State of Alaska Department of Revenue reduced its position in shares of Regions Financial Corp (NYSE:RF) by 5.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 258,698 shares of the bank’s stock after selling 14,809 shares during the quarter. State of Alaska Department of Revenue’s holdings in Regions Financial were worth $3,863,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Westbourne Investment Advisors Inc. increased its stake in Regions Financial by 2.1% in the second quarter. Westbourne Investment Advisors Inc. now owns 90,590 shares of the bank’s stock worth $1,353,000 after purchasing an additional 1,850 shares during the period. AE Wealth Management LLC increased its stake in Regions Financial by 208.7% in the second quarter. AE Wealth Management LLC now owns 36,147 shares of the bank’s stock worth $540,000 after purchasing an additional 24,438 shares during the period. Jag Capital Management LLC increased its stake in Regions Financial by 1.4% in the second quarter. Jag Capital Management LLC now owns 64,880 shares of the bank’s stock worth $969,000 after purchasing an additional 908 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its stake in Regions Financial by 69.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 10,850 shares of the bank’s stock worth $162,000 after purchasing an additional 4,441 shares during the period. Finally, FDx Advisors Inc. increased its stake in Regions Financial by 162.7% in the second quarter. FDx Advisors Inc. now owns 65,237 shares of the bank’s stock worth $975,000 after purchasing an additional 40,408 shares during the period. Hedge funds and other institutional investors own 71.42% of the company’s stock.
A number of analysts have weighed in on RF shares. Macquarie lowered Regions Financial from a “neutral” rating to an “underperform” rating in a research note on Tuesday, April 23rd. Raymond James reduced their target price on Regions Financial from $19.50 to $18.00 and set a “strong-buy” rating on the stock in a research note on Monday, April 22nd. Morgan Stanley reduced their target price on Regions Financial from $19.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Monday, April 22nd. ValuEngine upgraded Regions Financial from a “strong sell” rating to a “sell” rating in a research note on Thursday, April 18th. Finally, Wedbush upgraded Regions Financial from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $15.00 to $17.00 in a research note on Monday, July 22nd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $17.47.
Regions Financial (NYSE:RF) last announced its quarterly earnings results on Friday, July 19th. The bank reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.49 billion. Regions Financial had a return on equity of 10.86% and a net margin of 26.43%. The business’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 earnings per share. On average, equities research analysts anticipate that Regions Financial Corp will post 1.54 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.62 annualized dividend and a dividend yield of 4.08%. This is a positive change from Regions Financial’s previous quarterly dividend of $0.14. Regions Financial’s dividend payout ratio (DPR) is currently 41.18%.
Regions Financial declared that its Board of Directors has approved a stock repurchase plan on Thursday, June 27th that permits the company to buyback $1.37 billion in outstanding shares. This buyback authorization permits the bank to reacquire up to 9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
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.
Featured Article: What is a Fiduciary?
Want to see what other hedge funds are holding RF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Regions Financial Corp (NYSE:RF).
Receive News & Ratings for Regions Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Regions Financial and related companies with MarketBeat.com's FREE daily email newsletter.