Wedge Capital Management L L P NC raised its holdings in Regions Financial Co. (NYSE:RF – Get Rating) by 12.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,064 shares of the bank's stock after purchasing an additional 1,794 shares during the quarter. Wedge Capital Management L L P NC's holdings in Regions Financial were worth $301,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Regions Financial during the 4th quarter worth approximately $215,030,000. BlackRock Inc. boosted its stake in shares of Regions Financial by 9.3% during the 4th quarter. BlackRock Inc. now owns 96,711,569 shares of the bank's stock worth $2,108,312,000 after acquiring an additional 8,239,657 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Regions Financial by 296.5% during the 1st quarter. First Trust Advisors LP now owns 10,552,656 shares of the bank's stock worth $234,902,000 after acquiring an additional 7,891,037 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Regions Financial by 60.4% during the 1st quarter. Victory Capital Management Inc. now owns 5,373,762 shares of the bank's stock worth $111,585,000 after acquiring an additional 2,023,514 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of Regions Financial by 70,299.7% during the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,536,122 shares of the bank's stock worth $34,194,000 after acquiring an additional 1,533,940 shares in the last quarter. Hedge funds and other institutional investors own 73.61% of the company's stock.
Get Regions Financial alerts:Regions Financial Trading Down 1.4 %
RF stock opened at $21.87 on Thursday. The company has a market cap of $20.44 billion, a price-to-earnings ratio of 9.85, a PEG ratio of 0.57 and a beta of 1.26. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $21.55 and a 200-day simple moving average of $21.13. Regions Financial Co. has a 52 week low of $18.01 and a 52 week high of $25.57.
Regions Financial (NYSE:RF – Get Rating) last released its quarterly earnings data on Friday, July 22nd. The bank reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.06. The business had revenue of $1.75 billion during 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 period in the prior year, the firm posted $0.77 EPS. On average, equities research analysts expect that Regions Financial Co. will post 2.35 EPS for the current year.Regions Financial Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.66%. This is a boost from Regions Financial's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Thursday, September 1st. Regions Financial's dividend payout ratio is 36.04%.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on RF. Jefferies Financial Group reduced their target price on Regions Financial from $24.00 to $22.00 in a research note on Monday, July 11th. Wedbush upped their target price on Regions Financial to $24.00 in a research note on Monday, July 25th. Keefe, Bruyette & Woods raised Regions Financial from an "underperform" rating to a "market perform" rating and upped their target price for the company from $24.00 to $26.00 in a research note on Thursday, June 2nd. The Goldman Sachs Group reduced their target price on Regions Financial from $28.00 to $25.00 and set a "buy" rating on the stock in a research note on Tuesday, May 31st. Finally, Wolfe Research reduced their target price on Regions Financial from $24.00 to $20.00 and set a "peer perform" rating on the stock in a research note on Thursday, May 26th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $24.79.
Regions Financial Company Profile
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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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