392,955 Shares in Regions Financial Corporation $RF Purchased by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 392,955 shares of Regions Financial during the second quarter, valued at approximately $11.9 million. Institutional investors and hedge funds collectively own 79.39% of the company.
• Regions Financial reported quarterly EPS of $0.68, exceeding analysts’ $0.63 consensus estimate, while revenue reached $1.95 billion. The company also raised its quarterly dividend to $0.30, implying a 3.9% annualized yield.
• Analysts maintain a consensus “Hold” rating on RF, with an average price target of $32.24 versus the stock’s reported $30.62 price.

Bank of Nova Scotia purchased a new position in shares of Regions Financial Corporation (NYSE:RF - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 392,955 shares of the bank's stock, valued at approximately $11,867,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its position in shares of Regions Financial by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,837,339 shares of the bank's stock valued at $862,792,000 after acquiring an additional 215,061 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Regions Financial by 68.9% in the 4th quarter. Victory Capital Management Inc. now owns 22,836,163 shares of the bank's stock valued at $618,860,000 after purchasing an additional 9,312,449 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Regions Financial by 3.1% during the 4th quarter. Invesco Ltd. now owns 19,348,237 shares of the bank's stock worth $524,337,000 after purchasing an additional 573,659 shares during the last quarter. Morgan Stanley boosted its stake in shares of Regions Financial by 1.3% during the 4th quarter. Morgan Stanley now owns 18,356,400 shares of the bank's stock worth $497,459,000 after purchasing an additional 231,924 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Regions Financial by 75.7% during the first quarter. First Trust Advisors LP now owns 13,358,969 shares of the bank's stock worth $348,936,000 after buying an additional 5,754,487 shares in the last quarter. 79.39% of the stock is owned by institutional investors and hedge funds.

Regions Financial Price Performance

Shares of NYSE RF opened at $30.62 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $26.09 billion, a price-to-earnings ratio of 12.50, a price-to-earnings-growth ratio of 1.16 and a beta of 1.00. Regions Financial Corporation has a twelve month low of $22.70 and a twelve month high of $32.47. The business has a 50 day simple moving average of $30.70 and a 200-day simple moving average of $28.80.

Regions Financial (NYSE:RF - Get Free Report) last announced its quarterly earnings data on Friday, July 17th. The bank reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.05. The firm had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.94 billion. Regions Financial had a return on equity of 12.88% and a net margin of 23.33%.The firm's revenue for the quarter was up .1% on a year-over-year basis. During the same period last year, the business posted $0.60 earnings per share. As a group, equities research analysts expect that Regions Financial Corporation will post 2.63 earnings per share for the current year.

Regions Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Tuesday, September 1st. This is an increase from Regions Financial's previous quarterly dividend of $0.27. Regions Financial's payout ratio is 48.98%.

Analyst Ratings Changes

Several analysts have commented on RF shares. Wells Fargo & Company lifted their price target on Regions Financial from $28.00 to $30.00 and gave the company an "underweight" rating in a report on Monday, July 6th. Royal Bank Of Canada reissued an "outperform" rating and issued a $34.00 target price on shares of Regions Financial in a research report on Monday, July 20th. Keefe, Bruyette & Woods boosted their target price on shares of Regions Financial from $32.00 to $33.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Morgan Stanley upped their price target on shares of Regions Financial from $34.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $32.00 price target on shares of Regions Financial in a research note on Friday, July 17th. Six investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $32.24.

About Regions Financial

Regions Financial Corporation NYSE: RF is a U.S. bank holding company headquartered in Birmingham, Alabama, that provides a broad range of banking and financial services. Its primary banking subsidiary, Regions Bank, serves retail and commercial customers through a combination of branch and ATM networks, digital channels and relationship-based delivery. The company offers deposit accounts, consumer and commercial loans, mortgage origination and servicing, and payment and treasury services.

In addition to core banking, Regions offers wealth management, trust and brokerage services, insurance solutions, and capital markets capabilities to corporate and institutional clients.

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