California Public Employees Retirement System Has $61.74 Million Stake in Regions Financial Corporation (RF)
California Public Employees Retirement System trimmed its stake in shares of Regions Financial Corporation (NYSE:RF) by 4.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,217,125 shares of the bank’s stock after selling 174,500 shares during the period. California Public Employees Retirement System owned about 0.35% of Regions Financial Corporation worth $61,739,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in shares of Regions Financial Corporation by 12.3% during the first quarter. JPMorgan Chase & Co. now owns 27,243,518 shares of the bank’s stock valued at $395,848,000 after purchasing an additional 2,985,752 shares during the last quarter. Trexquant Investment LP lifted its holdings in shares of Regions Financial Corporation by 26.4% during the first quarter. Trexquant Investment LP now owns 161,400 shares of the bank’s stock valued at $2,345,000 after purchasing an additional 33,700 shares during the last quarter. Bailard Inc. lifted its holdings in shares of Regions Financial Corporation by 602.4% during the first quarter. Bailard Inc. now owns 134,309 shares of the bank’s stock valued at $1,952,000 after purchasing an additional 115,187 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Regions Financial Corporation during the first quarter valued at $56,133,000. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Regions Financial Corporation by 729.5% during the first quarter. Teacher Retirement System of Texas now owns 735,754 shares of the bank’s stock valued at $10,691,000 after purchasing an additional 647,052 shares during the last quarter. 75.56% of the stock is owned by institutional investors and hedge funds.
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Regions Financial Corporation (NYSE:RF) opened at 14.42 on Friday. The firm has a 50-day moving average price of $14.18 and a 200 day moving average price of $14.27. The firm has a market capitalization of $17.23 billion, a price-to-earnings ratio of 15.07 and a beta of 1.33. Regions Financial Corporation has a 12 month low of $9.45 and a 12 month high of $16.03.
Regions Financial Corporation (NYSE:RF) last issued its quarterly earnings results on Friday, July 21st. The bank reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.43 billion. Regions Financial Corporation had a return on equity of 7.51% and a net margin of 20.25%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 earnings per share. On average, equities analysts forecast that Regions Financial Corporation will post $1.00 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.50%. This is a positive change from Regions Financial Corporation’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Thursday, September 7th. Regions Financial Corporation’s payout ratio is 37.89%.
Regions Financial Corporation announced that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.47 billion in outstanding shares. This repurchase authorization permits the bank to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Several equities research analysts have recently commented on the company. Deutsche Bank AG reaffirmed a “hold” rating on shares of Regions Financial Corporation in a report on Monday, July 3rd. BidaskClub raised Regions Financial Corporation from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Instinet reaffirmed a “neutral” rating and set a $16.00 target price on shares of Regions Financial Corporation in a report on Wednesday, July 12th. Wells Fargo & Company assumed coverage on Regions Financial Corporation in a report on Wednesday, August 9th. They set a “market perform” rating and a $16.00 target price for the company. Finally, Vining Sparks raised Regions Financial Corporation from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $14.89.
In other news, Director Susan W. Matlock sold 10,000 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $15.23, for a total value of $152,300.00. Following the sale, the director now directly owns 32,188 shares in the company, valued at $490,223.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO David J. Turner, Jr. sold 65,000 shares of the business’s stock in a transaction dated 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 owns 121,160 shares in the company, valued at $1,811,342. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 124,514 shares of company stock worth $1,846,733. Corporate insiders own 0.52% of the company’s stock.
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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