M&T Bank Corp cut its holdings in Regions Financial Co. (NYSE:RF – Get Rating) by 4.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 31,607 shares of the bank's stock after selling 1,635 shares during the quarter. M&T Bank Corp's holdings in Regions Financial were worth $703,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Mystic Asset Management Inc. acquired a new position in shares of Regions Financial in the fourth quarter valued at about $25,000. Delos Wealth Advisors LLC acquired a new position in shares of Regions Financial in the fourth quarter valued at about $27,000. DeDora Capital Inc. acquired a new position in shares of Regions Financial in the first quarter valued at about $27,000. Riverview Trust Co acquired a new position in shares of Regions Financial in the first quarter valued at about $27,000. Finally, Confluence Wealth Services Inc. acquired a new position in shares of Regions Financial in the fourth quarter valued at about $29,000. 74.90% of the stock is currently owned by hedge funds and other institutional investors.
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Wall Street Analyst Weigh In
Several analysts recently commented on the company. Morgan Stanley raised their target price on Regions Financial from $26.00 to $28.00 and gave the stock an "overweight" rating in a report on Monday, July 25th. Raymond James raised Regions Financial from a "market perform" rating to an "outperform" rating and set a $23.00 target price on the stock in a report on Thursday, July 7th. Wolfe Research dropped their target price on Regions Financial from $24.00 to $20.00 and set a "peer perform" rating on the stock in a report on Thursday, May 26th. Truist Financial dropped their target price on Regions Financial from $27.00 to $25.00 and set a "buy" rating on the stock in a report on Wednesday, June 15th. Finally, Jefferies Financial Group dropped their target price on Regions Financial from $24.00 to $22.00 in a report on Monday, July 11th. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $24.60.
Regions Financial Stock Performance
NYSE RF opened at $22.96 on Friday. The company has a market cap of $21.45 billion, a PE ratio of 10.34, a price-to-earnings-growth ratio of 0.32 and a beta of 1.29. The stock's 50 day simple moving average is $20.07 and its 200-day simple moving average is $21.46. Regions Financial Co. has a 1-year low of $18.01 and a 1-year high of $25.57. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.82 and a quick ratio of 0.82.
Regions Financial (NYSE:RF – Get Rating) last released its earnings results on Friday, July 22nd. The bank reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.06. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.69 billion. Regions Financial had a return on equity of 14.07% and a net margin of 32.85%. During the same quarter last year, the business posted $0.77 earnings per share. As a group, equities research analysts anticipate that Regions Financial Co. will post 2.34 EPS for the current fiscal year.
Regions Financial Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend is Thursday, September 1st. This is an increase from Regions Financial's previous quarterly dividend of $0.17. Regions Financial's dividend payout ratio (DPR) is 30.63%.
About Regions Financial
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Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers. 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; 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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