Zurich Insurance Group Ltd FI lifted its holdings in Regions Financial Corp (NYSE:RF) by 56.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 386,567 shares of the bank’s stock after buying 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 quarter.
Several other institutional investors have also added to or reduced their stakes in RF. Parallel Advisors LLC grew its position in shares of Regions Financial by 87.3% during the 2nd quarter. Parallel Advisors LLC now owns 6,062 shares of the bank’s stock worth $107,000 after buying an additional 2,825 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Regions Financial by 8,481.6% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,522 shares of the bank’s stock valued at $116,000 after purchasing an additional 6,446 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of Regions Financial in the 2nd quarter valued at approximately $116,000. AdvisorNet Financial Inc acquired a new position in shares of Regions Financial in the 1st quarter valued at approximately $117,000. Finally, Summit Trail Advisors LLC grew its position in shares of Regions Financial by 1,646.8% in the 1st quarter. Summit Trail Advisors LLC now owns 134,102 shares of the bank’s stock valued at $134,000 after purchasing an additional 126,425 shares during the period. 74.80% of the stock is owned by institutional investors and hedge funds.
In related news, Director Susan W. Matlock sold 24,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 14,914 shares of the company’s stock, valued at $275,909. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP C. Keith Herron sold 23,186 shares of the firm’s stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $18.76, for a total value of $434,969.36. Following the completion of the sale, the executive vice president now directly owns 204,537 shares of the company’s stock, valued at approximately $3,837,114.12. The disclosure for this sale can be found here. 0.84% of the stock is owned by company insiders.
Regions Financial (NYSE:RF) last posted its earnings results on Friday, July 20th. The bank reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.45 billion. Regions Financial had a return on equity of 9.46% and a net margin of 22.77%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share. On average, research analysts expect that Regions Financial Corp will post 1.42 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 7th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.00%. This is an increase from Regions Financial’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, September 6th. Regions Financial’s dividend payout ratio (DPR) is 56.00%.
RF has been the topic of several research reports. Wedbush set a $22.00 price objective on Regions Financial and gave the stock a “buy” rating in a research note on Friday, September 7th. ValuEngine lowered Regions Financial from a “buy” rating to a “hold” rating in a report on Friday, June 15th. Robert W. Baird raised Regions Financial from an “underperform” rating to a “neutral” rating in a report on Thursday, June 28th. Finally, Royal Bank of Canada raised Regions Financial from a “sector perform” rating to an “outperform” rating and set a $11.00 price objective on the stock in a report on Monday, June 18th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $17.77.
Regions Financial 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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