Ameriprise Financial Inc. Raises Position in Regions Financial Corporation (RF)
Ameriprise Financial Inc. boosted its holdings in Regions Financial Corporation (NYSE:RF) by 4.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,172,544 shares of the bank’s stock after acquiring an additional 54,737 shares during the period. Ameriprise Financial Inc. owned 0.10% of Regions Financial Corporation worth $17,140,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of RF. FNY Partners Fund LP acquired a new stake in shares of Regions Financial Corporation during the 1st quarter worth about $103,000. Lloyds Banking Group plc acquired a new stake in shares of Regions Financial Corporation during the 2nd quarter worth about $108,000. Seven Eight Capital LP acquired a new stake in shares of Regions Financial Corporation during the 2nd quarter worth about $111,000. Cornerstone Wealth Management LLC acquired a new stake in shares of Regions Financial Corporation during the 1st quarter worth about $146,000. Finally, O Shaughnessy Asset Management LLC acquired a new stake in shares of Regions Financial Corporation during the 1st quarter worth about $148,000. 75.56% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Scott M. Peters sold 13,689 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $14.61, for a total value of $199,996.29. Following the completion of the sale, the executive vice president now owns 147,528 shares of the company’s stock, valued at approximately $2,155,384.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO David J. Turner, Jr. sold 65,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $14.95, for a total value of $971,750.00. Following the completion of the sale, the chief financial officer now directly owns 121,160 shares of the company’s stock, valued at approximately $1,811,342. The disclosure for this sale can be found here. In the last three months, insiders sold 124,514 shares of company stock valued at $1,846,733. 0.52% of the stock is currently owned by company insiders.
Regions Financial Corporation (NYSE RF) opened at 15.09 on Thursday. The stock has a market cap of $18.03 billion, a price-to-earnings ratio of 15.77 and a beta of 1.34. The company has a 50-day moving average of $14.24 and a 200 day moving average of $14.26. Regions Financial Corporation has a 12-month low of $9.78 and a 12-month high of $16.03.
Regions Financial Corporation (NYSE:RF) last announced its quarterly earnings results on Friday, July 21st. The bank reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.01. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Regions Financial Corporation had a return on equity of 7.51% and a net margin of 20.25%. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.20 EPS. Equities analysts anticipate that Regions Financial Corporation will post $1.00 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 8th were paid a $0.09 dividend. This is a boost from Regions Financial Corporation’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $0.36 annualized dividend and a dividend yield of 2.39%. Regions Financial Corporation’s payout ratio is presently 37.89%.
Regions Financial Corporation announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.47 billion in shares. This buyback authorization authorizes the bank to reacquire up to 8.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Several equities research analysts have issued reports on RF shares. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $15.50 price target on shares of Regions Financial Corporation in a research note on Friday, September 15th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $15.00 price target on shares of Regions Financial Corporation in a research note on Friday, June 23rd. Deutsche Bank AG reaffirmed a “hold” rating on shares of Regions Financial Corporation in a research note on Monday, July 3rd. BidaskClub cut shares of Regions Financial Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, Bank of America Corporation reaffirmed a “buy” rating and set a $17.00 price target on shares of Regions Financial Corporation in a research note on Wednesday, July 26th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $14.78.
Regions Financial Corporation Profile
Regions Financial Corporation is a financial holding company. The Company conducts its banking operations through Regions Bank, an Alabama state-chartered commercial bank, which is a member of the Federal Reserve System. It operates in three segments: Corporate Bank, which represents its commercial banking functions, including commercial and industrial, commercial real estate and investor real estate lending; Consumer Bank, which represents its branch network, including consumer banking products and services related to residential first mortgages, home equity lines and loans, small business loans, indirect loans, consumer credit cards and other consumer loans, as well as the corresponding deposit relationships, and Wealth Management, which offers individuals, businesses, governmental institutions and non-profit entities a range of solutions to enable transfer of wealth.
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