Gradient Investments LLC cut its holdings in Regions Financial Co. (NYSE:RF – Get Rating) by 98.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 8,365 shares of the bank's stock after selling 587,638 shares during the period. Gradient Investments LLC's holdings in Regions Financial were worth $157,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Mystic Asset Management Inc. acquired a new stake in shares of Regions Financial during the 4th quarter worth $25,000. DeDora Capital Inc. acquired a new stake in Regions Financial in the 1st quarter valued at $27,000. Riverview Trust Co acquired a new stake in Regions Financial in the 1st quarter valued at $27,000. Delos Wealth Advisors LLC acquired a new stake in Regions Financial in the 4th quarter valued at $27,000. Finally, Tcwp LLC acquired a new stake in Regions Financial in the 1st quarter valued at $28,000. 73.61% of the stock is currently owned by institutional investors and hedge funds.
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Regions Financial Stock Performance
Shares of RF stock opened at $22.19 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.82 and a current ratio of 0.82. Regions Financial Co. has a one year low of $18.01 and a one year high of $25.57. The company's 50-day simple moving average is $21.49 and its 200-day simple moving average is $21.12. The stock has a market capitalization of $20.73 billion, a price-to-earnings ratio of 10.00, a PEG ratio of 0.56 and a beta of 1.26.
Regions Financial (NYSE:RF – Get Rating) last issued its quarterly earnings results on Friday, July 22nd. The bank reported $0.59 EPS for the quarter, topping the consensus estimate of $0.53 by $0.06. Regions Financial had a net
margin of 32.85% and a return on equity of 14.07%. The business had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter last year, the company posted $0.77 earnings per share. Equities analysts anticipate that Regions Financial Co. will post 2.35 earnings per share for the current fiscal year.
Regions Financial Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd will be issued a $0.20 dividend. The ex-dividend date is Thursday, September 1st. This represents a $0.80 dividend on an annualized basis and a yield of 3.61%. This is a boost from Regions Financial's previous quarterly dividend of $0.17. Regions Financial's dividend payout ratio (DPR) is currently 36.04%.
Analysts Set New Price Targets
RF has been the subject of several recent research reports. Morgan Stanley increased their price target on Regions Financial from $26.00 to $28.00 and gave the company an "overweight" rating in a report on Monday, July 25th. The Goldman Sachs Group lowered their price target on Regions Financial from $28.00 to $25.00 and set a "buy" rating for the company in a report on Tuesday, May 31st. Raymond James upgraded Regions Financial from a "market perform" rating to an "outperform" rating and set a $23.00 price target for the company in a report on Thursday, July 7th. Jefferies Financial Group lowered their price target on Regions Financial from $24.00 to $22.00 in a report on Monday, July 11th. Finally, Truist Financial decreased their price objective on shares of Regions Financial from $27.00 to $25.00 and set a "buy" rating for the company in a research report on Wednesday, June 15th. Seven 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 a consensus rating of "Moderate Buy" and an average price target of $24.79.
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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