Thornburg Investment Management Inc. Buys 28,669 Shares of Regions Financial Corporation $RF

Thornburg Investment Management Inc. grew its stake in Regions Financial Corporation (NYSE:RF) by 0.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,624,765 shares of the bank’s stock after purchasing an additional 28,669 shares during the period. Regions Financial makes up about 1.6% of Thornburg Investment Management Inc.’s portfolio, making the stock its 16th biggest position. Thornburg Investment Management Inc. owned about 0.53% of Regions Financial worth $121,955,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Darwin Wealth Management LLC bought a new stake in Regions Financial in the second quarter worth $25,000. United Community Bank purchased a new stake in shares of Regions Financial in the third quarter valued at $30,000. Salomon & Ludwin LLC bought a new stake in shares of Regions Financial in the 3rd quarter worth about $32,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Regions Financial in the 2nd quarter worth about $33,000. Finally, Clearstead Trust LLC boosted its stake in shares of Regions Financial by 574.5% during the 2nd quarter. Clearstead Trust LLC now owns 1,430 shares of the bank’s stock worth $34,000 after purchasing an additional 1,218 shares during the period. Institutional investors own 79.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $31.00 price objective on shares of Regions Financial in a research note on Tuesday, January 20th. Piper Sandler increased their price target on Regions Financial from $29.00 to $31.00 and gave the stock a “neutral” rating in a report on Tuesday, January 20th. UBS Group restated a “neutral” rating and set a $30.00 price objective on shares of Regions Financial in a report on Wednesday, February 4th. Evercore lowered Regions Financial from an “in-line” rating to an “underperform” rating and increased their target price for the stock from $27.00 to $29.00 in a research note on Tuesday, January 6th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Regions Financial in a research note on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $29.84.

Regions Financial Trading Up 2.1%

Shares of NYSE RF opened at $29.03 on Thursday. Regions Financial Corporation has a twelve month low of $17.74 and a twelve month high of $31.53. The firm has a market cap of $25.46 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 1.01 and a beta of 1.04. The business has a fifty day simple moving average of $28.64 and a two-hundred day simple moving average of $26.78. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.23.

Regions Financial (NYSE:RF) last announced its quarterly earnings results on Friday, January 16th. The bank reported $0.57 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.04). Regions Financial had a net margin of 22.44% and a return on equity of 12.55%. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the prior year, the business posted $0.56 EPS. The business’s quarterly revenue was up 5.8% on a year-over-year basis. Analysts expect that Regions Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Regions Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd will be given a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, March 2nd. Regions Financial’s dividend payout ratio is presently 46.29%.

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

Insider Activity

In related news, EVP William D. Ritter sold 36,000 shares of Regions Financial stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $28.78, for a total transaction of $1,036,080.00. Following the transaction, the executive vice president directly owned 17,569 shares of the company’s stock, valued at $505,635.82. This trade represents a 67.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.29% of the company’s stock.

Regions Financial Company 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.