NewEdge Wealth LLC Invests $512,000 in Regions Financial Corporation $RF

NewEdge Wealth LLC purchased a new stake in Regions Financial Corporation (NYSE:RF) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 21,002 shares of the bank’s stock, valued at approximately $512,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Norges Bank purchased a new stake in Regions Financial during the second quarter valued at about $246,790,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Regions Financial by 620.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,563,492 shares of the bank’s stock valued at $60,293,000 after acquiring an additional 2,207,585 shares during the period. Basswood Capital Management L.L.C. purchased a new stake in shares of Regions Financial in the 2nd quarter valued at approximately $24,927,000. Midwest Trust Co acquired a new position in Regions Financial in the 2nd quarter worth approximately $14,519,000. Finally, Schroder Investment Management Group boosted its stake in Regions Financial by 56.8% in the 2nd quarter. Schroder Investment Management Group now owns 1,558,174 shares of the bank’s stock worth $36,648,000 after purchasing an additional 564,281 shares during the period. Hedge funds and other institutional investors own 79.39% of the company’s stock.

Regions Financial Stock Performance

Shares of RF stock opened at $28.70 on Tuesday. Regions Financial Corporation has a fifty-two week low of $17.74 and a fifty-two week high of $31.53. The stock’s 50-day moving average is $28.60 and its two-hundred day moving average is $26.74. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $25.17 billion, a P/E ratio of 12.53, a PEG ratio of 1.06 and a beta of 1.04.

Regions Financial (NYSE:RF) last announced its quarterly earnings results on Friday, January 16th. The bank reported $0.57 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.04). The firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. Regions Financial had a net margin of 22.44% and a return on equity of 12.55%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.56 EPS. Analysts predict that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd will be paid a dividend of $0.265 per share. The ex-dividend date is Monday, March 2nd. This represents a $1.06 annualized dividend and a dividend yield of 3.7%. Regions Financial’s dividend payout ratio is 46.29%.

Regions Financial announced that its board has initiated a stock repurchase program on Wednesday, December 10th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the bank to buy up to 12.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

RF has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $31.00 target price on shares of Regions Financial in a research note on Tuesday, January 20th. Wall Street Zen lowered Regions Financial from a “hold” rating to a “sell” rating in a research report on Saturday, December 13th. Morgan Stanley set a $31.00 price objective on Regions Financial in a research note on Monday, January 19th. Truist Financial lifted their target price on Regions Financial from $26.00 to $29.00 and gave the company a “hold” rating in a research note on Monday, December 22nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $32.00 target price on shares of Regions Financial in a report on Tuesday, January 6th. Six analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $29.84.

Insider Buying and Selling at Regions Financial

In related news, EVP William D. Ritter sold 36,000 shares of Regions Financial stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $28.78, for a total value of $1,036,080.00. Following the completion of the sale, the executive vice president owned 17,569 shares of the company’s stock, valued at approximately $505,635.82. The trade was a 67.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Regions Financial Company Profile

Regions Financial Corporation (NYSE: RF) is a U.S. bank holding company headquartered in Birmingham, Alabama, that provides a broad range of banking and financial services. Its primary banking subsidiary, Regions Bank, serves retail and commercial customers through a combination of branch and ATM networks, digital channels and relationship-based delivery. The company offers deposit accounts, consumer and commercial loans, mortgage origination and servicing, and payment and treasury services.

In addition to core banking, Regions offers wealth management, trust and brokerage services, insurance solutions, and capital markets capabilities to corporate and institutional clients.