DekaBank Deutsche Girozentrale reduced its position in shares of Regions Financial Corp (NYSE:RF) by 29.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 236,245 shares of the bank’s stock after selling 97,567 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Regions Financial were worth $3,509,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Buffington Mohr McNeal bought a new stake in shares of Regions Financial during the first quarter valued at approximately $28,000. Mcmillion Capital Management Inc. acquired a new stake in shares of Regions Financial during the second quarter worth $40,000. Wealthcare Advisory Partners LLC increased its holdings in Regions Financial by 101.4% in the second quarter. Wealthcare Advisory Partners LLC now owns 3,305 shares of the bank’s stock valued at $49,000 after purchasing an additional 1,664 shares during the last quarter. Private Ocean LLC acquired a new position in Regions Financial in the second quarter valued at about $52,000. Finally, FinTrust Capital Advisors LLC boosted its holdings in Regions Financial by 28.0% during the first quarter. FinTrust Capital Advisors LLC now owns 4,173 shares of the bank’s stock worth $59,000 after buying an additional 913 shares during the last quarter. Hedge funds and other institutional investors own 71.60% of the company’s stock.
In other news, insider Hardie B. Kimbrough, Jr. sold 7,148 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $14.68, for a total value of $104,932.64. Following the completion of the transaction, the insider now owns 34,482 shares of the company’s stock, valued at $506,195.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO John B. Owen sold 40,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $14.63, for a total transaction of $585,200.00. Following the transaction, the chief operating officer now directly owns 87,152 shares of the company’s stock, valued at approximately $1,275,033.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 116,436 shares of company stock valued at $1,695,502. 0.28% of the stock is owned by corporate insiders.
Regions Financial (NYSE:RF) last posted its earnings results on Friday, July 19th. The bank reported $0.39 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.39. Regions Financial had a return on equity of 10.86% and a net margin of 26.43%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the firm earned $0.32 earnings per share. The company’s revenue was down .1% on a year-over-year basis. Sell-side analysts forecast that Regions Financial Corp will post 1.54 EPS for the current year.
Regions Financial announced that its Board of Directors has authorized a share buyback program on Thursday, June 27th that allows the company to buyback $1.37 billion in shares. This buyback authorization allows the bank to purchase up to 9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.82%. This is a boost from Regions Financial’s previous quarterly dividend of $0.14. Regions Financial’s payout ratio is 45.59%.
A number of analysts have recently commented on RF shares. SunTrust Banks lowered their price target on Regions Financial from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Raymond James set a $17.00 price objective on Regions Financial and gave the company a “buy” rating in a research report on Thursday, August 29th. Bank of America cut shares of Regions Financial from a “buy” rating to a “neutral” rating and reduced their price target for the company from $18.00 to $16.00 in a report on Thursday, July 11th. Wedbush upgraded Regions Financial from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $15.00 to $17.00 in a report on Monday, July 22nd. Finally, Morgan Stanley set a $16.00 target price on Regions Financial and gave the company a “hold” rating in a research note on Friday, August 9th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $17.24.
Regions Financial Company Profile
Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers in the United States. It operates through three segments: Corporate Bank, Consumer Bank, and Wealth Management. The Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending; equipment lease financing services; corresponding deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.
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