Meeder Asset Management Inc. increased its stake in shares of Regions Financial Corp (NYSE:RF) by 2.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 56,762 shares of the bank’s stock after buying an additional 1,404 shares during the quarter. Meeder Asset Management Inc.’s holdings in Regions Financial were worth $848,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of RF. Buffington Mohr McNeal acquired a new stake in Regions Financial in the first quarter valued at approximately $28,000. Mcmillion Capital Management Inc. acquired a new stake in Regions Financial in the second quarter valued at approximately $40,000. Wealthcare Advisory Partners LLC lifted its stake in Regions Financial by 101.4% in the second quarter. Wealthcare Advisory Partners LLC now owns 3,305 shares of the bank’s stock valued at $49,000 after acquiring an additional 1,664 shares during the last quarter. Private Ocean LLC acquired a new stake in Regions Financial in the second quarter valued at approximately $52,000. Finally, FinTrust Capital Advisors LLC lifted its stake in Regions Financial by 28.0% in the first quarter. FinTrust Capital Advisors LLC now owns 4,173 shares of the bank’s stock valued at $59,000 after acquiring an additional 913 shares during the last quarter. Institutional investors and hedge funds own 71.32% of the company’s stock.
In related news, insider Hardie B. Kimbrough, Jr. sold 7,148 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $14.68, for a total transaction of $104,932.64. Following the transaction, the insider now owns 34,482 shares of the company’s stock, valued at $506,195.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO John B. Owen sold 40,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $14.63, for a total transaction of $585,200.00. Following the transaction, the chief operating officer now directly owns 87,152 shares in the company, valued at approximately $1,275,033.76. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by insiders.
Shares of Regions Financial stock opened at $14.32 on Thursday. The firm has a fifty day simple moving average of $14.99 and a 200-day simple moving average of $15.03. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.60. Regions Financial Corp has a 1-year low of $12.39 and a 1-year high of $19.99. The stock has a market capitalization of $14.23 billion, a price-to-earnings ratio of 10.53, a PEG ratio of 1.32 and a beta of 1.49.
Regions Financial (NYSE:RF) last issued its quarterly earnings data on Friday, July 19th. The bank reported $0.39 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.39. Regions Financial had a net margin of 26.43% and a return on equity of 10.86%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the company earned $0.32 earnings per share. Regions Financial’s revenue for the quarter was down .1% on a year-over-year basis. As a group, research analysts predict that Regions Financial Corp will post 1.54 earnings per share for the current year.
Regions Financial declared that its Board of Directors has initiated a share buyback program on Thursday, June 27th that authorizes the company to buyback $1.37 billion in outstanding shares. This buyback authorization authorizes the bank to buy up to 9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 4.33%. This is a boost from Regions Financial’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, September 5th. Regions Financial’s payout ratio is presently 41.18%.
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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