Sumitomo Mitsui Trust Holdings Inc. cut its holdings in shares of Regions Financial Corp (NYSE:RF) by 14.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,391,464 shares of the bank’s stock after selling 746,300 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.46% of Regions Financial worth $48,833,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Capital World Investors purchased a new stake in shares of Regions Financial during the first quarter valued at $288,941,000. JPMorgan Chase & Co. grew its holdings in shares of Regions Financial by 309.9% during the first quarter. JPMorgan Chase & Co. now owns 19,757,041 shares of the bank’s stock valued at $177,221,000 after buying an additional 14,936,752 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Regions Financial by 4,630.9% during the first quarter. Wellington Management Group LLP now owns 6,559,059 shares of the bank’s stock valued at $58,835,000 after buying an additional 6,420,417 shares during the last quarter. Prudential PLC grew its holdings in shares of Regions Financial by 16,496.9% during the first quarter. Prudential PLC now owns 5,663,522 shares of the bank’s stock valued at $50,802,000 after buying an additional 5,629,398 shares during the last quarter. Finally, AMF Pensionsforsakring AB purchased a new stake in shares of Regions Financial during the first quarter valued at $12,481,000. 73.03% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Jose S. Suquet purchased 5,000 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was acquired at an average price of $10.21 per share, with a total value of $51,050.00. Following the purchase, the director now directly owns 41,527 shares in the company, valued at approximately $423,990.67. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jose S. Suquet purchased 10,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was purchased at an average cost of $9.88 per share, with a total value of $98,800.00. Following the purchase, the director now owns 41,527 shares in the company, valued at $410,286.76. The disclosure for this purchase can be found here. 0.47% of the stock is currently owned by corporate insiders.
Regions Financial (NYSE:RF) last released its quarterly earnings data on Friday, July 17th. The bank reported ($0.25) EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.32). The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.45 billion. Regions Financial had a net margin of 11.32% and a return on equity of 5.10%. During the same quarter in the previous year, the company posted $0.37 EPS. As a group, sell-side analysts expect that Regions Financial Corp will post 0.54 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be issued a $0.155 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $0.62 dividend on an annualized basis and a yield of 5.71%. Regions Financial’s payout ratio is 40.00%.
Several equities research analysts have commented on RF shares. Compass Point lowered their price target on shares of Regions Financial from $11.00 to $10.50 and set a “neutral” rating on the stock in a report on Wednesday, May 13th. Wolfe Research began coverage on shares of Regions Financial in a research note on Friday. They set an “outperform” rating on the stock. Raymond James lowered their target price on shares of Regions Financial from $15.00 to $14.00 and set a “strong-buy” rating on the stock in a research note on Monday, July 20th. Royal Bank of Canada reissued a “buy” rating and set a $13.00 target price on shares of Regions Financial in a research note on Monday, July 20th. Finally, ValuEngine raised shares of Regions Financial from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Ten equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $13.34.
Regions Financial Profile
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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