Pictet Asset Management Ltd. Sells 72,600 Shares of Regions Financial Corp (RF)
Pictet Asset Management Ltd. lessened its stake in shares of Regions Financial Corp (NYSE:RF) by 10.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 591,097 shares of the bank’s stock after selling 72,600 shares during the period. Pictet Asset Management Ltd. owned 0.06% of Regions Financial worth $10,847,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Independent Advisor Alliance bought a new stake in Regions Financial during the third quarter worth approximately $180,000. Korea Investment CORP increased its stake in Regions Financial by 123.9% during the third quarter. Korea Investment CORP now owns 1,526,026 shares of the bank’s stock worth $28,003,000 after acquiring an additional 844,602 shares during the last quarter. Menora Mivtachim Holdings LTD. increased its stake in Regions Financial by 1.6% during the third quarter. Menora Mivtachim Holdings LTD. now owns 2,735,950 shares of the bank’s stock worth $50,205,000 after acquiring an additional 41,810 shares during the last quarter. Credit Suisse AG increased its stake in Regions Financial by 1.0% during the third quarter. Credit Suisse AG now owns 1,595,411 shares of the bank’s stock worth $29,276,000 after acquiring an additional 15,854 shares during the last quarter. Finally, Ffcm LLC increased its stake in Regions Financial by 44.8% during the third quarter. Ffcm LLC now owns 64,372 shares of the bank’s stock worth $1,181,000 after acquiring an additional 19,901 shares during the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently commented on RF shares. Wedbush set a $22.00 target price on Regions Financial and gave the company a “buy” rating in a research note on Friday, September 7th. Vining Sparks reaffirmed a “buy” rating and set a $22.00 target price on shares of Regions Financial in a research note on Tuesday, October 9th. Raymond James raised Regions Financial from an “outperform” rating to a “strong-buy” rating in a research note on Wednesday, October 31st. They noted that the move was a valuation call. JPMorgan Chase & Co. raised Regions Financial from a “neutral” rating to an “overweight” rating in a research note on Monday, November 26th. Finally, B. Riley set a $20.00 target price on Regions Financial and gave the company a “hold” rating in a research note on Monday, October 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $18.68.
Regions Financial (NYSE:RF) last issued its earnings results on Tuesday, October 23rd. The bank reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.04). The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.47 billion. Regions Financial had a return on equity of 10.15% and a net margin of 26.39%. The business’s revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the business earned $0.25 EPS. Analysts forecast that Regions Financial Corp will post 1.44 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 7th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.66%. The ex-dividend date of this dividend is Thursday, December 6th. Regions Financial’s dividend payout ratio is currently 56.00%.
Regions Financial Company Profile
Regions Financial Corporation, together with its subsidiaries, provides banking and bank-related services to individual and corporate customers in the United States. Its Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending, as well as equipment lease financing services and corresponding deposits.
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