Wellington Management Group LLP Sells 4,132,121 Shares of Regions Financial Corporation $RF

Wellington Management Group LLP decreased its position in Regions Financial Corporation (NYSE:RF) by 9.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 41,867,400 shares of the bank’s stock after selling 4,132,121 shares during the quarter. Wellington Management Group LLP’s holdings in Regions Financial were worth $1,104,043,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Darwin Wealth Management LLC bought a new stake in shares of Regions Financial in the 2nd quarter worth approximately $25,000. United Community Bank purchased a new stake in shares of Regions Financial during the third quarter worth about $30,000. Salomon & Ludwin LLC purchased a new position in Regions Financial during the 3rd quarter valued at about $32,000. Elevation Point Wealth Partners LLC bought a new position in Regions Financial during the 2nd quarter valued at approximately $33,000. Finally, Clearstead Trust LLC grew its position in shares of Regions Financial by 574.5% in the 2nd quarter. Clearstead Trust LLC now owns 1,430 shares of the bank’s stock worth $34,000 after buying an additional 1,218 shares during the last quarter. 79.39% of the stock is currently owned by institutional investors.

Regions Financial Stock Down 1.4%

Shares of RF opened at $24.98 on Friday. The business’s 50 day simple moving average is $28.56 and its 200-day simple moving average is $26.88. Regions Financial Corporation has a 1 year low of $17.74 and a 1 year high of $31.53. 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 stock has a market capitalization of $21.57 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 0.90 and a beta of 1.02.

Regions Financial (NYSE:RF) last posted its quarterly earnings data on Friday, January 16th. The bank reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.04). The firm had revenue of $1.92 billion for 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 revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.56 EPS. As a group, equities analysts expect that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial announced that its Board of Directors has approved a stock repurchase plan on Wednesday, December 10th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the bank to buy up to 12.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Regions Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 2nd will be given a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, March 2nd. Regions Financial’s dividend payout ratio is 46.29%.

Insiders Place Their Bets

In other news, EVP William D. Ritter sold 36,000 shares of Regions Financial stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $28.78, for a total transaction of $1,036,080.00. Following the completion of the sale, the executive vice president directly owned 17,569 shares in the company, valued at approximately $505,635.82. This trade represents a 67.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Piper Sandler boosted their price objective on shares of Regions Financial from $29.00 to $31.00 and gave the company a “neutral” rating in a research report on Tuesday, January 20th. Wells Fargo & Company lowered shares of Regions Financial from an “equal weight” rating to an “underweight” rating and set a $30.00 target price on the stock. in a research note on Friday, January 16th. The Goldman Sachs Group reissued a “buy” rating and issued a $32.00 price target on shares of Regions Financial in a research note on Tuesday, January 6th. Weiss Ratings restated a “buy (b)” rating on shares of Regions Financial in a research note on Monday, December 29th. Finally, Morgan Stanley set a $31.00 price objective on shares of Regions Financial in a report on Monday, January 19th. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $29.97.

Regions Financial 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.