BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 503,531 Shares of Regions Financial Corporation (RF)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in Regions Financial Corporation (NYSE:RF) by 39.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 768,339 shares of the bank’s stock after selling 503,531 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.07% of Regions Financial worth $11,702,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of RF. NGAM Advisors L.P. raised its position in shares of Regions Financial by 119.3% in the 2nd quarter. NGAM Advisors L.P. now owns 85,823 shares of the bank’s stock valued at $1,256,000 after acquiring an additional 46,688 shares during the period. Advisor Partners LLC raised its position in shares of Regions Financial by 0.3% in the 2nd quarter. Advisor Partners LLC now owns 20,041 shares of the bank’s stock valued at $293,000 after acquiring an additional 59 shares during the period. Global X Management Co. LLC raised its position in shares of Regions Financial by 41.8% in the 2nd quarter. Global X Management Co. LLC now owns 49,813 shares of the bank’s stock valued at $729,000 after acquiring an additional 14,681 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Regions Financial by 10.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 2,025,530 shares of the bank’s stock valued at $29,654,000 after acquiring an additional 190,900 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Regions Financial by 0.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 7,082,745 shares of the bank’s stock valued at $103,692,000 after acquiring an additional 54,334 shares during the period. 75.70% of the stock is currently owned by institutional investors.
In other news, EVP John B. Owen sold 40,000 shares of Regions Financial stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $15.67, for a total value of $626,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott M. Peters sold 25,000 shares of Regions Financial stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $15.84, for a total transaction of $396,000.00. Following the completion of the sale, the executive vice president now owns 121,459 shares in the company, valued at $1,923,910.56. The disclosure for this sale can be found here. Insiders sold 80,000 shares of company stock worth $1,278,400 over the last quarter. 0.52% of the stock is owned by corporate insiders.
Shares of Regions Financial Corporation (NYSE RF) traded up $0.11 during mid-day trading on Friday, reaching $17.08. 8,320,040 shares of the company’s stock traded hands, compared to its average volume of 12,173,375. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.39. The firm has a market cap of $19,812.30, a P/E ratio of 17.79, a P/E/G ratio of 1.55 and a beta of 1.30. Regions Financial Corporation has a 52-week low of $13.00 and a 52-week high of $17.17.
Regions Financial (NYSE:RF) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $0.25 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.25. Regions Financial had a net margin of 20.14% and a return on equity of 7.56%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same period last year, the company earned $0.24 earnings per share. The firm’s revenue was down 1.3% compared to the same quarter last year. sell-side analysts forecast that Regions Financial Corporation will post 0.99 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.11%. Regions Financial’s dividend payout ratio (DPR) is presently 37.50%.
RF has been the topic of a number of analyst reports. BidaskClub downgraded shares of Regions Financial from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $15.50 price target on shares of Regions Financial in a research report on Wednesday, August 16th. Piper Jaffray Companies reiterated a “hold” rating and issued a $14.50 price target on shares of Regions Financial in a research report on Thursday, August 17th. Robert W. Baird downgraded shares of Regions Financial from a “neutral” rating to an “underperform” rating and set a $13.00 target price on the stock. in a report on Monday, October 2nd. Finally, Citigroup restated a “neutral” rating and set a $16.00 target price (up from $15.00) on shares of Regions Financial in a report on Monday, October 9th. Four analysts have rated the stock with a sell rating, sixteen have given a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $15.63.
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Regions Financial 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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