Pictet Asset Management Ltd. lifted its position in shares of Regions Financial Corp (NYSE:RF) by 5.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 554,697 shares of the bank’s stock after purchasing an additional 26,400 shares during the period. Pictet Asset Management Ltd. owned about 0.06% of Regions Financial worth $8,775,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Covington Capital Management purchased a new stake in shares of Regions Financial during the 2nd quarter worth $25,000. Quest Capital Management Inc. ADV acquired a new stake in Regions Financial during the 3rd quarter worth $38,000. Mcmillion Capital Management Inc. acquired a new stake in Regions Financial during the 2nd quarter worth $40,000. Doyle Wealth Management acquired a new stake in Regions Financial during the 2nd quarter worth $45,000. Finally, Phocas Financial Corp. acquired a new stake in Regions Financial during the 2nd quarter worth $46,000. 71.24% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently commented on RF. Morgan Stanley set a $16.00 price target on shares of Regions Financial and gave the stock a “hold” rating in a research note on Friday, August 9th. Raymond James set a $18.50 price target on shares of Regions Financial and gave the stock a “buy” rating in a research note on Thursday, September 12th. Jefferies Financial Group upgraded shares of Regions Financial from a “hold” rating to a “buy” rating and lifted their price target for the stock from $16.00 to $18.00 in a research note on Tuesday, October 8th. SunTrust Banks cut their price target on shares of Regions Financial from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Finally, Citigroup lowered shares of Regions Financial from a “neutral” rating to a “sell” rating and cut their price target for the stock from $16.00 to $14.00 in a research note on Tuesday, October 8th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $16.61.
Regions Financial (NYSE:RF) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.48 billion. Regions Financial had a net margin of 23.78% and a return on equity of 10.88%. Regions Financial’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 earnings per share. Research analysts predict that Regions Financial Corp will post 1.53 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Thursday, December 5th. Regions Financial’s payout ratio is 45.59%.
In other news, insider Hardie B. Kimbrough, Jr. sold 18,409 shares of Regions Financial stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $16.27, for a total value of $299,514.43. Following the sale, the insider now owns 20,009 shares of the company’s stock, valued at $325,546.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP C. Matthew Lusco sold 20,000 shares of Regions Financial stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $16.43, for a total transaction of $328,600.00. Following the completion of the sale, the executive vice president now directly owns 163,229 shares in the company, valued at approximately $2,681,852.47. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,067 shares of company stock worth $1,141,023. Insiders own 0.28% of the company’s stock.
About Regions Financial
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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