Norges Bank Invests $246.79 Million in Regions Financial Corporation $RF

Norges Bank acquired a new stake in shares of Regions Financial Corporation (NYSE:RF) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,492,770 shares of the bank’s stock, valued at approximately $246,790,000.

A number of other hedge funds have also recently bought and sold shares of RF. Invesco Ltd. raised its holdings in Regions Financial by 35.7% in the 1st quarter. Invesco Ltd. now owns 20,990,446 shares of the bank’s stock valued at $456,122,000 after acquiring an additional 5,521,772 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Regions Financial in the first quarter valued at $53,018,000. Charles Schwab Investment Management Inc. increased its stake in Regions Financial by 6.5% in 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 last quarter. Amundi lifted its position in Regions Financial by 20.4% during the first quarter. Amundi now owns 10,010,267 shares of the bank’s stock worth $198,721,000 after buying an additional 1,696,347 shares during the period. Finally, Wellington Management Group LLP lifted its position in Regions Financial by 3.7% during the first quarter. Wellington Management Group LLP now owns 44,211,562 shares of the bank’s stock worth $960,717,000 after buying an additional 1,562,512 shares during the period. Institutional investors and hedge funds own 79.39% of the company’s stock.

Analyst Upgrades and Downgrades

RF has been the subject of several recent analyst reports. Truist Financial lowered their price target on Regions Financial from $28.00 to $26.00 and set a “hold” rating for the company in a report on Monday, October 20th. Evercore ISI raised their target price on shares of Regions Financial from $28.00 to $29.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Stephens restated an “equal weight” rating and issued a $27.00 target price (down from $30.00) on shares of Regions Financial in a report on Tuesday, October 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Regions Financial in a research report on Wednesday, October 8th. Finally, Morgan Stanley set a $32.00 price target on shares of Regions Financial in a report on Monday, September 29th. Nine investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Regions Financial has an average rating of “Hold” and an average target price of $28.19.

Regions Financial Trading Down 0.4%

NYSE RF opened at $25.35 on Tuesday. The firm has a market capitalization of $22.23 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 1.24 and a beta of 1.07. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.81 and a current ratio of 0.82. Regions Financial Corporation has a one year low of $17.74 and a one year high of $27.60. The company’s 50 day moving average price is $24.98 and its 200 day moving average price is $24.71.

Regions Financial (NYSE:RF) last released its quarterly earnings data on Thursday, February 27th. The bank reported $0.39 earnings per share (EPS) for the quarter. Regions Financial had a net margin of 22.49% and a return on equity of 13.05%. The company had revenue of $1.81 billion during the quarter. On average, sell-side analysts predict that Regions Financial Corporation will post 2.26 EPS for the current year.

Regions Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 1st will be issued a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 4.2%. The ex-dividend date is Monday, December 1st. Regions Financial’s dividend payout ratio is currently 46.70%.

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.