Landsberg Bennett & Dubbaneh LLC lowered its stake in shares of Regions Financial Corp (NYSE:RF) by 0.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 146,964 shares of the bank’s stock after selling 1,367 shares during the period. Landsberg Bennett & Dubbaneh LLC’s holdings in Regions Financial were worth $2,346,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Regions Financial by 12.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 28,152 shares of the bank’s stock valued at $398,000 after buying an additional 3,102 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Regions Financial by 34.4% during the first quarter. First Trust Advisors LP now owns 1,615,525 shares of the bank’s stock valued at $22,860,000 after buying an additional 413,561 shares in the last quarter. Hancock Whitney Corp grew its holdings in shares of Regions Financial by 10.5% during the first quarter. Hancock Whitney Corp now owns 107,274 shares of the bank’s stock valued at $1,517,000 after buying an additional 10,237 shares in the last quarter. GWM Advisors LLC grew its holdings in shares of Regions Financial by 4.7% during the first quarter. GWM Advisors LLC now owns 59,835 shares of the bank’s stock valued at $847,000 after buying an additional 2,693 shares in the last quarter. Finally, Summit Global Investments grew its holdings in shares of Regions Financial by 1.4% during the first quarter. Summit Global Investments now owns 74,165 shares of the bank’s stock valued at $1,049,000 after buying an additional 1,045 shares in the last quarter. Hedge funds and other institutional investors own 71.40% of the company’s stock.
In other news, EVP C. Keith Herron sold 69,288 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $14.51, for a total transaction of $1,005,368.88. Following the completion of the sale, the executive vice president now owns 232,595 shares in the company, valued at approximately $3,374,953.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO John B. Owen sold 40,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $14.63, for a total value of $585,200.00. Following the sale, the chief operating officer now 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. In the last quarter, insiders have sold 136,436 shares of company stock valued at $2,024,102. 0.28% of the stock is currently owned by corporate insiders.
Regions Financial (NYSE:RF) last released its quarterly earnings results on Friday, July 19th. The bank reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.49 billion. Regions Financial had a return on equity of 10.86% and a net margin of 26.43%. The firm’s revenue was down .1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.32 EPS. As a group, equities analysts forecast that Regions Financial Corp will post 1.54 earnings per share for the current fiscal year.
Regions Financial declared that its board has authorized a stock repurchase program on Thursday, June 27th that allows the company to buyback $1.37 billion in shares. This buyback authorization allows the bank to reacquire up to 9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend was Thursday, September 5th. This is an increase from Regions Financial’s previous quarterly dividend of $0.14. Regions Financial’s dividend payout ratio is 45.59%.
A number of brokerages have recently weighed in on RF. Jefferies Financial Group upgraded Regions Financial from a “hold” rating to a “buy” rating and lifted their price target for the company from $16.00 to $18.00 in a report on Tuesday. SunTrust Banks lowered their price target on Regions Financial from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Wedbush upgraded Regions Financial from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $15.00 to $17.00 in a report on Monday, July 22nd. 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. Finally, Raymond James set a $18.50 target price on Regions Financial and gave the company a “buy” rating in a research note on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $16.94.
Regions Financial 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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