Bangor Savings Bank Trims Stake in Regions Financial Co. (NYSE:RF)

Bangor Savings Bank cut its stake in shares of Regions Financial Co. (NYSE:RF) by 19.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 3,427 shares of the bank’s stock after selling 821 shares during the quarter. Bangor Savings Bank’s holdings in Regions Financial were worth $69,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of RF. Norges Bank purchased a new position in Regions Financial during the fourth quarter valued at approximately $210,379,000. Cincinnati Insurance Co. purchased a new position in Regions Financial during the first quarter valued at approximately $74,606,000. Vanguard Group Inc. lifted its holdings in Regions Financial by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 117,704,755 shares of the bank’s stock valued at $2,281,118,000 after purchasing an additional 3,119,237 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Regions Financial by 3.6% during the fourth quarter. Wellington Management Group LLP now owns 55,775,416 shares of the bank’s stock valued at $1,080,928,000 after purchasing an additional 1,951,026 shares in the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in Regions Financial during the first quarter valued at approximately $33,829,000. Institutional investors own 79.39% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RF. Evercore ISI lowered their price target on shares of Regions Financial from $22.00 to $21.00 and set an “in-line” rating on the stock in a report on Tuesday, June 25th. Jefferies Financial Group boosted their target price on shares of Regions Financial from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Piper Sandler boosted their target price on shares of Regions Financial from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Morgan Stanley boosted their target price on shares of Regions Financial from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Regions Financial from $22.00 to $21.00 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Regions Financial presently has a consensus rating of “Hold” and a consensus price target of $21.51.

Regions Financial Trading Down 0.2 %

Shares of NYSE RF traded down $0.04 during trading on Tuesday, hitting $20.71. 1,884,621 shares of the company were exchanged, compared to its average volume of 8,107,600. Regions Financial Co. has a 12-month low of $13.72 and a 12-month high of $22.88. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.83 and a current ratio of 0.83. The company has a fifty day moving average price of $20.28 and a 200-day moving average price of $19.64. The firm has a market capitalization of $18.97 billion, a PE ratio of 11.28, a P/E/G ratio of 2.77 and a beta of 1.18.

Regions Financial (NYSE:RF) last issued its quarterly earnings data on Friday, July 19th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.03. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.76 billion. Regions Financial had a net margin of 18.91% and a return on equity of 12.64%. Regions Financial’s revenue was down 11.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.59 EPS. As a group, equities research analysts expect that Regions Financial Co. will post 2 EPS for the current year.

Regions Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd will be given a $0.25 dividend. This is an increase from Regions Financial’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 4.83%. The ex-dividend date is Tuesday, September 3rd. Regions Financial’s payout ratio is currently 54.35%.

About Regions Financial

Regions Financial Corporation, a financial holding company, provides banking and bank-related services to individual and corporate customers. 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; deposit products; and securities underwriting and placement, loan syndication and placement, foreign exchange, derivatives, merger and acquisition, and other advisory services.