Ameriprise Financial Inc. Cuts Position in Regions Financial Corporation $RF

Ameriprise Financial Inc. lessened its stake in Regions Financial Corporation (NYSE:RF) by 11.5% in the first quarter, HoldingsChannel.com reports. The firm owned 3,719,306 shares of the bank’s stock after selling 484,532 shares during the quarter. Ameriprise Financial Inc.’s holdings in Regions Financial were worth $80,893,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in RF. Bayforest Capital Ltd increased its holdings in shares of Regions Financial by 637.3% in the 1st quarter. Bayforest Capital Ltd now owns 1,224 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,058 shares in the last quarter. Rossby Financial LCC acquired a new stake in Regions Financial in the 1st quarter valued at about $36,000. Grove Bank & Trust grew its stake in Regions Financial by 76.6% in the 1st quarter. Grove Bank & Trust now owns 1,876 shares of the bank’s stock valued at $41,000 after acquiring an additional 814 shares during the last quarter. Allworth Financial LP grew its stake in Regions Financial by 30.7% in the 1st quarter. Allworth Financial LP now owns 3,346 shares of the bank’s stock valued at $69,000 after acquiring an additional 786 shares during the last quarter. Finally, TD Waterhouse Canada Inc. grew its stake in Regions Financial by 181.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,225 shares of the bank’s stock valued at $76,000 after acquiring an additional 2,078 shares during the last quarter. Hedge funds and other institutional investors own 79.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RF shares. Truist Financial reissued a “hold” rating on shares of Regions Financial in a research note on Friday, May 23rd. Cowen started coverage on shares of Regions Financial in a research note on Wednesday, May 14th. They issued a “buy” rating on the stock. Barclays reissued an “underweight” rating and issued a $27.00 price objective (up from $24.00) on shares of Regions Financial in a research note on Monday, July 21st. Wall Street Zen raised shares of Regions Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 5th. Finally, TD Cowen started coverage on shares of Regions Financial in a research note on Thursday, May 15th. They issued a “buy” rating and a $31.00 price objective on the stock. Eleven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $27.33.

Insider Activity

In other news, EVP David R. Keenan sold 30,000 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $25.01, for a total transaction of $750,300.00. Following the transaction, the executive vice president directly owned 90,915 shares in the company, valued at $2,273,784.15. This represents a 24.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Roger W. Jenkins acquired 4,000 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were bought at an average price of $25.48 per share, for a total transaction of $101,920.00. Following the completion of the acquisition, the director owned 6,383 shares in the company, valued at approximately $162,638.84. This trade represents a 167.86% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company’s stock.

Regions Financial Price Performance

NYSE:RF opened at $26.68 on Tuesday. The firm has a market cap of $23.81 billion, a price-to-earnings ratio of 12.41, a price-to-earnings-growth ratio of 1.54 and a beta of 1.01. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average is $24.80 and its two-hundred day moving average is $22.68. Regions Financial Corporation has a 12-month low of $17.74 and a 12-month high of $27.96.

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

Regions Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Tuesday, September 2nd. This is an increase from Regions Financial’s previous quarterly dividend of $0.25. Regions Financial’s payout ratio 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.