s stock.
Regions Financial Company Profile
Regions Financial Corporation, together with its subsidiaries, provides banking and bank-related services to individual and corporate customers in the United States. Its Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending, as well as equipment lease financing services and corresponding deposits.
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