Cubist Systematic Strategies LLC boosted its position in shares of Regions Financial Corporation (NYSE:RF) by 137.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 255,158 shares of the bank’s stock after acquiring an additional 147,530 shares during the period. Cubist Systematic Strategies LLC’s holdings in Regions Financial Corporation were worth $3,736,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. OMERS ADMINISTRATION Corp bought a new position in shares of Regions Financial Corporation during the 2nd quarter worth about $1,259,000. Bailard Inc. increased its holdings in shares of Regions Financial Corporation by 602.4% during the 1st quarter. Bailard Inc. now owns 134,309 shares of the bank’s stock worth $1,952,000 after purchasing an additional 115,187 shares during the period. Renaissance Technologies LLC bought a new position in shares of Regions Financial Corporation during the 1st quarter worth about $56,133,000. Teacher Retirement System of Texas increased its stake in Regions Financial Corporation by 729.5% in the first quarter. Teacher Retirement System of Texas now owns 735,754 shares of the bank’s stock valued at $10,691,000 after acquiring an additional 647,052 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Regions Financial Corporation by 17.9% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 295,359 shares of the bank’s stock valued at $4,324,000 after acquiring an additional 44,909 shares during the period. 75.53% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on RF. FBR & Co cut shares of Regions Financial Corporation from a “buy” rating to a “neutral” rating and set a $16.00 target price on the stock. in a research note on Tuesday, October 10th. Citigroup Inc. reissued a “neutral” rating and issued a $16.00 target price (up previously from $15.00) on shares of Regions Financial Corporation in a research note on Monday, October 9th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $15.00 target price on shares of Regions Financial Corporation in a research note on Tuesday, October 3rd. Robert W. Baird cut shares of Regions Financial Corporation from a “neutral” rating to an “underperform” rating and set a $13.00 target price on the stock. in a research note on Monday, October 2nd. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $14.50 price objective on shares of Regions Financial Corporation in a research note on Tuesday, September 19th. Four equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Regions Financial Corporation has an average rating of “Hold” and an average target price of $14.95.
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In other Regions Financial Corporation news, CFO David J. Turner, Jr. sold 65,000 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $14.95, for a total transaction of $971,750.00. Following the sale, the chief financial officer now directly owns 121,160 shares of the company’s stock, valued at $1,811,342. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Susan W. Matlock sold 10,000 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $15.23, for a total transaction of $152,300.00. Following the sale, the director now directly owns 32,188 shares in the company, valued at $490,223.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 124,514 shares of company stock valued at $1,846,733. 0.52% of the stock is owned by company insiders.
Shares of Regions Financial Corporation (NYSE RF) traded down 0.20% during midday trading on Tuesday, hitting $14.93. 3,705,532 shares of the stock traded hands. The stock has a market capitalization of $17.84 billion, a P/E ratio of 15.60 and a beta of 1.34. The firm has a 50-day moving average price of $14.41 and a 200-day moving average price of $14.30. Regions Financial Corporation has a 52 week low of $9.87 and a 52 week high of $16.03.
Regions Financial Corporation (NYSE:RF) last posted its earnings results on Friday, July 21st. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.01. Regions Financial Corporation had a net margin of 20.25% and a return on equity of 7.51%. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the business posted $0.20 EPS. The business’s revenue was up 2.0% compared to the same quarter last year. On average, equities analysts predict that Regions Financial Corporation will post $1.00 earnings per share for the current fiscal year.
Regions Financial Corporation announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $1.47 billion in outstanding shares. This repurchase authorization permits the bank to purchase up to 8.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 8th were paid a $0.09 dividend. This is a positive change from Regions Financial Corporation’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $0.36 annualized dividend and a dividend yield of 2.41%. Regions Financial Corporation’s dividend payout ratio is presently 37.89%.
Regions Financial Corporation Company Profile
Regions Financial Corporation is a financial holding company. The Company conducts its banking operations through Regions Bank, an Alabama state-chartered commercial bank, which is a member of the Federal Reserve System. It operates in three segments: Corporate Bank, which represents its commercial banking functions, including commercial and industrial, commercial real estate and investor real estate lending; Consumer Bank, which represents its branch network, including consumer banking products and services related to residential first mortgages, home equity lines and loans, small business loans, indirect loans, consumer credit cards and other consumer loans, as well as the corresponding deposit relationships, and Wealth Management, which offers individuals, businesses, governmental institutions and non-profit entities a range of solutions to enable transfer of wealth.
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