Regions Financial Corporation (NYSE:RF) Position Cut by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System reduced its holdings in Regions Financial Corporation (NYSE:RF) by 15.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,943 shares of the bank’s stock after selling 7,908 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Regions Financial were worth $933,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Regions Financial by 6.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 31,092,742 shares of the bank’s stock valued at $675,645,000 after purchasing an additional 1,909,162 shares during the period. Deutsche Bank AG grew its position in Regions Financial by 52.7% in the 4th quarter. Deutsche Bank AG now owns 5,522,612 shares of the bank’s stock valued at $129,892,000 after buying an additional 1,907,121 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Regions Financial during the 4th quarter valued at about $31,480,000. AustralianSuper Pty Ltd bought a new stake in shares of Regions Financial during the 1st quarter worth about $28,726,000. Finally, Northern Trust Corp raised its position in shares of Regions Financial by 14.8% during the 4th quarter. Northern Trust Corp now owns 9,658,858 shares of the bank’s stock worth $227,176,000 after buying an additional 1,247,882 shares in the last quarter. Institutional investors own 79.39% of the company’s stock.

Insider Transactions at Regions Financial

In other Regions Financial news, EVP David R. Keenan sold 30,000 shares of Regions Financial stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $25.01, for a total transaction of $750,300.00. Following the transaction, the executive vice president owned 90,915 shares of the company’s stock, valued at $2,273,784.15. The trade was a 24.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RF. Stephens raised their price objective on shares of Regions Financial from $24.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, July 21st. Truist Financial reiterated a “hold” rating on shares of Regions Financial in a research report on Friday, May 23rd. DA Davidson upped their price objective on Regions Financial from $25.00 to $29.00 and gave the company a “buy” rating in a report on Monday, July 21st. Cowen began coverage on Regions Financial in a report on Wednesday, May 14th. They set a “buy” rating on the stock. Finally, Citigroup boosted their price target on shares of Regions Financial from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.33.

Regions Financial Stock Down 1.1%

RF stock opened at $24.64 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $21.99 billion, a P/E ratio of 11.46, a P/E/G ratio of 1.43 and a beta of 1.01. Regions Financial Corporation has a 52-week low of $17.74 and a 52-week high of $27.96. The company’s 50 day simple moving average is $23.97 and its 200-day simple moving average is $22.58.

Regions Financial (NYSE:RF) last announced its earnings results on Friday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.04. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.86 billion. Regions Financial had a net margin of 21.81% and a return on equity of 13.08%. The company’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 EPS. As a group, equities research analysts anticipate that Regions Financial Corporation will post 2.26 EPS for the current year.

Regions Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.265 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.06 annualized dividend and a yield of 4.3%. This is an increase from Regions Financial’s previous quarterly dividend of $0.25. Regions Financial’s dividend payout ratio (DPR) is currently 46.51%.

Regions Financial Company Profile

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.